Waves – one of the world’s fastest, most secure and user-friendly open blockchain platforms, with a wide range of effective tools for everyday use by enterprises and individuals – has released the first iteration of its smart contracts on testnet, with activation expected in early May.
A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract while allowing for the completion of credible, trackable and irreversible transactions without third-party intervention. They automatically execute exactly as intended, and are secured by the entire network with absolutely no risk of downtime.
“Waves’ smart contracts will initially include account and token controls, providing functionality for implementing the most-needed scenarios like multi-signature wallets, atomic swaps, 2-factor authorization as well as more elaborate protections for coins,” commented Ilya Smagin, head of development for smart contracts. “We will also introduce a data transaction – a way to post oracle data to blockchain, which will be available from within our smart contracts code.”
Waves’ initial release will allow the community to test non-Turing complete contracts, which will enable various account controls and other functionality.
After a series of high-profile problems with Ethereum’s smart contracts, Waves has taken a carefully-considered approach to implementation, with phased rollout, predictable computational overheads and fixed fees.
“It is really important to do this right. Non-Turing complete contracts will cover a large proportion of use cases, including smart accounts and smart tokens. These will be available from the Waves client for all users and will not require any specialist knowledge or expertise,” added Waves CEO and founder, Sasha Ivanov
Only when these features have been thoroughly tested and activated on the main net will fully Turing-complete contracts follow.
Smart contract functionality will be activated in May, pending approval of the new code by miners under the Waves Feature Activation Protocol. You can find out more about Waves’ implementation of smart contracts at https://wavesplatform.com/developers/smart-contracts.
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notes to editors:
The Waves Platform is a global public blockchain platform, founded in 2016. Waves Platform’s mission is to reinvent the DNA of entrepreneurship around the world by providing a shared infrastructure, offering easy-to-use, highly functional tools to make blockchain available to every person or organisation that can benefit from it.
Smart Contracts + Waves
Smart contracts will bring a slew of new additions and added benefits to the Waves ecosystem.
For starters, smart contracts will allow for multi-signature wallets, which cannot be controlled by simply one person alone. In order to make a transaction, the necessary parties must provide their private keys at the same time. Additionally, two-factor authentication will also be introduced — meaning private keys will also be combined with hardware devices or secondary private keys.
Unlike other similar blockchains, Waves smart contracts do not use gas for non-Turing complete smart-contracts, which means that fixed costs are always known upfront. Compared to Ethereum, which people mainly use for Initial Coin Offerings because of its ability to create tokens, Waves is significantly more simple, efficient and cost-effective — for essentially the same service.
Additionally, with Ethereum, tokens aren’t actually held in users’ Ethereum addresses. Rather, they’re registered to a smart contract and every time you move them, you’re really just updating the information that smart contract records. Waves tokens, however, are like WAVES itself — meaning they are treated exactly the same and are held in your address, while the platform still supports token creation in the core and from the standard Waves wallet. In layman’s terms, Waves makes life lot easier for end users.
Furthermore, the tokens you create can immediately be distributed and traded on Waves decentralized exchange, DEX, with no further work. All-in-all, it’s a far more streamlined and useful approach.
Atomic swaps will also be added, which will allow parties to exchange cryptocurrencies hosted on different blockchains without the need for trust. The Waves team is already prepping for the implementation of currently-in-development atomic swap functionality and is actively recruiting the best researchers for the project. Once complete, integration of atomic swaps will allow ERC-20 tokens to be traded on the Waves decentralized exchange, DEX.
Additionally, smart contracts on Waves will allow for token freezes, meaning users will be able to introduce parameters which prevent buyers from selling or transferring tokens from their address for a specified amount of time — effectively freezing the token. This will be possible for any type of transaction.
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