LONDON, June 6, 2019 /PRNewswire/ -- The main network of the Vostok platform has launched at the St. Petersburg International Economic Forum. Partners and clients of the project will now be able to build their own nodes of the main network, as well as private subnets. This will allow them to use all the features of the Vostok blockchain network, while storing their data exclusively in their own IT systems. The main network is used only for the validation of transactions.
"The launch of our platform at the international economic forum in St. Petersburg is symbolic, because, on the one hand, it is the final link in creating the infrastructure for our work in Russia, and on the other, the first step to starting international expansion," said Alexander Ivanov, General Director and founder of Waves and Vostok project.
Vostok promised to launch the blockchain platform in the first half of 2019 in December 2018 after closing the first round of financing, during which the project attracted $120 million from a group of foreign and Russian investors at a total valuation of $600 million.
Today, Vostok cooperates with major Russian corporate and government customers: Sberbank, Transmashholding, Vnesheconombank, Rostec and Nizhny Novgorod region. In addition, an agreement with the National Information Center allows you to comfortably and quickly implement Vostok products from potential customers.
The "Gorod N" project for initiative budgeting became the first blockchain solution in the field of public administration, implemented in the framework of cooperation with the Nizhny Novgorod region.
Simultaneously with the launch of the main network, 1 billion Vostok system tokens were released. These use the Proof-of-Stake consensus algorithm and are an integral part of the platform, ensuring its operates correctly.
Vostok is a universal technological solution for scalable digital infrastructure developed by Waves Platform in 2018. It is comprised of two constituent elements: a fundamental technological innovation (the Vostok digital platform) and a facilitator of its maintenance, development and optimisation (the Vostok system integrator). The main purpose of the project is to form the basis of the digital infrastructure for certification, registration and data tracking, and to make new technologies easy-to-use in business and public administration.