Waves Q&A Transcript with Sasha Ivanov | Sunday, December 11, 2016

Q: “The first question is from a pretty famous guy on our slack, Marousi; I hope that I pronounce your name correctly. He’s asking about the Waves price. He’s mystified – he can’t understand why the price isn’t shooting to the sky, and why it is so low at the moment. ‘We have released full nodes, assets and gateway, yet the price doesn’t move upward. Do you have an explanation for this?’”

A: “I think that our project has reached some phase where we have to step it up a little. We have to deliver, after we have delivered the basic functionality, we have to deliver the most essential functionality. When people will be able to do ICO’s and transfer fiat money. Probably, the market is waiting for this. But, in this case, we will be moving pretty fast, much faster than with the full nodes. (Now that) we have the full nodes, we can move fast. So, as Marousi says, next week we are starting the integration next week. We are integrating the gateways. (The) Euro gateway is ready, I mean, from an organizational point of view. We have to realize it technically now. Also, we have the decentralized exchange ready, but it needs to be tested. The code is ready, but it needs to be peer reviewed now. We have to do some reviews. We have to release it on the test-net. We plan to do that next week. And we have to test the decentralize Exchange out. This can be really big for our project because no one did it before. No one had this setup where you can have very fast trades but the settlement is on the blockchain. Now one has had this approach, it can be really groundbreaking. You can see the code at GitHub. The code is there. You can evaluate the code for yourself. This idea is doable, and we’re going to start implementing it in reality starting in the next week. So people are waiting for this, the market is waiting, and there was some kind of build up we released the full nodes. Once we had them… people were waiting on something else, for some further action. And, as soon as we will be launching all of these things, it should have a very positive effect on the price. And of course, we don’t do any market manipulation on our own because it is not our thing. We just develop the software, and the market reflects our development and our progress. So guys, I think this is just the calm before the storm. Wait a little, and you will see that things will change.”

Q: “Next question from Yams. He’s asking about remittances. ‘Since remittance seems like a prime market to disrupt, do you have any plans you can share with us and do you know which countries have the biggest remittance market share?’”

A: “Sure. Remittance is what you can do with our fiat tokens, actually, that we are going to be starting implementing starting from the next week. As soon as we have the (fiat) tokens (created), you can transfer your fiat tokens internationally and withdraw them in your country. We will have some market makers in major countries. Like, it won’t happen tomorrow, but it will happen soon. We can build some kind of a remittance system based on our fiat tokens. Remittance is pretty big. Bitcoin-based remittance systems can’t really seem to pick up.  These projects have existed for several years, but I don’t know any really big remittance project based on Bitcoin. It’s stalled a bit right now. Probably, we need some other approach not based on Bitcoin, but based on some kind of maybe… what ripple is doing; they’re working with the banks. We are trying to work with some lower level of payment systems. Let’s see what happens. I think this is a really valid approach. When you just have fiat tokens that can be transferred and you have some market makers that can do remittance locally using those tokens. This is a major market and of course we will target them too. So our two major applications, at the moment, are remittance and custom tokens creation for crowdfunding. So, remittance is pretty important for us.”

Q: “Another question, from Bibs1. ‘Has Polo given any reason why they haven’t added Waves? Is there any way it will be added in the future?’”

A: “So, people keep asking these questions about Polo so I keep replying to them in more or less the same way.  I can’t really add anything to what I’ve said before. So, it was probably some kind of misunderstanding between me and Polo. I can tell the story once again. It all can be verified. So, I’ve been talking to Polo for several years as I’ve had several assets listed at Polo. So, I thought that we had a good relationship. So, I started talking to them about a Waves listing, but they didn’t seem to be interested because they just didn’t reply at all. So, I had to go to another exchange, to Bittrex, and they integrated it. Then, Polo became interested. We gave them everything; we gave them all the technical details they needed. Bittrex was the first to start trading actually. So, they were somehow hurt, as far as I understand. But, it’s kind of weird because they just didn’t reply to any requests before Bittrex listed it, and when Bittrex listed it, they became pretty interested. But Bittrex had already started trading, so nothing could be done. So, it’s a very strange story; probably they feel, somehow, hurt. I don’t understand why because we did everything but they did not reply. Maybe they had some other ideas. So, this is the story, I actually can’t add anything to it. I hope that they will list it. I don’t think that it is very important because we are trying to be totally independent. We are building a closed ecosystem in which we have everything, trading, fiat, everything. We love working with other projects. We want to work with everybody who wants to work with us. On the other hand, we have to be independent. We are trying to create a closed ecosystem, so it doesn’t really bother me if Polo lists us. I hope they will; it will be good for all (the) people who missed the Waves. Probably, it could have a positive effect on the price. But, it is not a thing that is really important for us. Our project does not hinge on Polo listing. It depends on many other things – technical things. It does not depend on any centralized exchange like Polo. So, in the short run, it can be good for some people, but in the long run it doesn’t really matter I think. We are creating a closed ecosystem in which we have everything – exchanges, transfers, everything. So, this is our goal. And, I feel a little bit, like, I can’t understand what happened, probably as you do, as you understand, but it doesn’t really matter guys. We are moving forward. I think that after all they will list us because it makes sense from a financial point of view. They can make some profits from fees. So, let’s see what happens. Probably, I have to talk to them again soon. It’s not a problem for me; I can talk to them as many times as needed. So, I’ll talk with them again and see what they say.”

Q: “Let’s move onto the next question. Marousi is asking, ‘When do you anticipate that the DEX will be released on the main net? A realistic timeframe please.’…”

A: “So, the plan is like that. We release DEX on the test-net next week after peer review. A coder from our team has to review the code again. And, we will release it on the test-net. In December we will be testing it. It won’t be released on the main-net in December, that’s for sure. Realistically, we will be able to release it around… the third week or the fourth week of January. It’s a realistic assessment of this release. We have to test it; no one did it before, so we have to test it very carefully to understand that it really works, and is secure. We have to test it for a month I think. Holidays are to be had, so it will affect our progress. So in any case, our timeframe for this is mid-January.“

Q: “Yams is asking, ‘Will we be trading BTC or BTC tokens?’”

A: “Sure. We will have BTC tokens and you can trade it against any tokens on the platform. So, BTC token is on the way. We are focusing probably more on fiat now, but BTC token will follow. For now, we will have Euro token, then probably Dollar token, then BTC token. So, because we have to have some secure setup with a couple exchanges that have access to multi-signature accounts. After that, we will be releasing the system- something like gateways in NXT, multi-gateways, in which you can have BTC tokens, and you can use it for trading against all other tokens on the platform.”

Q: “How is 2FA coming along?”

A: “Actually, we are delaying 2FA a bit because in that set-up, we found some like, security attack. We have to think some more about how to realize 2FA properly. It wasn’t an obvious bug, but after we did some coding, we realized that there was an attack actually. So, we have to think again about 2FA. There are some directions we can follow. So, I think 2FA will be done, but we have to rethink the way we wanted to do it. So, that approach is doable, that was realized at the hackathon but there was a bug. Well, not a bug but a security error, actually. You can live with it, but it doesn’t make things so good actually because there’s an obvious security bug there.”

Q: “Yams is asking, ‘How do you think the CoinBase tax situation effects Waves Platform?’”

A: “I don’t think that it affects us a lot. We want to be compliant. What happens to CoinBase is normal because this is the path Bitcoin exchanges have to take. Regulators will be watching them closely, and will be making them release their user data; it’s normal. This is a normal direction. And CoinBase is focusing actually on tokens. I talked to some people on CoinBase and they had a very similar vision of the whole tokens ecosystem. It is very good, and I hope that we will cooperate in the future. But, as far as I understand, they can’t do this right now because of those legal problems. If they solve them, I think it will be great for the whole ecosystem. That will provide some legal framework for ICO’s and all token platforms. So I think what is happening to CoinBase is in fact positive, not negative.”

Q: “Wavesnode.net_clipto is asking, ‘What’s the state of the Crowd-Starter project? Can you tell us more about it?’”

A: “So the Crowd-Starter project has ‘morphed’ into the ‘CAT Project’ more or less. So, CAT’s are Custom Application Tokens. This is the approach that we really tried to push. So, we want people to issue those tokens and find ways for them to integrate them into their projects. So, this is what Crowd-Starter is. We develop and promote two models – a service model and a product model. I will talk about it more later, probably, but we can see two business directions for token creation. When you have some kind of service model, for example, it can be an internal currency for some project or some social network service model. You have the funds from the ICO, you use them to create your product. It’s more or less like Kickstarter but gives users the ability to trade their tokens. It’s an interesting development; very many projects can follow it. I see a great interest. Different people are talking to me daily. For example, I was at a Microsoft meet-up today to give a technical speech. But, people started asking me about ICO’s and people are very interested. Very many people from like, brick and mortar businesses ask how they can use this. They can see some potential that this direction is a very nice direction to raise funds and be compliant at the same time. This scheme can be made compliant, and legal, in very many countries. So, people are very interested. So, this is a very interesting direction of business development. We have to tweak it a little. First, we had this Crowd-Starter project. Now, we tweaked it a bit to be some kind of a CAT project to promote the issuance of custom tokens. But it is the same project essentially. We are trying to meet the demands of real business with it. I think we are doing great because we have several projects that are starting soon in very different areas. I can just give a hint. There is a real estate project, and something else that is really cool actually. So, we have several projects that are starting soon and you will be really surprised to see what type of business can use this approach. It can be really groundbreaking. So, I’ll tell more about it later, probably, later this week…”

Q: “Another question from WavesNode, ‘Will there be a front end GUI for companies doing crowdfunding projects on the Waves Platform?’ This is a question about Crowd-Starter.”

A: “Sure actually. We will have all of the functionality right in the lite client. So you can issue your token, sell it to people, to your investors, and you will be able to trade it right in the client. So, and probably, we will have, or some third party will have, a centralized website where you can issue a token, and where you can trade it in a centralized way – because a centralized platform can offer more in terms of usability. It can be very good also. So, we are working with several exchanges that want to integrate Waves right into their interface. So, for example you can issue the token right from the exchange interface. So, it could be really cool.”

Q: “‘When will the dividend option be released for testing on test-net?’”

A: “We will start doing it next week. This is some kind of plug-in, some kind of script actually that is not complicated. I think realistically, one of our coders will be coding next week. And then, the week after next, we are going to release it on the test-net. So, it will happen, I hope, before the New Year because many projects need this, and I realize that it is a very important feature for many businesses that want to crowd fund on Waves.

Q: “Next question is from Wally. He’s asking about hardware wallet support.”

A: “I must admit, I didn’t get around to it yet. I’ll talk to some hardware wallet providers soon and I think we will be able to work something out. Probably we could create our own wallet. It’s not so complicated, and not so expensive, but I think it will be better to work with an established hard wallet provider. So, I’ll be talking to them soon.”

Q: “WavesNode is asking about leasing proof of stake (LPOS) progress.”

A: “Leasing transactions have also been under development. So, it goes parallel to other developments. I think that it will be released at approximately the same time that we release the decentralized exchange. So, it will be released in January. On test-net, maybe before that.”

Q: “Humoongus is asking…  ‘Is there some kind of cross-chain protocol? Is it possible to transfer Waves to some other chain?’”

A: “It’s an interesting question actually because, for example, I’ve been talking to the AntShares project. It is a Chinese project that is trying to do more or less the same what we do, but using different technology. They use the Byzantine Consensus Algorithm. They allow users to issue tokens on their blockchain too, like us actually. They have very different tech, but business applications are more or less the same. So, we’ve been talking about some kind of Inter-Ledger Protocol. They proposed to use some kind of established protocols. There are some other efforts, like SuperNET, Hyper Chain, … and I forget the name actually. There are some attempts from the Ripple guys I think to create a cross chain protocol and use it like, in practice. I don’t know how mature those systems are. They depend heavily on specific blockchain tech. So you can’t, for example, at the moment, create some cross-chain protocol between Ethereum and Bitcoin. It won’t be really possible. You will need to have trusted parties – some kind of gateways that will hold the coins that will be the escrows. So probably, in this setup, it is doable with some kind of centralization, where there is some kind of centralized party that holds the coins in escrow that are needed for cross-chain transfer. To make it trustless… I don’t think it’s possible at the moment. It can be some with a specific blockchain. For example, we could try to do some kind of a cross-chain protocol with Ethereum. But, in this case, probably won’t be able to do a cross-chain protocol trustless with Bitcoin. So, this thing about cross-chain protocols is tricky, and it really depends on the blockchains you are trying to connect. You cannot connect if they are too different or if one of the blockchains doesn’t have multi-signature for example; you can’t do anything actually. So, it’s kind of tricky. Maybe this will appear at some time when all the blockchains will have to follow some common protocol that will make possible some kind of meta protocol that can unite all those lower level protocols. But, at the moment, it doesn’t seem to be the case. So if you want to realize this set up, you need to have gateways. In this setup, it is possible.”

Q: “Question from Humoongus, ‘Is the Mycelium Partnership on hold?’”

A: “Mycelium guys are doing several ICO’s at the moment so I don’t know actually. They are here; I meet them, like, weekly. I think that we will move on actually. I’ve talked to them, but they have some other plans actually. It doesn’t depend on us because they try to push some other projects at the moment. When they are done with them, I think we will try to continue our cooperation. Mycelium is a nice project; they have a very nice wallet, but I can’t really figure what they want to do with it and it seems they don’t know it either. So, as soon as they are ready, we are ready too. “

Q: “Another question from Humoongus. ‘The Crypto world is in desperate need of crypto payment cards. Will Waves offer its users a payment system allowing users to pay directly with Waves Assets exchanged on the platform itself? What is with the Mycelium Card?’”

A: “The Mycelium Card is a prototype. It’s quite costly actually to realize in practice because it is a hardware solution, and the card costs $50.00. It’s kind of tricky. It’s a very nice idea actually, and it probably will be realized someday. As for the usual, normal, Visa and Mastercard cards, yes, it can be done. I know several payment card providers and we are working with a payment company. So, we have some partners in this space. So, I think that we will be able to provide some third party endorsed-by-Waves solution for withdrawal to usual Visa and Mastercards soon. As soon as we have the assets.”

Q: “Marousi is asking, ‘Could you please tell us which currencies the gateways will handle, and what is the timeframe for gateways on main-net?’”

A: “So first, there will be Euro, and we will be integrating it next week. It’s a simple integration so it should be there for the New Year actually. It’s easy; you have to realize some scripts, and that’s all. You have to do it good, well, on the GUI side. It has to be done in a nice way so people don’t see any difference from usual banking interface.

Q: “Wilcoa is asking, ‘At the moment there are a few full nodes with really large balances. In my opinion, this is a potential threat for attacks. Will you consider putting a maximum on POS to reduce this risk, and will the risk of attacks be an important consideration for speeding up LPOS development?”

A: “Actually we can add mining balance at will because we have some coins, some stash, from the ICO. We have around like 6% of the coins. We can add them to the generating balance as needed. If we see that it’s a good idea to add some coins, we will do that. To impose some cap would be wrong actually, and we will consider some other approaches. We are rethinking the way we want to implement LPOS; we can see some better solutions at the moment. It will be a step further because there are some ways to make a really scalable system. So when you have thousands of transactions per minute, and hundreds of transactions per second… it is doable. It can be secure and it will be properly decentralized. The initial LPOS idea assumed you would have a number of nodes that would do all the validation. Like, a limited amount of nodes. All those DPOS kinds of systems are decentralized, but they’re not really decentralized. They are more-or-less something in-between proper decentralization and a centralized system. So, we see some direction, following which, we can make a properly decentralized system. And very secure actually. There are some new developments in proof of stake research and some other research. There are some nice proposals for scalability that are very doable and very production ready. So, it will be, all in all, soon and I can see the whole picture much better now what we want to create technically. The LPOS idea was general and I can see it more or less in detail now how it should be done. So stay tuned. There will be some announcements soon regarding this.”

Q: “‘Would you consider giving bounties to people setting up a full node since it is not generating significant revenue at the moment, and it might harm the safety of the network?’”

A: “It will be increased. We will have more transactions soon. If we won’t, we will consider bounties. But, we should have much more action soon because there will be ICO’s, there will be fiat tokens, and there will be the DEX that can generate lots of traffic actually. Stay tuned. It’s too early to say that we have to motivate people to mine. We just launched the full network, the main-net, with proper decentralization. It’s too early to complain about this.”

Q: “Blondie Monkey is asking, ‘When is the first fiat gateway scheduled to be running?’”

A: “Starting from next week. Partners are there. Organizationally, we have it all lined up. But we have to realize it now, technically. So it will take us a couple of weeks.”

Q: “These questions are from Bogdanbm , ‘What are the current marketing efforts?’”

A: “We are doing pretty well I think. Regarding marketing, several projects are starting their ICO campaigns soon. They will be using Waves tokens to raise funds, and they will be using Waves tokens to implement the functionality they need. They will use both as crowd-funding tokens and as functionality token. This is the idea behind the CAT approach. When you use those tokens not only for crowd-funding, but also for actual functionality. Also, Incent will be launching. Their network will be releasing tokens to people soon. The Incent program… you’ve probably heard about it. There are several other projects that will be announced soon. So, marketing efforts will be focused on helping ICO projects and also fiat. We have a dedicated team who works on marketing, so I think it’s pretty good. We have some traction. We have to step it up of course. as always, but marketing is pretty good I think. It has to reflect our technical development. Once we have it all ready – we have the full nodes, and we’ll have the fiat now, the marketing will be focused on what we have, and promoting what we have to businesses. You will see that it should work out pretty well.“

Q: ‘What is your opinion about Game Credits or the Iconomi projects?’

A: Game Credits is an old system as far as I understand and they just stepped up their efforts. I think it’s a good project actually. Using crypto currency or custom tokens/ CATs in gaming is very natural. I really can’t understand why so few gaming projects use tokens because it is perfect for them. You have an internal currency in your game, your social game. It’s very natural for those projects to implement tokens and to implement an internal currency based on tokens.

Q: “’Is it important for more crypto to succeed in order for people to trust more this Blockchain World?’”

A: Absolutely sure, yes. We have to have some killer app so everyone is trying to create the killer app. In my opinion, the killer app for the real world will be custom tokens. For example, Ethereum thinks that you need smart contracts to impress the world. In my opinion it is a little bit too early because the tech is not ready. It has to mature a bit before smart contracts can really be useable.  At this stage it is probably better to focus on, in a way, simpler things like the ability to create your own token. When you create a token on a decentralized system, no one can take it from you. It can’t be banned. So, it gives you a new degree of freedom, which people did not experience before. It’s more basic, more groundbreaking, and more fundamental than smart contracts. So, probably, you have to focus on this now, and smart contracts will come a little later – maybe in a couple of years.

Q: “Geth77 is asking how the presentation at Microsoft went? ‘Waves support for Azure?’”

A: “Absolutely. My favorite word is absolutely, as you know. It is on the way. They are not moving so fast because of holidays and stuff like that. But, they are working on that. I’ve talked to Microsoft European office 2 weeks ago. I’m constantly talking to Russian Microsoft; they are very nice people. I had a very nice presentation today – probably my best presentation to date. I was talking about the general idea behind blockchains, and also about Waves. It was some kind of a review lecture and I liked it because it went pretty well. There were like 100 developers there, maybe 80, maybe 70 people – more coders. They were really eager to listen to some theoretical results from like, consensus theory. Then I moved on to explanation on why we need blockchains, and why closed systems can use blockchains. People were really interested and I really liked it.”

Q: “’In order to counter the not-too-positive sentiment in the Western press against anything that is Russian, would you consider hiring a US based PR-Marketing firm to lobby for Waves in the Western World?’”

A: “Good idea. I have to go to the US first. Probably I will do that in February. I will go to London tomorrow to talk to a fund about creating an investment fund that will invest in ICO projects based on Waves; not only in tokens, but in the equity of the companies. It can provide some seed funding for the projects to launch their campaigns. If it’s successful, it will invest in equity like in a proper hedge fund. There is some interest from some people in London, and I will be discussing (things) with them. So, of course we are very international. Based out of Russia, obviously, but quite international. So, I would be happy to cooperate with US companies, and I will go to America, soon I think. We will see if we can hire some PR department there. That would be cool actually.”

Q: “’Did you reach out to Sberbank provide gateway services for Waves?’”

A: “It’s kind of tricky – I hear it’s not so easy.  It can be done in principal, yes, but it can take time. If you are interested in the current Russian situation about blockchains, there is some project that has been announced by the central bank. They are creating some kind of master chain. They will bring all the banks together. They will just tell them ‘you need to integrate this.’ There is no other way in Russia because the central bank of Russia controls all commercial banks pretty tightly. So, this is a direction it can take. How we fit into this picture is not obvious yet, but I’m talking to many banks here too actually. I think, and I’m not only talking, we will sign some contracts next week I think about some kind of cooperation that will entail a closed version of Waves for a certain group of banks that wants to create an interbank marketplace for trading loans. They just lump loans in some kind of package and they want to trade it on the open market. This is sort of like what happened in the USA with the mortgage crisis when you could trade loans but they lumped the loans into very big packages with 1,000 loans inside, but no one could see how good the loans were. They were pretty bad actually. But, people thought that if you could lump them together, if you average it over 1,000 loans for example, you just get rid of all the risks. That’s not true because if 80% of all the loans are bad, the whole package is also bad. You remember the mortgage crisis. What banks want now, they want to create those packages on their own so that they can pick all the specific loans and lump them into a package that seems fit for them. This is a very good development I think and we’ll be realizing it for some bank… This is scheduled for the next week, and we have to sign the contract. Let’s see how it goes.”

Q: “Humoongus is asking another question. ‘Did you consider approaching regular stock exchanges to provide DEX services with IOU stocks for them to enhance their trading systems and allow local businesses to reach more international clients through blockchain.’”

A: “Good idea actually. I don’t think that regular stock exchanges can integrate it right now because they have some other ideas about blockchains. Probably they can try to integrate our DEX system because it deals with settlement. The problem that exchanges face is slow settlement. You need to settle orders between exchanges, brokers, and clearing houses, and it’s quite complicated. The whole system is quite complicated and it doesn’t work really fast. If we can propose a settlement system based on our DEX, it can be used by brokerages. They are big companies and they don’t move so fast and all of those companies they have some other ideas about blockchains. Usually they don’t come to fruition, but they have some budget for it, and they want to try and do something on their own, usually.“

Q: “Tientrung is asking,’Will the Waves project work with any new partners?’”

A: Yes I am talking to many people guys and it will materialize in one way or another. So, we are just starting out.”

Q: “Humoongus, another question. He’s asking about stocks gateways. ‘Why not use the same approach with stocks gateways like with fiat gateways?’

A: “It’s actually a legal question. You just can’t trade Microsoft stock on the blockchain. It’s not allowed actually guys. It’s not so simple. You need an exclusive permission to trade established blue chip American stocks. It’s not so easy actually.”

Q:  “Another question from Humoongus – Another idea is to form hard partnership between regular exchange (like Bittrex) and merging two services into one. I see both sides benefiting from such a deal and making it a lot easier to go big quickly’

Q:  “Exactly. That is what we are trying to do with several exchanges. I think that it will work out.”

Q: “Patton is asking, ‘When do you plan to start advertising Waves more actively? What feature has to be released? Why not constantly promote it online even now in smaller amounts to keep it in public all the time, and then the big push?’”

A: “We do that. We constantly run Facebook campaigns and also Twitter campaigns. We do it constantly. Also, articles – everything guys. We work constantly. It’s not like we just stop promoting. We do the promotion all the time, and we will step it up.”

Q: “Elec is asking, ‘What’s happening in the future with all of the assets that have been created on the NXT platform?”

A: “They will be transferred. I have too much on my hands right now. As soon as we have dividends, I will transfer all of those assets to Waves. It will be good, also, for testing because I can test everything out with my own assets. Yes it will happen, sure it will happen.”

Q: “’I’m assuming it will be possible to trade US dollars for Bitcoin, and the other way around once the US (Dollar) gateways are implemented?”’

A: “Yes, yes.”

Q: ‘How do you see Circle’s decision to stop buying and selling Bitcoin effecting the Waves Platform’s success?’ The question from Fiolaja.”

A: “I think that Circle wasn’t promoted as a Bitcoin trading platform. They wanted to do the remittance service… For example, other remittance systems… What was the name of the system? … (It’s) a famous system that allows you to transfer. for example, pounds to dollars through some kind of peer-to-peer system. I just forget the name. The same guys who invested in Ripple. They had Bitcoin at the beginning, and then they just turned it off. They said that they didn’t need it actually. It’s more or less the same with Circle actually. They are just not focused on Bitcoin; they are focused on remittance.”

Q: “Wilcoa… ‘In general, who are currently in the PR / Marketing team for Waves? You have said before that marketing will be huge when the Waves Platform shows its true value. Meanwhile, we have full nodes, assets, and more things lining up. What are you waiting for before really starting marketing? Are there any active partnerships with external parties? What about Mycelium?’”

A: “So, you know the marketing team on Waves. Many people are here, not all of them. We are also working with the external PR Company who is doing a certain portion of promotional efforts. The marketing team is more or less what we had at ICO because (the) old people are experienced and they can deliver. Of course we will be attracting more people here. (This is) at the moment guys. Now we are starting the business side of the development. Once we have some tech ready we can start ICO’s, third parties and other projects will be coming to us and we can launch ICO’s. Also we can launch the fiat transfers. This is the time, and will be happening right now. So, we are now between two phases. It is a little bit too calm maybe, but you know, it’s an illusion. Soon it will all move further pretty fast. About Mycelium, I told you., we are constantly talking to them. They are here actually, and I hope something will be realized, but they have some other things to attend to. We are ready. So, I’ll do my best.”

Q: “Fiolaja is asking, ‘With the IRS cracking down on CoinBase here in the USA, will this cause problems and hassles in getting, and keeping, gateways in the US?’”

A: “Hmm. The US Dollar is complicated, of course, and you have to be very compliant to realize it in the USA. So, we are implementing the Euro, and will be implementing the US Dollar, but through some third parties and not actually US based. They can work with the US dollar, but they’re not US based. Let’s see how it goes. The idea here is (that) we need to be very compliant. We don’t want to break any laws, and don’t want to irritate any regulators. We don’t need that. We want to cooperate. We want to realize systems that can be used right now. (We want to make) some ready-to-go systems and not something that can be done in twenty years. So for this you need to be responsive to the demands of regulators.”

Q: “Wally is asking, ‘Did you guys research what Apple and Google will charge when you purchase Waves tokens when you purchase Waves tokens or assets with the app downloaded from their store? Is there any approval from Google or Apple’s App Stores?’”

A: “No they can’t charge you anything. How is it possible technically? No, they won’t charge you anything. It’s just software. So no, they won’t charge you anything. Google web store application is approved; no problem with that. We will see how it will go with Apple because they can have some questions. We will be launching our mobile wallet soon so we will see how it goes. I don’t see how there can be a problem with Google; let’s see what Apple says actually.”

Q: “Question from Dim. ‘Which country do you think is best to issue company which will use Waves assets and gateways? Russia, Netherlands, or somewhere else? Also, do you have lawyers that have knowledge about these laws?’”

A: “Netherlands is pretty good. Asia I think. Asia is good actually because they are more flexible. They don’t have any issues with crowd funding, for example, in China, as far as I understand. They have a reasonable approach and they have no issues with this. What they have issues with, is like, trying to use cryptocurrency for some kinds of moving funds out of China, for example, but that’s another question. (In regards to lawyers) … Sure we work with some pretty serious guys here. They also know international law.”

Q: “Ripto. ‘Could you speak a bit more about the upcoming meeting with Microsoft and what it entails?’”

A: “I’m talking to Microsoft constantly, to the guy who is involved with blockchain tech there, in Moscow, and also the European office. It’s about implementation in Azure actually. So, we will be implemented in Azure so developers can launch Waves test-net in a couple of clicks. You just push a button and you have 10 Waves nodes network as a Test-Net. Token creation, transfer, and everything, you will have. So, it’s all pretty good with Microsoft.”

Q: “WavesNode is asking, ‘How to get the Polo you are wearing today (in the video).’”

A: “The thing is, we have almost ran out of them. We had 50 polos, and now we will order more. Now we will use a better design because Carlos, the designer who did it, doesn’t like the realization. So, he said that the logo is too big. Ok, I agree. It’s not so bad because you can wear it normally. It’s not some kind of t-shirt for a conference. It’s pretty good and I can wear it normally. But, it can be made better so we’ll make like, 200 polos and we’ll be sending them out, no problem. At the moment I think we have 15 polos left.”

Q: “If you have time, and haven’t already, could you comment on GDAX?”

A: “I’ve talked to them, but they are CoinBase actually. CoinBase is having some legal problems now. So, they can’t really implement anything, I would say, now. What they have now… they have Ethereum of course, and Litecoin, and Bitcoin there. They don’t have much. They don’t want to implement anything else before they solve their legal issues.”

Q: From geth77, ‘ The Russian National Settlement Depository announced a partnership with Russian start-up iCoinSoft.’”

A: “Yea, yea. I know those guys. I know them pretty well, both of the parties. Actually, we interact with iCoinSoft in some project and you’ll see it soon actually. It’s not our project completely, but we work with some exchange people. So, it’s too early to announce it yet, but it is being tested now. It’s pretty close to being launched actually. I know Russian National Depository guys, and I know the iCoinSoft (guys), and we work with them.”

Q: “‘How much is it possible to earn per month if I run a full node with 10k Waves?’”

A: “I think that, at the moment in Decemeber, you won’t make much money. So, please, if you really need to make some money just keep an eye on how we develop and come back in January and February because you will be making like, a reasonable amount of Waves each month. Now, you can’t make lots of Waves because the system has just launched (and there aren’t many transactions yet).”

Q: “Will it be possible with Waves API to implement the deposit of CAT’s on a custom website?’ … a question from ad4m.”

A: “Absolutely, sure. This is like the most normal thing. You just implement API on your website and you accept funds from investors, and you send them Waves tokens – your tokens on the Waves blockchain. So, they can buy it not only in the Waves client, but they can buy it also in your website. It’s a normal thing.”

Q:  “‘Like, would the direct user be able to use credit cards to buy your (the ICO project owner’s) CAT’s?’”

A: “Sure he can buy them with anything. So you have to realize that once you have the token, you can sell it for anything. Gold for… you know, whatever. For, like, whatever you deem reasonable. You can sell them at an external website that accepts credit cards. So you receive payment by credit card, and you send the token. It’s no problem through the API.”

Q: “‘Will there be an attempt to avoid scam, spam, and dust assets?’”

A: “Sure there will be scam attempts. It is normal; you can’t avoid it. We will do our best to minimize it, but there will be some things. Of course, the asset name is not unique. I have an idea how to make it better, but at the moment they are not unique. You need to have a proper GUI so people don’t confuse assets. But, it can be done. From NXT experience, I think that it’s not so bad. There were some attempts, but no one was really badly hurt I think. You have to minimize it, of course.”

Q: “ad4m, … ‘We just want that the user can use our CAT’s on our website and buy them with a credit card.’”

A: Yea, absolutely guys. You can do that; it’s not a problem. Just use our API and make your users install Waves wallet, or have some internal accounting system based on Waves. You can do that too actually. Everything can be done through the API.

Q: “Humoongus, ‘Is Waves Platform more of a product to you, or a service? Please explain why and how it determines your PR efforts.’”

A: “It’s a blockchain platform, so it’s a product that actually provides some service (laughs). So, our PR efforts will be focused on bringing people to the platform to use its functionality for crowd funding, fiat transfer, and other things in the future. We want to attract people to use us, and to use our ecosystem. We want to grow our ecosystem.

Q: “Question from h3rlihy, ‘What is the next big development for Waves that we should all be excited to see?’”

A: “DEX, as we call it, because DEX is from SuperNET I think, or just generally for decentralized exchange. I call it like, centralized matching with decentralized settlement. It’s big; it can be big. Also, scalability enhancements because we want to realize some scheme that can make us really scalable, secure, and we will be, like, production ready. We will be able to handle thousands of transactions – thousands of token issues – and we will be able to handle all the business needs so to say. We will be able to handle tens of dozens of ICO’s daily guys. So, this is our goal – decentralized exchange, scalable system, and after that we will be moving of course to smart contracts. (Then) some kind of realization of a blockchain based program so you can commit some kind of code to blockchain that can be run on the blockchain on it’s own. It’s an important thing because people need smart contracts. But, it’s not all they need, but smart contracts could be used and should be used, carefully. They make things more flexible.”

Q: “Wally, ‘Do I understand it right that there are several fiat gateway providers?’”

A: “Absolutely. There are several companies we are working with, but we want to implement them one by one to see how it goes.”

… “Friendly suggestion from geth77 to talk to Polo after Microsoft integrates us. Good idea.”

[Signing Off.]

“So I guys. I think we should call it a day. I think I’ve replied to most of you questions. Probably we will have another Q&A before the New Year. This is some kind of moment when things seem to be a little bit too slow, but it’s not like that. We are moving fast, and you will see it soon. So tomorrow I will go to London to talk to some hedge fund and it can be pretty big too. It’s time now to attract some established institutions that work with fiat, and work with normal investors whom really don’t want to deal with Bitcoin at this stage, or other crypto currencies. We should start working with those companies who can start investing into the cryptocurrency ecosystem, and in Waves too. We are focused on Waves. We want them to start investing in projects based on Waves. So, it can be pretty big and it can be a game changer. So, let’s see what happens. We have several big projects, external projects, lined up for ICO’s on Waves that can be big too. So guys, we are working. I really appreciate your support. I love the Slack. I love the community. I think we are going to make it. So, stay tuned and ride on the waves. See you later. Thank you guys. Bye.”