According to Charles Hoskinson, Waves technological foundation is very thin. They are building on top of a framework called Scorex, which has been created by developers sponsored by CH's company and designed as an educational toolkit, not an industrial-grade platform.

Waves currently has no product, does not have a stable governance structure, has no independent oversight of the project. They are using source code written by other people and in no way configured to do the things they have claimed.

Source: bitcointalk