Blockchain solutions platform Waves on Tuesday announced that it is extending support for the development of decentralized apps (DApps) on its platform.
The company has launched a new programming language called RIDE to allow blockchain developers to write apps on its blockchain, which will also enable the development of collectible DApps like Cryptokitties.
With this, the Zug-based company is directly competing with giants like Ethereum, EOS, and Tron. According to the company, its proprietary programing language has many advantages over its competition such as lazy evaluation, formal verification, no gas requirement, flat transaction fee, and better scalability.
Commenting on this development, Alexander Ivanov, founder and CEO of Waves, said: “DApps are considered to be the future of the decentralized world and a platform that stays ahead in this battle will rise at the top,’ he comments. ‘We aspire to be at the top because we build original solutions that have never been released before, and take into account the problems of implementations that are already available in the market.”
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Tackling blockchain issues
Launched in 2016, Waves has developed a high-performance blockchain platform, prioritizing speed of transactions. Last October, its network recorded 6.1 million transactions in a single day.
Being a for-profit company, it was not developed by a decentralized community. However, the network allows more people to participate in the network maintenance rather than confining it to a few centralized nodes.
“For blockchain developers, this means a cheaper and more convenient coding process than ever before, while those from outside the blockchain segment will see the entry threshold substantially lowered and new opportunities arrive,” Ivanov added.
The lucrative DApps market
According to Waves’ estimation, the DApps industry is currently valued at $3.2 billion, and the top 4 platforms are serving to around 800,000 users. The company decision to jump into the sector is also boosted by the bullish prediction of DApps market.
Waves is also attracting the attention of the blockchain investors as in last December it secured $120 million from both venture capitals and individual investors. Earlier this year, the blockchain company also launched its own decentralized crypto exchange.