According to the founder of Waves, Asian markets are significantly more welcoming to enterprise blockchain usage.
For its hybrid public-private blockchain, Waves Enterprise has signed an agreement with Tokenomika Pte Ltd. A fintech business based in Singapore, to serve as the operator for the network. Tokenomika will begin operating the Waves Enterprise public permission network in March and will be responsible for all network operations.
Also, the expansion is part of Waves Enterprise’s shift in strategy. Which will see the company concentrate mainly on hybrid networks that can interface with public blockchains like Ethereum going forward.
According to Gartner’s blockchain hype cycle, organizations will shift from private networks to hybrid or public solutions as acceptance grows. That is why Waves Enterprise is working on building networks that connect to the broader blockchain ecosystem, particularly tokens.
There are currently no completely functional commercial or government blockchain ecosystems, according to Waves founder Sasha Ivanov. In any case, you must start small to build a long-lasting ecology.
Waves Solution
Waves’ solution is more complete, according to Ivanov than Hedera Hashgraph’s hybrid technique. The need for hybrid solutions is expected to grow considerably over the next three to five years, Ivanov said. The operator will focus on promoting ready-to-use solutions like Waves’ blockchain voting technology, already in beta.
Singapore is the ideal jurisdiction to carry out Waves’ vision for the future. Sasha Ivanov, the founder of Waves, told Cointelegraph that Singapore has some of the world’s most complex crypto and blockchain legislation. It provides a neutral environment for expanding cryptocurrency and digital asset trades. As a result of this, Singapore has emerged as Asia’s cryptocurrency hub. This type of legal space is essential for developing next-generation ecosystems and disruptive economic models.
Moreover, Waves Enterprise’s hybrid strategy, according to Ivanov, meets a market demand not yet met by similar businesses. Including “language agnostic smart contracts” and a flexible architecture that adapts to local cryptography requirements. The Russian government utilized unique cryptography to protect voter data in its recent blockchain e-voting pilot project.
Ivanov expressed some skepticism about Russia’s new cryptocurrency regulations, noting that the new Russian crypto regulations don’t presume that company cases derive from public blockchain tech and crypto-economics. Thus, it is why Waves Enterprise is now pursuing jurisdictions outside the country.
However, Ivanov states that private blockchain has shown to be a highly sought-after technology for digitalization in the Russian Federation.
