- The latest Vostok project by Waves' development team is aimed at making blockchain technology more accessible to a wide range of users.
- Government agencies and businesses will be able to leverage the benefits provided by this new platform.
The Waves Platform announced the successful mainnet launch of the Vostok project on the 6th of June. The launch signifies the birth of a blockchain service aimed at providing blockchain solutions for both public agencies and large corporations. The goal is to provide such organizations with scalable digital infrastructure.
What is Vostok?
The Vostok project which exists within the Waves ecosystem was first mentioned by Alexander Ivanov, the founder, and CEO of the Waves on the second anniversary of the blockchain platform. Roughly a year later, the Waves team of experienced developers and business experts has delivered the blockchain solutions project tailored to suit governmental agencies and large corporations.
According to the announcement, the Vostok project is a part of the founder’s “broader work of making blockchain accessible to every individual or organization interested in its profitable use.”
In other words, this is Waves delivering yet another useful blockchain tool for users.
Users Will Be Able to Make Transactions Using New Vostok Token (VST)
It was added that Vostok was also created to meet “the growing demand from large enterprises and state institutions that would like to adopt Distributed Ledger-based solutions.” Vostok is well suited for organizations that need distributed ledger solutions but do not wish to build them on their own.
The newly launched network comes with a token known as the Vostok token (VST). Users will be able to make transactions as well as create smart contracts on the network using the Vostok client.
There are three different ways through which users can participate on the Vostok network. First, users can integrate into Vostok’s public infrastructure. This requires administrator permission and can be done using the Vostok mainnet. Users can also build an independent blockchain infrastructure with assistance from the Vostok integrator at a cost. Finally, users who wish to improve the reliability of their independent networks can create a hybrid blockchain ecosystem.
Patronage of Vostok So Far
It was reported that the Vostok project has already attracted the interest of various stakeholders. Partnerships with institutions such as Rostec (Russian state corporation focused on the production of arms), Sberbank, Transmash Holding (railway machine manufacturers) and Vneshekonombank (Russian owned development bank) have already been secured.
Information from the official blog of the Waves platform also revealed that there were collaborations with housing company DOM.RF and the Nizhny Novgorod government prior to the official launch of the Vostok mainnet.
The Waves team was excited to present their new enterprise-ready blockchain solution to the general public. The mainnet launch is expected to allow government agencies and large corporations to take advantage of the service to meet their blockchain technology needs.