KuCoin AMA With Waves Enterprise (WEST) — Enterprise-grade Hybrid Blockchain Platform
Dear KuCoin Users,
Time: July 7, 2023, 12:00 - 13:32 (UTC)
Official Website: https://wavesenterprise.com/
Whitepaper: Click to view
Dmitry Piterkin — Project Manager of West Enterprise/EAST.Finance
Q&A from KuCoin to the Waves Enterprise Team
Q: What is Waves Enterprise, and what problem does it solve?
Peter: Waves Enterprise is an L1 blockchain. It's public and open source, designed primarily for enterprise use cases. It also allows for private and hybrid environments.
It's got all the juice, like language-agnostic smart contracts, cryptography, and different consensus mechanisms for various use cases.
There are a couple of ready-to-go solutions; for example, we have:
● our blockchain-based e-voting service
● a stablecoin protocol (East.finance)
● some corporate NFT solutions
A DAO governs it; you can find more information on the official website.
Q: How about the blockchain that Waves Enterprise is built on?
Peter: Well, originally, we were a fork of Waves blockchain, which you probably heard about
But we forked quite a long time ago. Now it's very different and unique in terms of technology (primarily focused on enterprise feature set)
We can be compared to Hyperledger Fabric. But also, we have a private blockchain option. By the way, we launched our main net in 2019, so we are veterans now!
Q: How are you connected with Waves blockchain now?
Peter: While we got far from each other in technology, we still share values with Waves and are part of the bigger Waves ecosystem. Our utility token is well presented in all Waves Defi apps. Some people still work on both blockchains, and we're still family.
Q: What are your most prominent Waves Enterprise projects?
Peter: We got into a bunch of fields, including, but not limited to:
● supply chain management
● digital financial assets
Moreover, we introduced pilot projects in other fields:
● loyalty programs
● utility and housing
Q: What is WEST?
Peter: I didn't know this myself until recently, but WEST stands for "Waves Enterprise System Token". It's the utility token of Waves Enterprise's manner. Now we're expanding its utility and using it in DeFi, starting with our new EAST stablecoin. That's the main public use case currently.
Q: What is EAST?
Peter: EAST is an over-collateralized stablecoin inspired by DAI, MIM, LUSD, and other great CDP projects. We collected the best features from a bunch of them. Some are still being implemented. There are still a lot of improvements, but even now, it's pretty stable. You can use BTC, ETH, WAVES, and WEST as collateral.
An incentive program starts very soon, with the ORIENT token coming out. You'll be able to get ORIENT rewards for minting EAST and holding the debt.
We plan to participate in Waves' ecosystem more from now on. For example, recently, we had a proposal with PowerDAO (a 50k $ worth treasury swap), and it was voted on positively. Due to technical reasons (PowerDAO's treasury got drained, duh), the swap didn't come through. But we won't stop trying!
Q: Are there any other ways to use WEST?
Peter: The whole Waves Enterprise is managed by Waves Enterprise DAO, governed by WEST proposals. WEST DAO consists of 2 chambers: the Governing Council and the community. The Council forms new proposals for the community and moderates other proposals before voting. Soon we'll introduce LWEST and GWEST tokens. You'll receive LWEST for staking WEST. Then you can get GWEST for staking and locking LWEST for half a year. The GWEST holders will form the second dao chamber (the community) And of course, you get APR% for staking. WEST will get even better utility as the Waves Enterprise ecosystem develops more.
Q: Tell us the best way to start within the platform's ecosystem.
Peter: If you purchase WEST, currently, the best way to use it is as collateral in East.Finance. You'll be able to mint EAST. Especially with the incentive program coming up And, of course, there are different kinds of strategies you can do with such a stablecoin. Like gaining leverage and whatnot I suggest joining the east chat to discuss more about it. Make sure to keep up with the updates and participate in activities coming up soon and new projects in our ecosystem.
Q: What is next for Waves Enterprise? Tell me about your plans for this year.
Peter: Other than that EAST and its coping-up features, we plan to scale up WEST DAO and release LWESG/GWEST tokens I mentioned, and a lot of work will be done to onboard real-world companies as members of our Governing council. I'm not directly working on that, but I find it interesting. Lastly, we'll continue improving the Waves Enterprise blockchain tech stack to make it the best enterprise L1 blockchain!
Free-Ask from KuCoin Community to the Waves Enterprise Team
Q: How would you prevent the risk of de-peg of your EAST stablecoin? Are there any safety features for this concern?
Peter: Many features will stop EAST from de-pegging; let me review them now. First is Redemptions, inspired by Liquidity and LUSD.east.finance protocol will always honor 1 EAST as equal to 1$. You can redeem it for 1$ worth of collateral from the vaults. This means that if the price of EAST ever goes below 1$, it will be profitable to buy it on the market (which raises its price) and redeem it for a profit. Then we'll have stablecoin vaults. If the price of EAST goes much higher than 1$, you can use USDT as collateral, with a 100% collateral ratio. Meaning it would be profitable to mint EAST and dump it, returning its price to 1$ Some other tweaks will also be implemented, like a dynamic stability fee, dynamic collateral ratio, and more. That all will help stability.
Q: Is the DAO Government Council interested in Waves Enterprise development like we, WEST holders? There has been no news since the DAO announcement.
Peter: The Council is interested in bringing more value to WEST holders. We have been troubled lately, but we're getting back on track fast. Currently focused on features for the EAST stablecoin, which hopefully brings much bigger use for WEST. First, we implement the needed features and stabilize them. This will bring more safety for users and more liquidity. After we get more trust from the ecosystem, we'll push it to use in other DeFi protocols on Waves.
Q: Can you please tell West DAO has anything to do with EAST?
Peter: Well, EAST is currently the biggest use case for WEST. Given that, EAST will be the main discussion point of WEST DAO. You can use WEST as collateral for minting EAST, which gives much power over the protocol.
Q: How are you going to extend the utilization of EAST in the Waves ecosystem?
Peter: There is a feature I can share with you which is aimed exactly at that! EAST will be more utilized in the Waves eco when we implement flash Loans. There are no flash loans on Waves, but they're incredibly useful to arbitrageurs and other bots. We will take a small fee off each flash loan. Since EAST LP is utilized in the process, those also take a fee.
Q: Will GWEST holders get airdrops from companies that join the Waves Enterprise ecosystem?
Peter: Those companies would be from the real world, usually not involved with crypto, and don't have tokens. But if they get into the scene, that's possible!
KuCoin Post AMA Activity — Waves Enterprise (WEST)
🎁 Participate in the Waves Enterprise AMA quiz now for a chance to win 1,030 WEST!
The form will remain open for five days from publishing this AMA recap.
Waves Enterprise AMA - WEST Giveaway Section
KuCoin and Waves Enterprise have prepared a total of 206,000 WEST to give away to AMA participants.
1. Pre-AMA activity: 103,000 WEST
2. Free-ask section: 5,150 WEST
3. Flash mini-game: 41,200 WEST
4. Post-AMA quiz: 56,650 WEST
. . .
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