Hello, dear Coin-er! Today we present to you WAVES project - an all-encompassing ecosystem of innovative technologies advancing technological frontiers for the pioneering developers of tomorrow and adopting them for every-day practical implementation. Our guest is Sten Laureyssens - Strategic advisor, Waves Association.The AMA will be happening as follows:
Segment 1: Warm-up questions: Sten Laureyssens - Strategic advisor, Waves Association will introduce little about WAVES as well as himseft.
Segment 2: The Q&A session.
Segment 3: Live Q&A session.
This is recap of AMA
Seg 1: Warm-up questions -Mr DoHyun Pak-CEO of BIFROST will introduce little about BIFROST as well as himseft.
Question 1: Can you briefly describe about WAVES?
“The Waves protocol was launched in 2016 as an ICO in a crypto space very different from what it is now. It was one of the first ICOs in the then-emerging crypto market. Intended to be an improvement on past blockchain experience and experiments, Waves was inaugurated with a clear vision: “blockchain for the people.” That means seamless integration of blockchain into people’s daily lives and removal of barriers between people and the absolutely new technology of that time through an innovative tech infrastructure and easy-to-use applications. Fast-forward to the present, and that vision, albeit adapted to challenges of today, is still valid. However, as the blockchain and cryptocurrency industry have developed, other challenges have appeared, such as fragmentation of the blockchain space and isolation of networks from each other.
Waves has since built an essential tech foundation that acts as a stepping stone to current and future solutions to challenges we deem the most crucial. Waves has put substantial work into interoperability solutions and building some sort of tech “lego blocks” for blockchain-based finance.
Currently, Waves Tech is an all-encompassing ecosystem of innovative blockchain solutions and products, with a special focus on inter-chain decentralized finance (InDeFi). It leverages three powerful blockchain protocols: Waves an open-source protocol designed to speed up the adoption of DeFi applications and other dApp use cases; Neutrino, an algorithmic price-stable multi-asset protocol enabling the creation of stablecoins tied to real-world assets; and Gravity, a decentralized cross-chain and oracle network based on a truly blockchain-agnostic protocol for communication between blockchains and with the outside world, working with native token economies.
By building the inter-chain decentralized finances (In DeFi) paradigm, Waves Tech aims to connect all existing blockchains, resolving the fragmentation issue and offering unlimited opportunities for building applications available on all chains. This, in turn, is set to revolutionize the financial sector, bringing in transparency, reliability and efficiency.”
Question 2. How is Waves different to other competitors in market? What are the much-needed solutions Waves bring to the industry?
“When we were small, pivoting to adhere to industry trends is something that could be done relatively fast. Once we reached a certain stage, our infrastructure grows and the size of your operation expands faster than you can anticipate, then you tend to be more strategic about where you put your focus. Obviously, building a generic infrastructure that can operate as a multi-purpose toolkit, is crucial to stay relevant, regardless of the industry direction. However, following such a philosophy would simply make you a jack of all trades, yet a master of none.
We try to maintain a focus on solving big, key issues, while simultaneously providing solutions to practical sub-problems. In pretty much any product we built ourselves, or project we supported in our ecosystem, there always was the underlying question: **“What today-problem do we solve and who are we solving it for?” **This is vastly different than most of our Sticking to such a vision has led us, far ahead of the DeFi boom, to building out a stablecoin (Neutrino Dollar), with sustainable yield, not coming from borrowing schemes, but from Waves’ blockchain rewards.
We also believe that our unique approach to interoperability, can increase our reach to a bigger audience. We believe that a very low barrier to entry, for cross-chain communication, is crucial for growing the utility of our ecosystem and infrastructure, and Gravity (our interoperability protocol) is a great way to achieve this. It aims to solve the fragmentation of our industry!”
Seg 2: Answer question from Google form
Question 1: Investors need quality, long-term projects. Can WAVES tell everyone the 3 strongest points of the project so that investors can trust in the long-term project? Are the top 10 on CMC in the plans of WAVES in 2021?
“In the crypto space, people are looking for new ways of capitalizing on their existing assets. This is what makes the crypto industry attractive: development of blockchain technology facilitates the creation of new mechanics, always more attractive and, simultaneously, more secure than what came before, and offering investors new opportunities. (new moon!). I mentioned at the start that i've spent quite some time investing into projects and trading them. The main reason for me to choose what project to invest in, has always been dependent on 2 things:
How big is the vision of the project, what key challenges are they trying to solve, to understand how big they could become if they are succesfull
How good is their execution, have they delivered in the past, how is their current trend, (both technical infrastructure and market sentiment)
For me, Waves as i can see from closeby, is delivering really well in both aspects. The vision of what to achieve in the short and long run is really solid, if i may say so. What is currently being developed by the various Waves-supported teams and projects in the ecosystem, is precisely what the innovation that is needed to boost our industry. With many similarities to everything going on in DeFI, yet with a few unique differences, Neutrino protocol is making headlines for a few weeks in a row now. I'd like to take a bit of time to explain why it's so unique, because Neutrino, and its first stablecoin USDN, (or Neutrino Dollar, pegged to the USD$), could help people, to achieve larger earnings. USDN has an absolutely unique mix of qualities that make it adjustable to all possible requirements of the crypto community:
This is the first algorithmic stablecoin that’s not based on lending
It provides staking - in other words, it generates a passive income
It enables leverage trading of its governance tokens, while USDN coins are securely stored in users’ wallets, bringing them a passive income
It’s available on multiple chains (on three chains (ETH, Binance Smart Chain and Waves protocol), at the moment, but with the final deployment of Gravity, it will be available on dozens), it’s a cross-chain stablecoin
The Neutrino protocol, USDN’s technological foundation, is the backbone of an entire stablecoin platform
Decentralised Forex (DeFo) - that unites multiple Neutrino stable assets and facilitates the creation of new markets that are in a way localized (due to connection to a specific country’s fiat currency), but, at the same time, global.
$USDN is the most profitable pool on curve.fi/usdn , and it's growing more every day. Besides, that, as i said before, Gravity is doing really well, making integrations and collaboratios with multiple big projects/chains, such as tron, ontology, solana, binance smart chain, conflux, fantom and many more. you can check all the information on gravity.tech”
Question 2. Can you briefly explain how the Top milestones that the WAVES Tech team aims to execute before the end of this year or going to execute in future, will help them succeed and What WAVES may look like in 2021 and beyond?
“Short-term, our eyes are on anything that grows the impact and reach of $USDN. It’s an extremely exciting stablecoin, generating 8-20% APY, in a sustainable way. Porting this into Ethereum, was the best we could have done, it really kickstarted our visibility. Additionally, engaging closely with our community, driving inter-activity through some new implementations, is a key task ahead.
Mid-term, I believe our goals are to create a solid establishment of our own infrastructure, yet interoperable and integrated in the best of other chains. This simple yet crucial task ahead, is crucial for the success of Waves. Larger audiences for our functionality is the one way forward into an ecosystem that is always changing and on the move, looking for the next big hype thing.
Long-term, I’d like to see actual products, for actual people in need, to be built. Not just smoke and mirror, hopes and dreams, but actual things (more than what we already do) that change life for people using it. `(a lot of the products we are building today, such as swop.fi and USDN staking, or DeFo, will expand from what they are now, to full-blown products, capturing the hearts and ease-of-use-focused-minds from our future (and current) audience.”
Question 3. Now, I see many projects was hacked. So, the security is the priority first to protect project also user, what can the WAVES platform guarantee or promise in terms of the security and privacy of its users? Is your smart contract was audited?
"Waves has a rich history without any vulnerabilities and issues in the mainnet. Our LPoS protocol proved its robustness and security in the last 4 years, but there is always a space for improvements. We’ve also built a Ride smart contracts language for better dApps security. The language helps developers to avoid security issues like in Solidity. In the last protocol update called “Malibu” which was released not that long ago we’ve added three big improvements:
Verifiable random function to make the network resistant to attacks
zk-SNARKs validation for better anonymity
New dApps execution model for DDoS resistance.
We use all the cutting edge tech to guarantee security and anonymity. and as i explained before, our entire setup is designed to allow for decentralized inter-action with our dApps, so you are always in control. yes, our key smart contracts are all audited! you can find that on neutrino.at for example."
Question 4: We seen many projects that claims they are fully Decentralized. But they done their work in a Centralized way. How can we sure that WAVES is fully Decentralized? Can you please tell us what's WAVES working method?
“Our core protocol, Waves.protocol, is based on Leased Proof-of-Stake and it is one of our advantages, it is faster and less power consuming compared to PoW, at the same time it is more decentralized than DPoS. LPoS does not have limitations for the number of block producers and there were more than 130 in the last month, while DPoS blockchains usually have less than 50. You can start making blocks with a stake of 1000 waves on a virtual machine for $10 per month.
Leased PoS also does not require your $Waves to leave your wallet, when you lease it to another node, in order to get your share of the block rewards. You maintain control over your assets essentially. Everything that is built with Waves protocol, or RIDE (our Smart contract language), is leveraging these features, allowing dApps to be as centralized as possible. This means that Waves.Exchange, DeFo (decentralized forex), swop.fi, they all allow you to interact with the pools, the smart contract, or the orderbooks, without losing custody over your assets. so as i said here, it's focused on makign sure you retain control over your assets, whenever you do something on-chain. allowing for maximum decentralization. you can find out how waves.exchange works, just by making an account and trying out how it works, it's super easy and doesn't require KYC”
Question 5: Security, scalability, data privacy are very important how do you handle these issues? How WAVES will promote the management and circulation of tokens and to build a technical foundation to promote the Waves economy?
“I think security was already addressed in detail, but scalability and data privacy is another thing. These are both solved mainly (in the short term) through Gravity.tech . We believe that our fastest way to scale into a bigger audience, having access to more on-chain data from all (or as much as possible) other blockchains, is the best way to place ourselves firmly into the near future so that we can grow as much as we can. This will lead to a drastic increase in the total utility and traction our Waves economy will have, and how our ecosystem will grow. Curve being so succesfull, and Neutrino's main stableasset: USDN, growing so quickly after porting the token to Ethereum right after the summer, is proof of the success of our ideas. we grew to over a $ 135 million circulating marketcap, in less than 2 months after that! so i think that launch went very successful.”
Seg 3: Live Q&A question
Question 1: NSBT, USDN, WAVES, so many tokens on waves protocol, why do you have to establish lots of tokens, what are their use cases ?
"So Neutrino dollar's symbol is USDN. The process to create USDN is as follows:
You send WAVES tokens to a smart contract (the neutrino smart contract). That smart contract gives you USDN tokens, equal to the dollar value of the Waves tokens you sent to the contract. So every USDN is collateralized or backed by WAVES in the contract. however, the price of WAVES is not stable, it fluctuates (even though there was a period in time where waves price was very stable and our community was joking that waves deosn't need stablecoins in its ecosystem, because it's a stablecoin itself ha, ha, ha. our community is funny btw). Now if the price of waves goes up (like it has over the last 4 weeks) then the dollar value of the collateral in the contract also goes up, and every USDN is very well collateralized (even over collateralized, like it is now, we have about 50 million in collateral, and about 25 million USDN issued in circulation) (this also leads to this very high 25% yearly returns pay out, totally nuts imho, i told my grandmother to take the cash from under her matras and give it to me for money printing in my waves wallet.)When waves drops in $ value, and thus the collateral drops: then the reserve fund is not large enough to compensate for the decline in price, the smart contract issues special tokens called Neutrino system base tokens (NSBT). These tokens can be purchased at any price with USDN (e.g. 10 NSBT for 8 USDN) and then liquidated in the ratio of 1 NSBT : 1 USDN in order of priority (FIFO — First in — First out). NSBT can also be transferred to another account or sold on exchanges.It's like a system to cover for the 'shortage' and incentivize people to buy these shortages and cover the debt of the ecosystem, and give them a reward for it in return. it's a very common traditional economic mechanism, implemented here for stability. alongside that, Market makers and arbitration bots, which can be launched by volunteers from Neutrino community, also help to keep the rate stable at different exchanges.”
Question 2: As Staking is Becoming Popular, How can Anyone stake WAVES Coin? & What benefits they will get?
"You can stake $WAVES and achieve +- 6% APY. You can do this on waves.exchange. You can also stake $USDN or many other stablecoins, that are tied to various currencies, we hope that VND is going to be added soon! you will be able to vote with NSBT. You can buy the various stableassets here, and stake them for large returns, usually 10+ APY."
Question 3: LPOS was adopted by waves, why did you choose LPOS mechanism?
“It's more decentralized than DPoS, faster and cheaper transactions than PoW or many other chains. but more importantly we could build out RIDE, which is very different than ethereum's solidity, we solved some key challenges that enable us to do some unique things”
Question 4: The main motivation for developers to create Waves project? Is there a program that supports the Waves developers?
Question 5: The current trend is FARMING. Can you tell me how WAVES take advantage of FARMING? What benefits does WAVES get from this?
“$USDN has become a very unique lego block for ETH-based DeFi. We created a very unique mechanic to use LPoS staking of $WAVES and convert those block rewards to $USDN based yield! This is not coming from lending/borrowing like maker or compound, but from a sustainable, unique mechanic. Now that $USDN is available on eth too, we can offer a higher yield to users who are farming, higher than most other 'classic' stablecoing, so right now, a lot of farmers are in $USDN pools on curve and some others”
Question 6: What are your plans on GLOBAL adoption? Which country is presently focused on?
“All of them hha, but we have focused heavily on some global communities that we have had strong communities in, since we had our ICO in 2016. we have a cool vietnamese community: https://t.me/WAVES_Vietnam
But you can also always join our global chat to meet some of the teammembers and oldschool community OG's: https://t.me/Wavescommunity”