As a public-private hybrid blockchain operator, Waves Enterprise has joined Tokenomika Pte Ltd, Singapore’s fintech. Tokenomika will operate the public Waves Enterprise network from March.
The expansion comes as part of a strategic shift for Waves Enterprise, which is focusing more on hybrid networks that can communicate with public blockchains such as Ethereum. In Gartner’s “blockchain cycle hype” messagethe analyst firm predicts that the corporate world will gradually shift from fully private networks to hybrid or even fully public ones. Waves Enterprise relies on this prediction, focusing on creating networks that can communicate with the wider blockchain world – especially in the context of tokens. Sasha Ivanov, founder of Waves, told Cointelegraph:
“There are as yet no fully functional corporate or government blockchain ecosystems;” I would say that the market is still looking for a minimal viable ecosystem model. But anyway, you have to start with something small, that’s the only way to build a sustainable ecosystem. “
Ivanov noted that there are attempts by companies like Heder Hashgraph to bring a mixed model, but sees the Waves offering as more complex. Although market demand for hybrid solutions is still small, according to Ivanov, this may change in the perspective of three to five years. Meanwhile, the Singaporean operator will focus on promoting finished products as a platform for Waves blockchain voting.
Singapore provides the perfect jurisdiction to develop the Waves vision. “Singapore has one of the most advanced cryptocurrency and blockchain regulations in the world,” Waves founder Sasha Ivanov told Cointelegraph. “It offers a neutral regime for the growth of transactions with cryptocurrencies and digital assets. All this caused Singapore to become an Asian cryptocentre. Such a legal space is essential for building new generation ecosystems and destructive economy models. “
According to Ivanov, the Waves Enterprise hybrid model occupies a gap that has not yet been filled by other projects. Its architecture is configurable and can be adapted to local cryptographic standards and includes “linguistically agnostic smart contracts”. The ability to implement custom cryptography was used by the Russian government in its recent blockchain electronic voting pilot program.
Ivanov was somewhat critical of Russia’s new cryptocurrency rules, noting that “Russia’s new cryptocurrency rules don’t really assume that corporate cases are based on public blockchain technology and cryptoeconomics,” which is one of the reasons Waves Enterprise is now working on other jurisdictions. However, the waves will continue to pursue the Russian corporate market, with Ivanov noting that “a private blockchain has proven to be a required technology for digital transformation here in Russia.”