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Waves’ blockchain platform Vostok launches main network

Fri, 07 Jun 2019, 07:33 am UTC

Vostok, a private blockchain platform for enterprises and governments, has launched its main network.

Announced by blockchain startup Waves in April 2018, the Vostok project consists of the global Vostok blockchain platform and the Vostok system integrator for enterprise and government IT systems. In late 2018, Waves raised $120 million to launch Vostok and was seeking another $120 million this year for the project.

According to the press release, the platform is now live and will allow partners and clients to build their own nodes of the main network, as well as private subnets. They can also use all the features of the Vostok blockchain network, while storing their data exclusively in their own IT systems. The main network is used only for the validation of transactions.

"The launch of our platform at the international economic forum in St. Petersburg is symbolic, because, on the one hand, it is the final link in creating the infrastructure for our work in Russia, and on the other, the first step to starting international expansion," said Alexander Ivanov, General Director and founder of Waves and Vostok project.

Last month, the Russian state of Nizhny Novgorod signed an agreement with Vostok to trial blockchain application in state administration.

In addition to Nizhny Novgorod, Vostok said that it is collaborating with a number of major Russian corporate and government customers including Sberbank, Transmashholding, Vnesheconombank, and Rostec. It has also inked an agreement with the National Information Center for quick implementation of its products

Alongside the launch of the main network, Vostok has announced the release of 1 billion Vostok system tokens. It explained that the tokens use the Proof-of-Stake consensus algorithm and are an integral part of the platform, ensuring its efficient operation.

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