Waves to Use Vostok as Utility Tokens for New Enterprise Blockchain Solution

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Waves CEO Alexander Ivanov has announced a new department for enterprise projects that will be fueled by Vostok (VST) tokens. 

According to a July 18 press release, Waves is opening a new company department called Waves Enterprise, which will employ a corporate blockchain solution of the same name. The Waves Enterprise solution is a management system for businesses that need to handle data sets containing private information.

As per the report, VST tokens will be the utility token for Waves Enterprise, and will be exchanged for a variety of network-based services. As Ivanov states:

«VST will lay the foundation of the Web3.0 economy, enabling control of (and payment for) app development, as well as other ecosystem solutions. VST is the network’s internal currency, needed for connecting your node to the network, paying operational (mining) fees, and anchoring the corporate sub-chains to the main chain.”

Regarding the capabilities of the new blockchain solution, the press release states that it will support any algorithm in any programming language, including smart contracts. The technology supporting these capabilities is Docker, which is an automated system for application installation and management.

Ivanov also predicts that private and public blockchain solutions “will merge into one global and universal technology in the future,” as per the announcement.

According to its website, Vostok is a blockchain-based solution for enterprises and public institutions. The project uses a private blockchain platform and a proprietary system integrator.

As previously reported by Cointelegraph, Ivanov sold his stake in Vostok, a blockchain project launched by Waves, on July 16. Ivanov claimed that he sold his stake in Vostok in order to concentrate on developing the Web3 ecosystem through Waves. The GHP Group, an early investor in Vostok, is now the sole owner of the company.