With Russian player Waves being one of the first platforms allowing users to create and issue their own tokens, they’ve put scalability at the top of their To-Do list this year.
Waves created the Decentralized Exchange (DEX), where their WAVES coins can be traded. As Waves’ decentralized exchange, DEX is speedy and secure. Waves users can trade any tokens supported on the platform including WAVES, existing cryptocurrencies and fiat – all integrated through gateways.
The decentralized service supports the speed of this exchange. It provides higher security against DDoS attacks and hack compared to centralized exchanges such as Cryptsy, Bitfinex, and Poloniex. DEX also boasts unlimited trading and low commission fees (exchange transaction = 0.003 waves to the miners).
DEX Closed Beta Test Completed. Next: Public Beta Test
DEX opened up their short Bug Hunting Bounty Program to 75 beta testers in early October and ended their Closed Beta Test on Wednesday this week.
The Closed Beta Test discovered 62 bugs (including 16 unique bugs). 11 were fixed and the team will hold off on five smaller bugs until the next version. The winner, Michele, received 100 WAVES after she found several of the bugs.
Waves is now working on launching the Public Beta and DEX API in the near future, revealed Waves project manager, Alex Kofman, in a community Q&A. The date for the Public Beta Test hasn’t been released but we’ll be on standby.
Keeping an Eye on the Kremlin
With an emphasis on scaling, Waves is working with top legal firms to ensure they are entirely compliant in their growth as there is room for illegitimacy in this space.
In the spring, fake BTC and ETH were sold on the platform and the buyers couldn’t get refunds due to the lack of regulation. Several countries have already cracked down, halted and taxed crypto trade.
Notably, Russia’s President Putin has recently released his five orders on cryptocurrency regulation. The new stipulations will oversee cryptocurrency trades and transactions in Russia ,with plans to use the technology to have a “single payment space” throughout the Eurasian Economic Union (EAEU) community.
Overall, we’re curious how the Waves DEX Public Beta Test will go and how the team will incorporate Russia’s new rules into their next steps.