WAVES ICO Goes So Well It’s Almost Mistaken For A DDoS Attack

Rage Comment : After the blockchain-based platform Waves announced its first token pre-sale, it raised $2 million in funding at an astonishing speed within 24 hours, breaking the ICO record. It was even mistakenly believed that the platform was under a DDoS attack. There are still 6 weeks left for this crowdfunding. If this trend continues, it may break all ICO crowdfunding records. This shows that market participants are very confident in the platform and its potential.

Translation: Annie_Xu

The blockchain-based platform Waves raised a record-breaking $2 million in funding within 24 hours of announcing its initial coin offering (ICO).

DDoS attacks top the list of threats to online platforms. Distributed Denial of Service is a type of Internet attack that overloads a website or platform server through request bombardment. Generally, these artificial requests will eventually lead to server crashes, which is the most common form of Internet attack. WAVES, an open blockchain platform based on digital currency technology, encountered a similar situation within 24 hours after announcing its first token presale.

The pre-sale was scheduled to last for six weeks. The first day of the pre-sale shocked the public with its amazing participation. The number of requests the website received was so high that people almost thought it was under a DDoS attack.

The startup reportedly raised 4,683 bitcoins ($2 million) on its first day, and has six weeks left to raise funds. The blockchain-based WAVES platform is used in both digital and traditional finance. The company hopes to create a universal customizable crypto token platform that can represent different types of value across different platforms. These tokens can represent other digital currencies, financial instruments, shares in a startup project, etc.

An exciting application of the platform is the adoption in the traditional financial sector, allowing financial institutions to support and issue WAVES tokens in place of financial instruments and fiat currencies. These tokens contain an equivalent value of the corresponding fiat currency and can be used to conduct transactions, maintain cash storage, etc. And they will support blockchain services with KYC (know your customers) and AML (anti-money laundering) according to their application industry.

The WAVES platform runs a proof-of-stake protocol similar to Ethereum and Ripple protocols. People hope that the system will be as different as possible from Ethereum Casper and Ripple transaction gateway.

Once WAVES is widely adopted, it can be used to create multiple decentralized applications in multiple fields, all running on a single blockchain. This helps these institutions maintain varying degrees of operational transparency and can incorporate decentralized KYC and AML procedures.

Similar to other digital currency platforms, WAVES is more inclined towards community projects and crowdfunding. Its goal is to become a decentralized Kickstarter-like platform for open source, community-based projects.

It is ready for testing, with the expected trial including several payment systems, before it is officially launched in the coming months.

If WAVES can maintain this ICO pace for a few more days, it may break all records for crowdfunded ICOs in terms of total raised. Such a series of new records would indicate the crypto community’s trust in the platform and its potential.