A new blockchain has been launched – a kind of sister chain to Waves. It’s a billion-dollar project called Vostok and there’s been a lot of confusion about it.
Vostok came out of the Waves ecosystem. While based on Waves’ technology, it’s specifically designed for use by financial institutions and government/public sector projects. 4% of the total Vostok supply, 40 million VST, was airdropped to Waves holders. (At the time of writing, it’s worth around 0.32 WAVES or $0.80, making it a $30 million airdrop – one of the largest in history.)
Vostok: blockchain for corporations
Waves and Vostok are related but different. While open, public blockchains might be suitable for the majority of regular business use cases, governments and financial institutions have different requirements. The network needs to be highly reliable, and regulation may require that only certain approved technologies are used.
It may be easier to use an analogy. If you’re buying a new PC, it makes a massive difference whether you’re a casual home user, a gamer, or a business user. Or a car. If it’s a runaround for doing the shopping and dropping the kids off to school, your needs (safety, fuel efficiency, space) are very different to the salesman buying a company car (showing everyone in the company how important you are; impressing salesman from other companies).
The general idea is that Vostok will be used for institutional projects, Waves for ordinary business use – though there will likely be influence and movement between the two.
Airdrop and public sale
Over the first several months of 2019, daily snapshots of WAVES and WCT (Waves Community Token) were taken for every Waves account. 40 million VST were allocated in proportion to the average balances, and distributed on 31 May. They are currently trading on Waves DEX.
200 million VST were sold to VC investors at $0.60 last year, and another 100 million are being sold for $1.20 in a second round, which is almost complete, giving the project a billion-dollar valuation. A further 10% is earmarked for public sale at some point in the future. This will take place in partnership with larger exchanges, IEO-style, and at a minimum price of $1.60. For now, trading is limited to Waves DEX.
Vostok is a different proposition to Waves, with distinct use cases, even if the tech is largely similar. The project already has some major Russian partners, and considerable VC backing. While technology and partners may move in both directions, it’s fair to assume the two tokens might perform independently, and that WAVES and VST are good hedges for one another within the overall Waves ecosystem.
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