Re-affirmation and extended communication – Interview with Unites Network

The crypto industry has evolved dramatically, driven by innovations in decentralized finance (DeFi) and blockchain technology. In the midst of this change, Waves founder Sasha Ivanov introduced the Unites Network. Designed as a foundational layer, the Unites Network connects ecosystem chains in a fully interoperable and trustless manner, ensuring no repossession of any assets and protected by Real World Assets (RWA).

In this interview, Ivanov discusses the strategies and innovations behind the Unit Network, its role in the Waves ecosystem, and its broader implications for blockchain technology. It also provides important insights into the future of decentralized finance by reflecting on past challenges, including the impact of Neutrino's devaluation of the dollar and the collapse of FTX.

Cointelegraph: What do you have in store for the next bull cycle?

Sasha Ivanov: We are launching a new project of the Unites Network based on the Waves ecosystem. The goal is to grow the ecosystem significantly and bring in new community members. This project allows you to launch your own layer-1 (L1) blockchain based on the Waves (WAVES) inventory. The network is fully compatible with Ethereum and is meant to make launching your own blockchain network easy.

Also, the networks in the ecosystem will be connected through the Waves network, which is higher than the L1 blockchain but Layer 0 (L0) will be the basic level of the ecosystem. We believe that the ease of opening blockchain networks and their effective connectivity with existing networks are key to the widespread adoption of blockchain technology.

#Waves will be a chain that will support dozens of chains built on top of it, mining the native tokens of all these chains, earning $ miners.

This setup is unique, with the Waves mining rewards (still not too bad) often increasing.

— Sasha.waves (@sasha35625) April 13, 2024

CT: How did you handle the challenges with Waves, what were the results, and what lessons did you learn from it?

SI: The last couple of years have been very challenging for all of us, and Waves has also had a lot of unpleasant issues, but of course, they pale in comparison to what's going on in the world.

Positively, we can highlight the following: as shown by the separation of USDN and similar stablecoin cases, a model based only on market methods to maintain the stability of these assets is insufficiently stable and vulnerable (these methods can work). In 99% of cases, but an unexpected 1% can destroy the entire model).

Furthermore, with the example of Waves, we have shown that decentralized autonomous organization (DAO) models can work in crisis situations. After getting stuck in the loan protocol on the USDN and the Waves and Waves exchange portals, the possibility of central funding for the development of major ecological products was lost. The Waves ecosystem is fully decentralized, with all funding being conducted through the Waves DAO, allowing Waves to continue its development.

CT: How did the conflict with Alameda Research make waves? What do you think about the FTX exchange failure?

SI: “What doesn't kill us makes us stronger.” My view of the crypto market and what has been achieved in it has changed dramatically. The FTX crash came as a shock to me and opened my eyes to the dangers in the Western financial system, which I had tended to underestimate.

CT: How would you rate Ethereum's current approach to growth and scalability?

The SI:Units Network aims to do what Ethereum can do in the coming years – link the Ethereum layer into a single ecosystem based on Layer-2 (L2) networks and Ether (ETH) statistics. In this case, the L2 networks will essentially be “shards” of Ethereum, and sharding will find new life in the future Ethereum ecosystem.

I believe that this is the end game for the current development of crypto technologies – an ecosystem based on the economic methods of the powerful L1 network in L2 networks, using these methods for decentralized and internal communication. In this case, the L1 network essentially becomes L0, the base layer that provides communication and connects all networks into a single ecosystem.

CT: Can you give us an overview of the Unites Network and its role in the blockchain ecosystem?

SI:Units aims to enhance the Waves ecosystem by providing the ability to launch Ethereum Virtual Machine (EVM) networks quickly and efficiently. This bypasses the need to deploy individual authenticators and allows networks to connect with others within the ecosystem and beyond. Hundreds of interconnected EVM networks are maintained in the ecosystem, with the first Unit 0 network being critical. Its Unit0 token manages the DAO of units in the ecosystem.

We are launching Unites Testnet campaign where users can get familiar with the product and earn rewards for testnet activities. This will be followed by a massive campaign where users can earn Unit Tokens to provide liquidity. The launch of the units is expected in June-July this year.

🧱What if they used infrastructure cubes to solve the blockchain issues we discussed earlier? Classes can do more! But first, let's shed some light on some background.

There is a lot of talk in the blockchain industry about layer 1 and layer… pic.twitter.com/0oqKcs2DqZ

— Units.Network (@UnitsNetwork) March 21, 2024

CT: Can you walk us through some of the tools and solutions offered by Unites Networks?

SI: Units Network aims to enable a very simple process to start your own blockchains. A blockchain developer offers a DAO governance proposal, offering specific rewards to network validators. If the proposal is approved, their blockchain will be launched in a few days. You don't need to keep your own knots. The new blockchain is supported by the existing verifier community and is seamlessly and fully connected to other chains in the ecosystem. In addition, external bridges provide communication with other ecosystems.

CT: How does the Hybrid RWA stablecoin system work, and what are its advantages compared to traditional stablecoins?

SI: Blockchain technology is very important for future applications as the RWA narrative promises to transfer the world's financial infrastructure to blockchain tech and provide an unlimited flow of new projects for years to come. On the other hand, the RWA narrative calls for lowering entry barriers for projects, especially when starting blockchain.

The units facilitate the launch of multiple RWA projects within the ecosystem, demonstrating the benefits of the network in terms of ease of launch and connectivity to the external ecosystem. One of the projects to be launched is the hybrid RWA stablecoin, which combines a crypto security with a less liquid RWA security in a way that enables the stable coin annual yield (APY) of the RWA class.

CT: From a user perspective, what are the tangible benefits of using the Unites Network over traditional blockchain platforms?

SI: In the current ecosystem, we focus on the ease of launching your own chain with useful features such as internal bridging of trustees. External bridges native to any assets and ecosystem DAO to help launch your own chain. The goal is to create a Swiss Army Knife-type solution to launch and maintain your own blockspace and make it truly accessible for all kinds of projects you want.

CT: Looking ahead, what are the future plans for Unites Network?

SI: We are currently launching testnet and liquidation campaigns designed to showcase Unit Network features. The first blockchain ecosystem, Unit0, is scheduled to launch Mainnet this summer. The next milestone for the Unity token-based ecosystem is launching the DAO. It will help launch more ecosystems and DApps on the Unit 0 chain. In parallel, zero-knowledge (ZK) assertions are integrated into the ecosystem, which allows different approaches to L0-L1 interaction.