Waves exchange, a decentralized cryptocurrency trading platform boosted about keeping the customer identification optional, and it did not prove to be a wise move. At the beta testing phase, Waves garnered $6 million crypto trade in a day which was an impressive figure. Offering high speed as compared to other DEX in the market, Waves had 330,000 wallet users.
The Waves blockchain lets any trader issue a token and trade it against Bitcoin on the exchange, which helped the platform attract 90,000 traders during its Beta release. The traders can embark the Waves blockchain without the KYC as the platform has kept it optional and that is where the hacker found the soft spot.
The hackers faked the CEO Sasha Ivanov’s passport and used it to change the password by requesting to the domain provider. This happened as soon as the full version of DEX was launched. It took the Waves team a couple of hours to tackle the hack and restore the security of user wallets. Waves team is quite positive about the traditional banks to use its platform to start the fiat crypto assets.
Currently, the Waves exchange network operates around 200 unique nodes, including one run by RewardMob, a mobile gaming company. RewardMob chose to run a Waves node because the decentralized exchange allows its players to trade tokens without worrying about currency exchanges. Waves launched its ICO in 2016, and with its unique concept, it raised a total of $22 million through ICO sales.
The Waves DEX (Decentralised Exchange) matchmaking offers the potential of running owning matchmaking for who so ever owns a node. The matchmaker node will earn a mining fee to facilitate the trade. The Waves exchange platform processes 500 transactions per second and expects broader acceptance in the crypto ecosystem, despite a minor debacle that it has already resolved.
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