Open source blockchain platform Waves has established a new non-profit organization aimed at defining the priorities and directions for the development of Waves’ technologies, the firm said in a blog post on 3 February.
Based in Frankfurt, Germany, the Waves Association will provide effective governance for its own ecosystem, Web3, and will foster the development of decentralized technologies, including both public and private blockchain protocols. The newly established independent body will dictate the priorities and direction of development through a decentralized voting process.
Representing the Waves Association will be ten community members, including Waves founder Alexander Ivanov, coming from countries such as Portugal, Spain, Switzerland, Germany, the Netherlands, and Russia. The association plans to actively collaborate with universities, research centers, companies and governments around the world.
The association will further support and develop the Waves infrastructure and protocol, which includes a decentralized network, technologies, and various development tools, with a focus on the next-generation Waves technology stack – Gravity Hub. It also plans to develop a DAO-style governance in the future, with blockchain-based solutions for decision-making and member engagement.
The new organization is registered as non-profit under the German tax law, and will use the Winheller law firm for its legal advice.
2019 has been a busy year for Waves, which was able to launch its own exchange in December, using its own blockchain protocol. Before that, he company announced it is transitioning to a self-regulating monetary system, which allowed the community to determine the size of a block generation reward, and the coin supply.