DDoS attacks take the top position in the list of threats faced by the online platforms. The Distributed Denial of Service attack is a method of cyber-attack where a website or a platform’s server is overloaded by request bombardment. These artificially generated requests generally end up crashing the server. It is one of the most common forms of cyber attack. WAVES, a cryptocurrency technology based open blockchain platform experienced a similar situation yesterday within 24 hours of announcing an initial coin offering (ICO).
The initial coin offering that started yesterday is set to go on for another 6 weeks. The first day of the campaign, however, was a shocker to those involved as the company’s ICO received an overwhelming response from the public. The record number of requests received by the website could have been easily mistaken for a DDoS attack.
According to reports, the startup managed to raise about 4683 bitcoins (~$2 million) on its very first day, with almost 6 more weeks to go. WAVES platform is built using the blockchain technology for both digital and traditional finance industries. The company intends to create a universal custom crypto-token platform that can be used to represent a value of any kind across different platforms. These tokens can represent other digital currencies, financial instruments, shares in a crowdfunding project and more.
One of the exciting uses of WAVES lies in its adoption by the traditional finance sector where the financial institutions can support and issue WAVES tokens in place of legal tenders and financial instruments. These tokens, carrying the same value as the assigned fiat currency can then be used for making transactions, maintaining cash reserves and more. It will also enable KYC and AML enabled blockchain services depending upon the segment of the industry it is being used in.
The WAVES platform operates on a proof of stake protocol and shares many similarities with Ethereum and Ripple protocols. The system is expected to share few similarities with Ethereum’s Casper and Ripple-like gateways for transactions.
If it achieves mass adoption, then WAVES can be used to create multiple decentralized applications catering for multiple sectors, all operating over a single blockchain. It will also help the institutions maintain different degrees of transparency in their operations along with the inclusion of decentralized KYC/AML process integration.
Like many other digital currency platforms, WAVES is also inclined towards the community projects and crowdfunding aspects. Wave lists its goal to become the decentralized Kickstarter-like platform for open source, community-based projects on its website.
WAVES platform is ready to be tested and a couple of payment systems are expected to be part of this trail run. The platform will soon go live in the coming months.
If WAVES manages to maintain its ICO at the same pace for few more days, the company may as well break all existing records for the total funds raised in a crowdfunded ICO round of fundraising. The said record collection also indicates the belief of the crypto community in the platform and its potential.