Waves Platform For Investors #6 – Investor Q&A With Sasha Ivanov, Creator Of The Waves Platform PT2

Tai Zen: All right guys. This is Tai Zen again.

In this video, we are bringing Sasha, the creator and the founder of Waves Platform back on this investor Q&A to address a concern that many investors are having.

Before we go ahead, say hello Sasha. You are broadcasting from Moscow. Is it correct?

Sasha: Yes, I’m here in the office of the Waves Platform.

Tai Zen: A few days ago, when the Lisk cryptocurrency launched, they had a big fiasco where all 3,908 investors could not access their Lisk coins to the exchange.

That would raise concern for some of the Waves investors, including myself and my buddy LeonFu.com, who is also joining us on this broadcast from the San Diego, Los Angeles area.

He’s in a hotel that does not have a very good Internet connection, so we cannot see him. He’s going to join us by audio only. If you want, then go ahead and get started, Leon.

Leon Fu: Yes, hello Sasha and Tai.

Tai Zen: Hold on. Before you guys start out, I just noticed that people were saying they can’t see or hear us.

Leon Fu: We can hear each other.

Tai Zen: Yeah. I just want to make sure that the audience can hear it.

Sasha: We had this problem last time, so please check.

Tai Zen: If you guys can see us and hear us guys, let us know and just write down that you guys can hear us from whatever country or city you are in.

Leon Fu: I’m sure that you and the whole crypto communities were watching both Lisk and the DAO launch very closely. The DAO just launched yesterday and the Lisk launched a few days before that.

However, we saw how the Lisk launch went very badly. They got DDoSed right out of the gate and most of the investors were not able to access their Lisks or send their Lisks anywhere. It was very frustrating.

We also saw that their web wallets were attacked immediately. After that, they rushed to set up a client that the users could download for themselves, but that server got attacked as well. Right out of the gate. Accordingly, most of the Lisk users were not able to either use a web wallet or download the clients for several hours.

So, Sasha, you can explain what you saw, what went wrong and how do you plan on making sure that this doesn’t happen for Waves.

Sasha: Yeah, sure. I don’t think it was a failure actually. Because after all, people could trade it.

Leon Fu: Some people could trade it, but most people couldn’t.

Sasha: I don’t think it was a DDoS attack. I think it was just a high load. Since we have this problem on the first day of the ICO, I’m kind of familiar with it and I anticipate the situation.

In the past, I didn’t really anticipate it when we started the ICO and it was really messy on the first day.

Leon Fu: As Tai had mentioned in the beginning, there were less than 4,000 Lisk investors. Max had tweeted out that their servers were seeing over 50,000 users, but there were not even 50,000….

Sasha: It might be a DDoS attack, but it could even happen with a high load problem. All the people are doing the same thing at the same time. They all want to depart their Lisks to the exchange, to the Poloniex.

Of course, I believe Max if he said that was a DDoS attack. However, I think the key here is to not have all the people do the same thing at the same time because I’ve seen this on the first ICO day.

On our side, we want to move fast as Lisk at exchanges, but not too fast. I want to test it all out properly and then we’ll move to exchange, so there won’t be a certain date when everybody has to depart their coins.

It probably takes several days and when the coins are deposited, the trading will be all. In several days, the coins will be available for withdrawal from ICO site to light clients. That will be carried out in stages as well.

First of all, people will generate addresses and make some withdrawal requests, then the payments will be processed. We’ll be watching how the network behaves so that we don’t have any problem.

I know we will have a very bad first ICO day due to high load and I don’t want to experience this again. Hence, I’ll do my best to make it work properly to prevent the situation where a thousand users do the same thing at the same time and to stop the excessive drama.

Leon Fu: What you’re saying is that you’re going to do the withdrawal first and the genesis block is going to happen later. Is that how you’re going to do?

Sasha: I think that we’re not going to do the genesis block. All 100 million will be issued in one block and will be sent to all the holders.

The reason is if we try to do it in the genesis block, we have to wait for people to generate addresses. We can’t have the genesis block before all the people have their addresses because it could take too much time.

Therefore, we’re going to issue all the coins in one block. From that account, we’re going to send them to all the users. We’re going to do it within a couple of days. The process is you just make a request and it’s been processed within several hours.

Leon Fu: Let me just repeat. Let’s say I want to get my Waves tokens. I will log into the website and request an address to be made for myself.

Sasha: Yeah. You just create your own address, then you can download the light client or use the web client to generate it. After that, you have to edit your profile by including the address in your profile. Then, the coins are sent to you within several hours.

Leon Fu: Okay, but the Waves network would not be launched yet, right?

Sasha: Yeah. If you can generate the address, it means that the network is launched.

Leon Fu: So you’re going to launch the network first and then generate the address later.

Sasha: I do that to avoid excessive stress and high load.

Leon Fu: We know that out of the gate, there’s going to be 100 million Waves tokens in the genesis block. Then, you’ll send them out over time to each ICO users. Is that what you’re saying?

Sasha: Absolutely, yes.

Leon Fu: Okay, I think I understand.

I could see that’s not what Lisk did. I believe they included all of the things in the genesis block. Besides, I think Ethereum did kind of the same thing too.

Sasha: Yeah, absolutely. I think is going to be simpler in our set up. You just distribute the coins from one account. That’s all.

We don’t do the genesis block because we would have to wait for all the people to generate the addresses. We could wait a week, for example, and then do the same thing. Half of the people would be in the genesis block and the other half would receive the coins after they make a request. Hence, why not send coins to people after they make a request?

Leon Fu: Let’s walk through the process then. After I get my Waves tokens, what can I do with them and when can I start to trade them? What is the next step after we receive the coins?

Sasha: You can basically send them to another user at the moment before we have to tweak the consensus algorithm to allow people to install their own full notes. Until then, they know it will be hosted by us.

However, at the same time, you’ll be able to transfer your tokens and depart them at the exchanges. In my opinion, it’s going to happen in mid-June.

We’re going to proceed fast, but at the same time, we’re going to try to stay safe and not have any problems with high load and whatever.

We could even launch it right after ICO ends at an exchange, but it could create some problems and we don’t have to rush it. I think why we have to rush it. Although I understand that people want to trade it, I have to approach it very carefully.

Leon Fu: I have another question. Of course, many of our users will want to know how you are going to prevent DDoS attack since you are going to be hosting the servers.

One thing Max did say the reason there was a DDoS attack is he had over a terabyte of traffic hitting his servers. However, there are not enough users to generate terabytes of data requests going to direct his servers.

Therefore, what are you going to do to protect your servers?

The whole idea is Waves is not going to be decentralized at the beginning. You’re going to hook up all the nodes. Hence, if a malicious person or hacker wants to attack Waves, they’ll just attack your servers.

Sasha: Of course, we have experienced with the DDoS attack. Our plan is we are going to be some load balancing, Cloudflare, proper server set up, tensors. In case we need, there is going to around 20 servers. Therefore, it’s not a problem.

To sum up, we are going to use Cloudflare, have the proper set up with many servers, plus my administrator’s extensive experience in mitigation and all of the DDoS attacks. I think we’ll handle that.

If you use Cloudflare properly, you don’t have any problem. That’s all.

Leon Fu: Sure. However, we did see people using Cloudflare and even Poloniex got DDoS attack a few months ago.

Sasha: That’s true, but we can mitigate that. I think the problems won’t be that big.

We don’t have any problems with the ICO side. It’s behind Cloudflare and it is okay all the time.

The problems that we had was due to the high load from users on the first day of the ICO and something was not done properly. Actually, I cannot foresee that so we didn’t expect that. Then, some mail servers just got broken immediately.

That will never happen again because I don’t want that happening in my life again.

Tai Zen: Sasha, I have a question for you. I’m not clear. You said that you are going to distribute the Waves coins to everyone before the genesis block, so where are the coins be placed?

Sasha: Not before. Later. You just issue all the coins in the genesis block to your own account, the distribute all the coins from the account to all the users that have balances. It’s going to be like that.

If we did it in the genetics block, we would have to wait for all the users to generate the addresses and to make their requests. Obviously, not all of them will do that. Some people just forget or whatever. By this way, we can just send them. You make a request to receive your Waves. That’s all

Tai Zen: Is there a cryptocurrency that has already done this in the past so that the audience can relate to. Because when Ethereum had their release, we downloaded the JSON files, uploaded that to the Ethereum wallet, and then that allows us to send…

Sasha: It’s going to be the first one because it’s a valid approach. I don’t see a problem with this to be a prank.

Probably, the load could be a little higher. The reason is if you generate all the balances in the genesis block, people will have them and they don’t have to make withdrawal requests. However, we spread it over a certain period of time. I think it could be one month because there’s going to be some people who forget to withdrawal or something like that. Therefore, it will take some time and the load will be minimized through this.

I think it’s about the approach. For example, I make a genesis block and ask people to generate the addresses within the week. There is probably 90% of people will do that and 10% won’t. After all, we’ll have to send Waves tokens to them after they make a request. It is going to come down to the same situation.

Hence, why do we have to do that? We can just do it right from the start by distributing the coins after the users make the requests. I think it’s easy and transparent at choice.

Tai Zen: Okay. Can the investors just log in to their Waves account and then be able to transfer their Waves coins to an exchange or do they have to download their wallet? How do you plan on having that done?

Sasha: Yeah, they have their light wallet, the generators or the keys, themselves. We don’t generate anything for them. Only the investors have control of their private keys. All they have to do is log in to the wallet and sell the coins to in exchange. That’s all.

However, that process can take several days. As I mentioned, we don’t want to draw things for too long, but at the same time, we don’t want to do in 2 hours.

Therefore, I think this approach is valid. It will help us reduce the load and all potential problems. People will be able to transfer their coins to the exchanges within weeks and they won’t have to wait for a month. At the same time, there’s not going to be any drama that many coins experienced such as high load and stuff like that.

Tai Zen: Okay. Will you have any video tutorials on Youtube or your website to explain how to install the Waves wallet/client?

Because when Lisk came out, I didn’t recall them having any tutorials to explain to people what to do.

Sasha: We’ll have them. We have the manual now and we’re going to have the videos too. It’s not a problem.

Actually, probably it’s simpler in our case because our client is quite simple at the moment. Our approach is to launch some kind of main net alpha at first, and then build upon it. Therefore, the client now is pretty basic. You can send the coins, check the network status, see the balances. Then, we’re going to build upon that.

However, if some kind of manual is needed, we’ll do a youtube video.

Tai Zen: I believe that will help tremendously because when the Lisk launched, there was no tutorial on how to move your Lisk coins. The DAO case was the same. They just finished their ICO and there was no video tutorial on how to move the DAO either. Because of that, many people have to figure it out on their own. Therefore, I think that it would be nice for the investors to know that there are instructions on how to move the coins or the tokens.

Sasha: We are focusing on usability, so we’re going to make it as simple as possible. You can install the plugin or go to the website and download the HTML files, then open them your browser. After that, you just create the account and send coins. That’s all. It’s all very intuitive and not sophisticated.

Tai Zen: Okay. Do you have any other questions, Leon? If not, then we’ll take some questions from the viewers.

Leon Fu: Nope, that’s all for me. Thank you.

Tai Zen: For the viewers here, if you have any questions for Sasha, please type it in the chat box on the youtube page and include the city or country you’re from, so we have an idea about where you are at.

We’ve got one coming in here: “If Yobit or a similar exchange is also able to create a wallet, it means they’re going to start trading at the moment when the client launches”

Sasha: No, actually I don’t think so. You mean some IOU situation, right?

Tai Zen: Yeah. I think he’s asking about the IOU tokens or the proxy market.

Sasha: Yeah. We’ll do our best to go with the situation because if someone does it, it will last for a couple of days at most.

Tai Zen: Okay, so you don’t want your Waves tokens traded on the IOU market or the proxy market

Sasha: Absolutely not. It is some kind of a very damaging thing for the project because you don’t have any control. They can just don’t keep their IOUs and they are just their faults. However, it can damage the project a lot. Therefore, I don’t like it because I don’t have any control over it.

Tai Zen: Okay. You’re the founder of Waves and you are not endorsing any proxy market that trades Waves.

Sasha: No, I don’t. I don’t want it. I don’t want to have it. That’s why we are trying to move coins to the exchanges fast.

Tai Zen: Okay, so what you’re saying to the audience right now and to the viewers is that you do not recommend that they trade the Waves on the proxy market.

Sasha: Yeah. If you want to have a problem, then do it. It is a very high-risk arena when you go this in this direction. When you take this route and trade some IOUs, you just increase your risks. Why do we need that? Don’t do it. Wait for an official change and trade there.

Tai Zen: Okay. Let’s me just summarize for the audience here. You are saying that you do not recommend the Waves holders/investors trade any Waves on the proxy market or on the IOU market. Besides, you are going to move fast enough after the ICO is done that the investors will be able to move their Waves into an official exchange to avoid the risk.

I’m not pausing the questions for a moment guys, and just explain this real quick.

What he is saying, which I agree with Sasha and I’m almost convinced that Leon will agree too, is that whenever you buy or sell the Waves coins on the proxy markets such as YObit or any place like that, you’re taking a lot of risks.

When you put your money into Waves, it’s risky already, but now you increase your risk even more by buying and selling it from somebody that claims that they are going to give you the real Waves coins when it comes out.

What Sasha is saying is that just wait a couple of weeks and he will make it available so you can get access to the real Waves coins and don’t have to go through the IOU market or the proxy market.

Sasha: Right. You can’t prove that they have coins. It’s a very strange situation when that happened to Lisk and I don’t want to have it.

Tai Zen: Okay. Is it safe to say you and your team are the only ones that can distribute the Waves coins, and if the investors here on the Internet know that someone else’s distributing the Waves coin, that’s a complete scam?

Sasha: Yeah. They don’t have them. No one can distribute, but us. Don’t trade any IOU. I don’t endorse it. In my opinion, it’s very scammy because you don’t have any guarantees from me or from the developer team. We don’t have any guarantees from anybody. You can’t even prove or check that they actually have the coins. If you want to risk your money, no problem, but it’s your risk and I’m not responsible for this.

Tai Zen: Okay. All right. Any thoughts on that, Leon?

Leon Fu: No. I agree. I think that we will avoid that situation when we get the tokens out, as Sasha said.

We all agree that no one should trade IOU, but we were all looking at it. All of us were looking at because we were all wondering where this is going to open and the only thing we could look at was this IOU market, even though most of us probably didn’t trade it and the volume was very low.

Tai Zen: I’m going to go on record here as a professional trader and say that based on my years of trading experience, the trading that is done on the proxy markets such as YObit does not look like natural trading.

It does not look like legitimate trading that you normally in the NASDAQ, New York stock exchange, etc. or on Bitfinex, Poloniex or any of the standard exchanges. Therefore, I do not ever recommend anyone buying or selling, not just the Waves coins, but any coins that come out to do it on the proxy market

Sasha: Absolutely. To add up to what Tai said, there’s some kind of price discovery process for shares, stocks or whatever. That’s what exchanges are for. When you trade at some proxy markets, the liquidity is very low and the price discovery is broken. It’s all very manipulated.

The holders, the maintainers, the IOU can achieve any price they want because the liquidity is low and the whole price discovery process is broken. It’s not a real price. It’s something that’s pure speculation without any connection to reality. Avoid this at all cost.

Tai Zen: Okay. We have a Steve Clemon from a Luxembourg, Europe. He wants to know what indicators you use for our Cloudflare attacks and when it was too much traffic for Cloudflare to handle.

I guess he means to know what indicators you use for Cloudflare attacks and when it is too much traffic for Cloudflare to handle.

Sasha: Oh, I did not experience. That’s going to be a very tough attack. We did not have that at the ICO site. we did not have any serious the DDoS attacks so….

Tai Zen: I think what he means is on the day that Waves is launched, what indicators you use for the Cloudflare attacks. I guess what he’s asking is what signals you going to have when the Cloudflare attack happens.

Sasha: Well, bandwidth. It’s like normal stuff. I want to note here that the launch will happen for a long period of time. When it is launched, people start to generate their addresses and make the requests, which takes several days. It’s going to be a drawn-out process. Then, they can deposit to exchange. After that, the trading is on.

Therefore, it’s going to take a couple of weeks so and we’ll have time to mitigate any possible attacks and deal with them. That’s our plan to reduce all the risks for all participants and reduce unnecessary drama. I don’t want any drama, so we are focusing on making things work.

Leon Fu: Sasha, I have a question for you. Are you in contact with any exchanges to make sure that they’re set up properly to trade Waves?

Sasha: Yes, we’re going to work with major exchanges to the launch it as fast as possible, but at the same time, we could have a few problems as possible.

Leon Fu: Can you share with us which exchanges are going to start trading Waves so that our investors will know where to set up? Is it going to be Poloniex or any other exchanges?

Sasha: All the major exchanges. All reputable exchanges.

Maybe we’re going to start trading with all the exchanges, not at the same time. We will go one by one to reduce all the risks.

It’s a long term project guys. If you want to make some money fast, maybe we’re not the best choice. Wait a little bit when we’re at all exchanges when all the functionality works fine when we have the asset exchange, when we have Fiat transfer, then the, I don’t promise anything, the token will cost a lot of money. Please don’t your Waves immediately.

Tai Zen: Okay. Basically, what you’re saying to the investors is give you a chance to build up the platform.

Sasha: You have to look at the Ethereum. You have to understand that people who were sold their Ethereum a year ago probably are not happy now. You should wait for a little. Give us some time. The same can happen to Lisk. I think Lisk can be a huge platform too. People who just made like 200% profit now may not feel happy with this decision in the future too.

Tai Zen: I want to throw this in there, Sasha.

It’s interesting because Leon and I have invested into cryptocurrencies for many years and I think that you might be the first cryptocurrency creator to say publicly: “Hey, give us a chance to build a network and to build the software.” As far as I know, no one else has ever come out and said that.

Usually, the public just gets the coins, then pumps and dumps it. I think you might be the first one to publicly say: “Hey, give us a chance to make this succeed before you guys dump it.”

Sasha: Sure. Give us a chance to help us help you.

Tai Zen: The next question is whether it is a tough legal environment in Russian for the Waves platform. I think we’ll skip that one because that was answered in your first video.

Sasha: No problem here.

Tai Zen: That’s just bullshit in the media. Sasha said there’s no problem in Russia.

Nima says “Waves to the moon”.

Dan in Beijing, China wants to know whether we can wait until Waves is on Poloniex and have the coin sent there directly….

Sasha: In Poloniex or maybe some other exchanges, you can not withdraw them. Just keep them at the ICO site. When the trading is on, you can generate the address there, type your address in your profile in the ICO site, and request the withdrawal to the exchange directly. It’s possible sure. You can wait a little bit. It’s not a problem.

Tai Zen: I want to add something to that Dan’s question.

I don’t think that it’s in the best interest of the coin creators to send your coins to the exchange for you. I think that Sasha, Vitalik or Max or anyone that creates the coins, a new cryptocurrency is just responsible to create it and deliver it to your wallet or your account. From there, it’s your responsibility to send it to another person or to exchange because they cannot assume the risk of that.

If they send it to the exchange and the exchange gets hacked or something, then you lose your coins, you’re going to blame it on Sasha, Vitalik or Max or anyone that’s in charge of that coin. That would not be fair to the coin creators myself.

If I was a coin creator, I would not send your coins to the exchange either. My responsibility is to put it into your wallet and then from there, it’s your responsibility.

Sasha: Absolutely. You have to control your private keys. This is the most important thing in cryptocurrency. This is the essence of crypto. You control everything. When you transfer it to exchanges, you lose your control. Therefore, I recommend that you just generate the address, withdraw to your wallet and then deposit to the exchange yourself, not directly from the ICO site.

Tai Zen: Okay. Visual Vendetta asked: “What is a proxy market. Is that like Poloniex?”

We’re not going to answer that one because I have two videos that explain what’s a proxy market already on my channel.

“What is the timeline for those who would be interested in mining Waves?”

Sasha: Oh, we don’t have mining. We are BOS coin, so we don’t have hardware mining.

You can generate some profits through gates, in case of mining, with your stake and you got to have some profits from transaction fees, but there isn’t going to be any hardware mining like in Bitcoin. It’s going to be like Blackcoin or NXT this type of thing.

Tai Zen: It’s going to be a proof of stake where it’s forging, similar to the NXT.

Sasha: It’ proof of stake. They call it forging, NXT. We’ll go to have the set up in a similar way.

Tai Zen: This is Wally Wild. I hope I’m saying that right. He says that he understands that you cannot tell us which exchanges will add Waves, but how’s the progress going of implementing Waves.

Sasha: It’s all fine. Some roadmap. Things like that. We’re going to tweak the proof of stake algorithm a little. Then, we’ll allow people to install their own full notes. After that, we’re going to work on the custom tokens and decentralized exchange. At the same time, we’re going to have the Fiat transfer. It’s probably happened in summer. In fall, we’re probably going to have tokens trading. All that we promised to the ICO participants.

Tai Zen: Would it be possible for you to do this for all the investors to save everyone a headache? I know that you cannot tell us which exchanges you are working with right now for confidentiality reasons.

Sasha: I don’t want to name those exchanges right now. What we’ll do is maybe it can be one exchange after another. They’re all major changes, of course.

Tai Zen: But on the Waves website, after the ICO is done and after it’s made available for the exchanges, could you at least put on your website what exchanges you are working with to implement the Waves client. By doing that, people will have the information and you also don’t have a random exchange come out of nowhere.

Sasha: That’s a good idea. I will do that

Tai Zen: When Lisk came out on the proxy market and Yobit was trading it, I got a bunch of requests from people asking me who is yobit. I never even heard of them until the Lisk came out and said they were being traded on the proxy market.

You don’t have to endorse the exchange. All you have to do is just state that we are working with Poloniex, Kraken or Bitfinex to implement the Waves wallet. You can disclose that it does not mean that we’re endorsing them and we’re just working with them to do it.

When you do that, at least the investors know which exchanges are working with you to implement a secure wallet so that they do it correctly.

Sasha: Yeah, absolutely. Yeah, it’s a good idea.

As an I told you already, we’re going to move fast. The reason is the interest in our project should grow and the people will have to be able to buy Waves after that, not only at the ICO time. Furthermore, we’re going to have a lot of updates in the near future.

Tai Zen: We have Project TT from a Florian Annapolis, Brazil. He says if you think to integrate Waves on Kickstarter. I’m going to answer that. I doubt that any cryptocurrency is going to be on Kickstarter since there were laws and regulations on Kickstarter where certain countries will not be able to participate in Kickstarter.

That’s why we have the ICO in the cryptocurrency world for everybody in the world to participate. It does not matter if you’re in a communist country, the Middle East, China, Asia and Africa. Everyone can participate fairly as long as they have the Bitcoins.

If Sasha or anyone does it on Kickstarter, there are certain laws in certain countries where they are prevented from participating in the ICO. Therefore, I seriously doubt that any a cryptocurrency will ever be on Kickstarter. If it is, I would really caution you to be careful about it.

Sasha: Yeah. What we are doing is some kind of a decentralized Kickstarter. That’s Waves, the decentralized and effective crowd-funding platform. We are providing some kind of alternative to Kickstarter where people from all over the world can raise money for their projects. Plus, the investors can exit their investments because you can’t do that at Kickstarter. You make your pledge and you wait for the product even if it’s not delivered, but it’s wrong.

Tai Zen: Jeremy Waters wants to know why his tokens keep decreasing during the ICO.

Sasha: Because the number of tokens is limited by 100 million, but the amount of investment is not limited. The supply is limited and the demand is not limited, so all the tokens have to be divided between all the people. That’s why your individual balance, has been reduced constantly.

Tai Zen: The same individual, Jeremy Waters, asks when the option for moving Coinomat assets from NXT to ways becomes available.

Sasha: We finished that. We had some procedure where people could move some assets to swap them for Waves. However, it was finished almost two weeks ago. You came out a bit too late.

Tai Zen: Singlelong Insomnia says if we can download the wallet from the ICO site.

Sasha: Not yet. It will be available there, of course. When the main net launch, you can download it. Please come to our Slack. We are testing the light wallet there, so you can participate and help us out too. Besides, you can check on how it looks and everything. It looks pretty nice. Great job on the look

Tai Zen: Romana331 asks when the ICO presale ends and I can answer that. It ends in two days at the end of the month.

Thirty second travel asks if the light browser plugin is only planned for Google chrome or for more browsers.

Sasha: Firefox and chrome. That’s all. No other browsers at the moment because they are not important for us.

Tai Zen: MimaB mentions that the Waves ICO sits around $8 million now. He says that you originally said that you needed $5 million to make the Waves project successful and he wants to know what you will do with an additional $3 million.

Sasha:

Marketing. In addition, we can code the clients in two programming languages like Ethereum did. The reason is Vitalik said that it was very helpful for them to code Ethereum in 3 languages in Python, Go and C++.

Coder team can check the progress and eliminate the errors through this. Therefore, if we have some more funding, we can do it in C++ and alternative client for this. Besides, the money will go to marketing too.

Tai Zen: Okay. Hey Leon.

Leon Fu: Yes?

Tai Zen: Do you have anything to add to that, which is having multiple languages, since you are a developer yourself?

Leon Fu: When Ethereum first announced that idea, they were out of the gate building their client in 3 languages. I thought that was a bad idea because frankly, I knew they did not have enough money to do that.

That’s kind of one reason why I did not invest more in Ethereum was I did not believe that they had enough money, even though it was the largest crowd sale at the time. I didn’t think they had enough money to do what we’re trying to do because of how ambitious it was.

In fact, last year, in the blog, back in August, Vitalik came up and said he’s $9 million short of what he needs to do. Then, the Ethers token dropped to 40 cents. I think was a low on that new until a month later when Microsoft announced that they were going to support Ethereum. After the announcement, the price shot back up to $1. If that had not happened, I think Ethereum would have felt, to be honest with you.

At that time, the Ethereum foundation had 2 million Ethers. When the Ether tokens went back to $1 that gave them another million USD to keep going. If that had not happened, Ethereum would be at 0, not at $12 or $13 today. Therefore, I do agree that we shouldn’t do that unless there’s really enough money to build a second client in a different implementation.

Sasha: Since we have enough money, we can do that. There are different opinions about the usability of this approach because we can make more errors. However, Vitalik said thay it helped them when I asked him when he was in Moscow. He was very positive about that. He said that it helped them a lot to get rid of all the errors to proceed even faster.

There were some problems with the budget, but we won’t be able to spend €300,000 per month as Ethereum did. I just can’t imagine how we could do that. It’s too much money. €70,000 per month is my target burn rate. No more.

Tai Zen: Speaking of you and Vitalik was at the Ethereum conference in Moscow just a week or two ago.

Sasha: Yeah, two weeks ago.

Tai Zen: Okay. I’m just curious how you and Vitalik interacted. What were his thoughts on the Waves Platform? I remember when I asked you that. The reason is when Leon and I interviewed him in person in Texas when he was out promoting Ethereum in 2014, he did not think very highly of NXT. Do you remember that, Leon?

Leon Fu: Yes, I do.

Tai Zen: So I’m curious when he knows that you are the creator of the Waves Platform and you are running the ICO and everything. Did he have any thoughts? Was he supportive or was he standoffish or anything?

Sasha: He was very positive. I didn’t want to take too much time from him. It was just 20 minutes or 30 minutes. I approached him with the suggestion to make some transfer protocols between Ethereum tokens and Waves assets so they can be moved from one blockchain to another, then he proposed some ideas to me. He is a very sharp guy. He’s a fast thinker and he was interested in that.

Tai Zen: Okay. Do you think Vitalik invest in Waves?

Sasha: I don’t know. I can say.

Tai Zen: Just to be fair, did you invest in Ethereum?

Sasha: Actually I did not.

Tai Zen: You did not.

Sasha: Because I understood that there can be some scalability problems, but they will solve them. I’m sure because they are very smart guys, so I wish I had invested in Ethereum.

Tai Zen: Some of the guys like Ricardo and Visual Vendetta ask how many developers are in the Waves. We’re not going to answer those guys because that was already answered in Sasha’s previous video. He already explained all that. Okay.

Wally Wild ask if you could tell us more about your team. That already answers is the first video. Let me see any other questions that we have not answered.

Here’s a good one. Thirty second Travel asks if you have people that are capable of competently answering questions and helping the communities in Asia, particularly China and Japan and South Korea.

Sasha: We have a very active Chinese team member. She’s going to be very active and she’s active already.

We are going to approach Chinese exchanges with her help and stuff like that. Asia is a huge market and the most important market actually.

Tai Zen: Let’s say there’s a viewer that wants to help promote the Waves Platform in Chinese, Japanese, Korean or something. What is the best way for them to reach you or your team to help with that process?

Sasha: Just join our Slack and you can contact me or anyone from the team. You can contact the Chinese person in our team or you can contact me because we are very interested in promotion. Maybe I will go there to Hong Kong or Singapore in the next few months.

Tai Zen: I was suggesting if you are interested in helping promote the Waves Platform. Right now, we have the individuals of the core media team on the youtube chat that’s answering a lot of the viewers’ questions. They are responsible for doing the marketing and the PR for you. Is that correct?

Sasha: Yeah.

Tai Zen: I suggest that you reach out to them and work with them. By that way, Sasha and his team can focus on the software and the business side of it.

Sasha: Come on Slack, guys. It’s like the best meeting point for everybody. If you want to work with us, just join our Slack.

Tai Zen: Hans from Rotterdam, the Netherlands: “Can you tell us a bit about how your negotiations are going with the banks, which will bring the Euro Fiat to the Waves Platform?”

Sasha: Yeah, they’re going pretty nice and we were going to have it soon. We are working with some payment systems. There are going to be some partnerships and that could be big. We could have some projects in the remittance area, so some big remittance projects can be built on Waves in the future.

If we achieve that, it can be huge. I’m talking to some pretty experienced people who with banking, remittance and stuff like that. Our goal is to probably make some remittance networks where you can transfer Fiat effectively because it’s very expensive now. It’s going to be built on our platform. This is what we are working on now.

Tai Zen: There’s a lot of people here saying that they’re very excited about the Waves Platform.

Mr. Miyagi askes whether it is a big investment in the marketing side, such as pitching, the media documentation, and stuff.

Sasha: Absolutely. We’re going to approach all the mainstream media. It is not only cryptocurrency media but also mainstream media because we are very focusing on mass market adoption. To do that, we have to approach mainstream resources, mainstream media. After the ICO ends and we have some products, which we are supposed to do, we’re going to approach all the mainstream media.

Tai Zen: Here’s a question that I wanted to ask you myself. This is something that Leon and I discussed yesterday while we were prepping for this hang out with you. One of the things that Max from the Lisk community is doing is there are some strategies, I don’t know the exact details, to hedge the money that he received from the ICO.

One of the concerns that Leon and I had as Leon just mentioned it earlier when Vitalik got the $18 million to run the Ethereum project, they did not anticipate that the price of bitcoin was going to drop from $600 down to $200. Therefore, they lost a big chunk of their funding.

What is your plan when you receive that money, which right now is over $8 million so that you don’t lose half of it during a dump in the markets?

Sasha: For sure, we have to make some protections here. There was going to be dump in price. Therefore, we’re going to sell something before July and I suppose the bitcoin price is going to rise after that.

Probably what we’re going do is to sell a certain amount of bitcoin each month. It’s similar in the way we do it with stocks. We just buy them. Every day or every month, you buy a certain amount of a certain stock. That’s what we are going to do with bitcoin.

However, Bitcoin has to grow in value now. There was going to be some dumps, but after it happens it’s going to rise steadily I think.

Tai Zen: To sum up, you are going to focus on taking the ICO money that you raised and focus it on the Waves project. Besides, you’re not going to try to make money off of the bitcoins are there. You just got to catch it up.

Sasha: I’m not going to speculate with my bitcoins. Not at all. I’m not going to trade it.

Tai Zen: You mentioned before in the first video that you used to program bots for the forex market and stuff. I just want to bring that up so that the audience knows that you do have experience and knowing how to sell your bitcoins,

Sasha: I do have experience.

Tai Zen: Okay. Just want to throw that out there. Somebody asked how the Fiat change will work and I’m going to refer to the first video. Last question hand then we’ll wrap it up.

From Crypto Hustle, he says if you will sell the Bitcoins over the counter to the market making or to dumping? Before you answered that, I wanted to make a comment first to Crypto Hustle and everyone else that’s listening.

When somebody needs to convert a large number of Bitcoins into the Fiat currencies such as the EUR, YEN, GBP or USD, they are not going to be able to do it.

For exmaple, if you dump 14,000 bitcoins into the market, you are going to have to following problem. It will push the price down and they’re going to lose the value there. Hence, they have to do it just like the hedge funds and the mutual funds in America and in Europe. They have to unload it a little bit, a little bit each day and let the market absorb that.

Even if Sasha did not answer that, it would be like an unwritten rule in a world of trading and investing. It takes several weeks and several months to unload a large number so that it will not make waves in the market and hurt your bitcoins.

Sasha: People usually do that with the bots. It’s automatic. It’s a big thing to sell the stock correctly without minimizing their losses. People just sell it with the bots. They don’t sell it into the order book. They place limit orders that are picked up by traders. They don’t sell it in the order book because we just lose money like that.

Tai Zen: It’s 10 o’clock. I missed this last question here, but I’m going to go ahead and ask it and then we’ll finish this investor Q&A. Chase That Coin in New York wants to know if Waves will be used for online gambling money transfers in the future or that is too risky.

Sasha: We can’t bend that. If someone wants to use it for that, probably they can. However, we won’t endorse it. Ethereum can’t be used for this. We are the decentralized platfrom. We basically can’t do anything. If someone wants to use it, they can do that in some way.

To sum up, we can’t endorse it because we are not about gambling for sure. It’s a valid market, but we just focus on some other things that I know better. I don’t gamble. I’m not a gambler. I know the crowd funding. I know Fiat transfer. Therefore, we are focusing on those markets.

Tai Zen: Okay. Just to wrap things up. At this moment, I just took a quick glance at the Waves ICO bitcoin address on a blockchain and it shows that you have raised 7.8 million dollars. You have raised over 15,000 bitcoins. Therefore, Leon and I want to congratulate you on this.

You are the second most successful ICO this year. We believe that it will remain the second most successful. We don’t see anything on the ICO calendar that is going to come out this year and probably will outdo the Waves ICO. So congratulations on that. How do you feel about that, by the way?

Sasha: Okay. It’s fine, but I don’t really care about the total amount. It’s enough for development. That’s the most important thing for me because we have enough money for development. We’re not going to beat any records or break the records like Ethereum record.

Tai Zen: I also want to share this too. Leon and I predicted, in the last video, in our first interview, that you were going to break the Lisk ICO record. Even in private chat, you were hesitant to believe that on the private Twitter chat, but we said that publicly in the last video that you have a strong chance of breaking the Lisk ICO record. So congratulations on that.

Sasha: I did not expect that to be frank.

Tai Zen: We have the Oracle of cryptocurrency on our side so we can see dry land through muddy waters. Any last words, Leon?

Leon Fu: No, no, I’ll congratulate you, Sasha, and good luck. We’re all in this together with you and we hope we all do well. Thank you

Sasha: Thank you for helping me. Hope that we will have more interviews in the future. What you’re doing is great. It’s very helpful for the market. People understand what’s going on better. You’re doing a great job. I’m happy to work with you in future too.

Tai Zen: This will conclude investor Q&A with Sasha, the creator and founder of the Waves Platform, the second most successful cryptocurrency ICO this year so far, and on records so far to this year. So thank you. We will see you in the future again in a future video, Sasha.

 

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