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Waves announce Web3 initiative and social network

The update sees the three-year-old project aim for widespread adoption through popular services.

Waves, a custom tokens and smart contracts blockchain platform that launched in 2016, has announced a new initiative. Timed to coincide with the 30th birthday of the World Wide Web, a blog post by Waves founder and CEO Sasha Ivanov discusses the development of ‘Web3.0’ and the part that Waves intends to play in this movement.

Tim Berners-Lee, the inventor of the web, recently commented that internet is in a ‘downward plunge to a dysfunctional future’, referencing data breaches and hacking as well as the ‘manipulation’ that was enabled by the large-scale harvesting of personal information, exemplified by the Cambridge Analytica and Facebook scandal.

Waves seeks to address these problems with new approaches and services, combining decentralised technologies with centralised ones, as appropriate. ‘Web3’ is the term given to this emerging form of the web, which will use a collection of different technologies to tackle the imperfections of Web2 and its corporate giants like Google and Facebook. Privacy, security, convenience, user control and the reduction or elimination of single points of failure are all raised as priorities. Ivanov commented, ‘We can’t achieve full decentralisation just yet, and actually we might never achieve it… Decentralising critical business logic and using centralised tech where we can’t do without it (storage, complicated computation), we are able to create products that can gain mass adoption now, where there’s a real need for a new approach in the systems we are building.’

Waves products will include a decentralised voting platform, a private blockchain for the financial sector, and a new social network.

‘It might seem too ambitious but this is just the right moment to do it. A privacy-preserving, tokenised social network can be a huge leap forward for social interaction. We know how to do it, and you’ll see a prototype this summer.’ Sasha Ivanov, CEO Waves

Based in Moscow, Waves is currently the 23rd largest blockchain platform by market cap, and launched following a token sale in which it collected 30,000 BTC (then worth $16 million) from 6,000 supporters in April-May 2016 – an amount second only to Ethereum at the time.

Disclaimer: the author holds WAVES.

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