Open source blockchain platform Waves has initiated a non-profit organization named Waves Association in Frankfurt, Germany.
According to a press release on February 3, this is to give productive authority for its own ecosystem, Web3, and also to facilitate the growth of DLTs, including public and private blockchain protocols.
The Waves Association will be represented by 10 community members from 6 countries which are Russia, Germany, Switzerland, Spain, Portugal, and the Netherlands.
Alexander Ivanov, the founder of Waves and member of the association, says
“Through the Association, we will be prepared to boost the numbers of developers and users, and also program to entice crypto enthusiasts that create other blockchain technologies and solutions.”
He added that the takeoff of the association is a crucial determination for the company’s ecosystem.
Objectives of the Waves Association
According to the press release, the association will vigorously work together with universities, research centers, companies and governments in Europe and around the world.
Waves association will also create DAO-like tools and blockchain-based solutions for decision-making and member engagement, including voting and decentralized management.
The Waves Association also aims at aiding the Waves protocol and infrastructure.
This comprises a decentralized network, technologies, and many development tools, with emphasis on the Gravity Hub, a blockchain-agnostic protocol that unravels interoperability questions.
Waves association as a non-profit organization under German tax code
The Waves Association is listed as a non-profit association under the German tax law.
Its legal advice is given by the Frankfurt law firm, Winheller.
Winheller is one of the prominent players in non-profit, tax, and cryptocurrency law.
Wheeler was overseen by German attorney Johannes Fein, who was also accountable for the founding of the association.
Last year, the association declared openly the advancement of a fresh generation of its technology, including the Gravity Hub interoperability protocol, which unifies third-party blockchain protocols like Waves and Ethereum.
On December 2, Waves also initiated its own exchange utilizing its own blockchain protocol.
Before then, specifically in September, it transitioned to a self-regulating monetary system, enabling the community to discern the block generation reward size and coin supply.