WAVES Raises $2M in 24hrs Despite Ethereum Contract Issue

Open blockchain platform WAVES is making some waves in the world of digital currency, as they recently raised $2m USD during the first 24 hours of their crowdfunding campaign.

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WAVES Gains Early Momentum

There are some merits to the WAVES concept that have attracted a lot of interest from digital currency enthusiasts and investors all over the world. Positioning itself as a decentralized blockchain protocol is not saying much; the company was created specifically to offer customer blockchain-token operations.

To put this into a bit of a perspective, WAVES would allow for the integration of existing national currencies, such as the US Dollar, Euro, or Chinese Yuan. Transferring these values would take place on the WAVES blockchain, which makes use of compliant gateway operators. There are some benefits to such a system, as the concept could play a significant role in crowdfunding and the decentralized trading of financial instruments.

As most people active in the world of digital currency are well aware, there are various projects under development, which focus on bridging the gap between banking and blockchain technology. Although there seem to be some interesting opportunities in this regard, ensuring this technology is used by banks will be a different matter.

That being said, it looks like the company is not developing this technology with big banks in mind, as they are looking to come up with a blockchain solution payment systems can embrace. So far, it seems this approach has been paying off already, as day 1 of the WAVES crowdfunding campaign caused a server outage after a few hours. In total, $2m was raised during the first 24 hours.

WAVES CEO Sasha Ivanov commented on the crowdsale as follows:

Frankly, we weren’t counting on any particular amounts. We thought of 1,000 BTC at least, as we deem it a necessary minimum to launch the system. But we should remember, that issuing a POS coin needs as wide stakers distribution as possible, hence the ICO length. However, we apparently hit the goal, and a platform like Waves is indeed a product of high demand. At least we can see it in the support from the community. Thanks to that support, we’d be able to invest more money and efforts in Waves, involve more people, and finally present a stable and high-quality product. We express our sincere gratitude to everyone who supported us. It’s hard to tell how much we can raise by late May, but we surely would welcome any support here. Money in this case acts as evidence of demand. It means we’re on the right way.

At the time of writing, the crowdfunding campaign had raised a total of 4,823 BTC, worth $2,042,000 USD at the current bitcoin price. Not too much has changed in this regard over the past few hours, although they may have to do with the site going offline for a little while.

Ethereum Contract Setback

Unfortunately, the WAVES team ran into an unexpected problem during the first day of this crowdfunding campaign. The team has been using an Ethereum contract to record every Bitcoin deposit on the Ethereum blockchain. However, that contract was not working as intended, and not all transactions were recorded. This could cause a significant issue as far as transparency is concerned, but a solution has already been found.

After this issue had been identified, the decision was made to move all of the funds to a new wallet address. The team has opted to use a multi-signature Coinbase wallet, and funds will be transferred from the Ethereum contract in 30-minute intervals. Interested parties can keep an eye on the Bitcoin address here.

What are your thoughts on the WAVES platform and their ICO so far? Have you made an investment? Let us know in the comments below!

Source: Press Release Via Email

Images courtesy of WAVES, Shutterstock