Introduction
The cryptocurrency industry is in a constant state of evolution, adapting itself to meet the latest financial demands as it steadfastly aims to establish a sustainable and decentralized financial environment. At the forefront of this movement is Sasha Ivanov, the CEO and Co-Founder of WAVES and Units.Network. While WAVES operates as a blockchain network utilizing the proof-of-stake consensus mechanism, Units.Network serves as an interconnected blockchain ecosystem promoting innovation through cutting-edge cross-chain solutions. This exclusive interview offers insight into Ivanov’s initiatives and the sector as a whole, highlighting the remarkable accomplishments of the “Power Protocol” in the previous year, which reportedly transformed all ecosystem endeavors into DAOs.
To kick things off, could you provide a concise overview of blockchain technology and its capacity to revolutionize the financial domain?
Blockchain technology fundamentally eliminates intermediaries between products and users, resulting in a more transparent, cost-effective, and secure financial infrastructure. By eradicating the counterparty risks associated with centralized entities like banks or trading platforms, blockchain paves the way for a more robust and trustworthy financial system.
What drove you to venture into the realms of cryptocurrency and decentralized finance (DeFi)?
I have always viewed the financial aspect of cryptocurrencies as merely a fragment of a much broader landscape. Blockchain has the potential to disrupt societal structures at their core by replacing social consensus with a technical one. I envision the rise of extensive DAO structures offering a viable alternative to prevailing centralized governance models, ushering in a new era of decentralized administration.
What are the primary challenges causing the current lull in cryptocurrency trading, and how can they be surmounted?
Presently, markets are at a standstill, likely in anticipation of significant geopolitical events, especially the upcoming US elections. We anticipate heightened volatility in the near future. Nevertheless, cryptocurrencies are expected to outperform traditional financial markets. Despite a recent increase in correlation between crypto and traditional markets, cryptocurrencies are still viewed as a hedge against uncertainties in traditional finance.
Could you provide an overview of the innovative ‘Power Protocol’ and the vision that propelled your noteworthy project over the past year?
The Power Protocol focuses on elevating DAO governance to a new level by introducing governance accountability. It incentivizes decision-makers for successful outcomes aligned with DAO objectives and penalizes those whose decisions deviate. This filtration process ensures the promotion of efficient decision-makers, leading to more effective governance and goal achievement within the DAO.
How does ‘Power Protocol’ stand out from other similar initiatives?
The distinguishing feature of the Power Protocol lies in its ongoing governance enhancement process. This methodology appraises the efficacy of individual DAO participants and adjusts their governance authority based on their performance. This approach facilitates more effective decision-making and empowers participants whose objectives align closely with those of the DAO.
What are the key attributes of your groundbreaking project that are instrumental in revolutionizing DAOs, DeFi, and financial management tools?
Units.network aims to carry the Layer 2 narrative to its logical conclusion, ensuring full interoperability and connectivity across all layers via the foundational layer to which they are tethered. Furthermore, all Layer 2 chains are envisioned to be completely decentralized and supported by multiple validators, essentially evolving into Layer 1 chains. This transformation positions the underlying chain as a Layer 0 chain, designated to provide a fundamental interoperability layer for all interconnected chains. Every chain within Units.network operates with full interoperability and EVM compatibility, fostering trustless interconnection among them.
How is your co-founded project Waves contributing to the overarching objective of advancing the decentralized finance landscape?
Within the Waves ecosystem, operating on the Power Protocol (power.tech), complete decentralization is key. Projects launched on Waves receive funding through the Waves DAO. Moreover, in our new interconnected Layer 2 chains ecosystem (Units.Network), governance is entirely decentralized. Our aim is to demonstrate that blockchain ecosystems can prosper only when self-sustainable and driven by decentralized incentives. The goal is to ensure that ecosystem governance supports the technology in achieving its full potential and securing progress for the foreseeable future.
Can you elaborate on Unit Network’s efforts to enhance overall financial businesses and communities?
Units.network aims to streamline the process of launching individual blockchains and securing blockspace. Since its inception in 2016, the Waves blockchain gained popularity due to its simplicity in token issuance; issuing a token was a few clicks away. Now, we aspire to simplify the process of launching individual blockchains. Within Units.network, proposing a DAO and gaining approval allows entities to acquire their own chain without the need to deploy their validator nodes.
Is there anything further you would like to contribute for inclusion in the article?
Despite being a relatively established player in the blockchain sphere (launched in 2016) and facing challenges in recent years, the Waves ecosystem is forging ahead. The rollout of Units.Network is injecting fresh momentum into Waves. Adaptability and progress have been our strengths. Keep an eye out for the launch of Units.Network, where you will witness Waves evolve into a fully decentralized, versatile ecosystem capable of supporting diverse Web3 ventures.
Conclusion
Our conversation with Sasha Ivanov has shed light on the boundless potential of the DeFi sector through groundbreaking initiatives like Units.Network and the “Power Protocol.” Particularly noteworthy is Units.Network’s contribution to transforming the Waves platform into a wholly decentralized forum. Ivanov remains optimistic about the further growth of the DeFi sector, despite current market stagnation due to macroeconomic influences. Projects like Power Protocol play a significant role in propelling this progress, charting a path towards a brighter future in the realm of DeFi.
