DUBAI, United Arab Emirates--(BUSINESS WIRE)--Waves Enterprise, a hybrid blockchain platform combining public and private chains, has announced today its intention to move to a decentralized governance model and open-source its entire codebase.
The Waves Enterprise stack and further development of WE ecosystem will be managed not by a group of centralized companies but by an enterprise-grade decentralized autonomous organization (DAO). The WE DAO seeks to decentralize the Waves Enterprise technology's power, jurisdiction, and management to a governing council and active members of the WE ecosystem. Initially, the council will include three companies with vast experience in blockchain — Waves Labs, Waves Association, and Tokenomika. Later the council will onboard other members, including enterprises that rely on blockchain technology, venture funds, security companies, and others. The mission is to help enterprises and governments worldwide understand, implement and utilize blockchain.
Waves Enterprise has been the foundation for some of the largest successful enterprise blockchain implementations worldwide. With enterprises having built blockchain-based e-voting, banking, IP protection, supply chain management, and employee engagement applications. Waves Enterprise technology has been used to protect the intellectual property of space industry organizations worldwide and automate supply chain tracking for two of the largest oil companies in the world.
Due to this success, The DAO is confident Waves Enterprise blockchain offers large global businesses considerable value. With the entire codebase moving to open source, anyone can audit and use the code. The codebase will continue to be developed by the core dev team now based in the UAE. However, one of the DAO goals will be to onboard new developers and implementation partners through grants, incentives, and certification programs.
The DAO management mechanisms will use Waves Enterprise’s experience in blockchain e-voting, meaning any enterprise that uses the technology can rest assured voting will be a fair reflection of the situation. Any business can elect to use the blockchain safely and customize it for their applications. In addition, WE DAO aims to build trust in the Waves Enterprise platform through open governance, making it more attractive to customers and new third-party developers.
About Waves Enterprise
Waves Enterprise is an enterprise-grade blockchain platform for building fault-tolerant digital infrastructures. As a hybrid solution, it combines public and private networks, offering a high degree of data privacy and throughput, configurable encryption tailored to local standards, and language-agnostic smart contracts. The WE mainnet brings together enterprises, service providers, and decentralized applications in a trustless environment, utilizing the benefits of public permissioned blockchain across a wide range of business use cases. Sidechains enable customisation. Build private or hybrid infrastructures while storing metadata on the mainnet. The platform uses the Waves Enterprise System Token (WEST), the native utility payment token for all network operations.
Waves Enterprise - enabling trustless environments for trust-based businesses.
Masha Prusso, Waves Labs