Tokenomika Pte Ltd., a Singapore-based fintech company, has joined Waves Enterprise’s mainnet and become its operator within the framework of expanding its hybrid blockchain approach and sharing Waves Enterprise’s vision of its public permissioned network growth.
The Asia-Pacific region is one of the most promising markets for the next-gen blockchain economy thanks in large part to the crypto-friendly and flexible laws in the region. The technology is expecting a boost from many countries that improve existing payment techniques and maintain records associated with regulatory compliance and BFSI. For example, China is expanding its use of blockchain technology for economic development. The governments of Australia, Singapore and other countries actively support the development of blockchain and cryptocurrencies there. The blockchain market in the Asia-Pacific is predicted to reach US$17.7 billion by 2027.
Waves Enterprise’s key points
Waves Enterprise is a blockchain vendor with HQ in Moscow, Russia who is currently establishing regional offices in the Netherlands and China. Its core business is providing an advanced enterprise-grade blockchain platform and solutions on top of it for digitizing companies, mostly with the help of private blockchain networks. Crypto regulations in many countries, including Russia, are not suitable for using public blockchain technologies in enterprises. Meanwhile, Waves Enterprise’s mainnet, an enterprise-grade public permissioned blockchain network, needs a specific legal environment for its further development. That’s why a Singapore-based entity, Tokenomika, became an operator and official representative of Waves Enterprise’s mainnet globally.
The combination of private blockchain networks with public ones form our hybrid approach vision for the enterprise blockchain market. In hybrid deployment, sidechain transactions are anchored or validated by public chain consensus. Gartner predicts hybrid blockchain models to have a significant impact on blockchain development, providing interoperability, multi-business process automation, privacy, and trust.
Sasha Ivanov, the founder of Waves Enterprise: “We are strong believers in this approach for enterprise needs. Unlike private blockchains, it provides the promised trust and transparency, while preserving business confidentiality. Now, more than 90% of enterprises these days including our customers still prefer to use private blockchain networks due to a conventional IT and infrastructure approach. That means that our current commercial projects are not yet utilizing mainnet and Waves Enterprise System Token (WEST) accordingly and are based on private networks”.
According to the Tokenomika forecast, the enterprise shift from private to hybrid and even public blockchain infrastructure will take place in 3–5 years. This is the deferred potential of Waves Enterprise public network, which can be realised in different use cases. As for the next few years, Tokenomika plans to focus on out-of-box blockchain solutions for businesses and get a solid customer base. Also, most of the development activities mentioned in our previous article will be driven by Tokenomika.