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.
Waves blockchain allows any trader to issue a token and that token can be traded against Bitcoin on the exchange, and that is how it garnered 90,000 traders with just a 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, Waves exchange network has around 200 unique nodes. One of the nodes is being run by RewardMob a mobile gaming company. Being a decentralized exchange is the primary factor of attraction for RewardMob to garner Waves node as its players can now trade their token rather than worrying about currency exchanges. Waves started with its ICO launch in 2016, and with its unique concept, its ICOs were sold at $22 million in total.
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 can process 500 transactions per second; it is expecting more acceptance in crypto ecosystem despite a little debacle that has been taken care of now.
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