On Saturday, April 28, the test suite of the Waves blockchain-platform launched the launch of one of the company’s key products – smart contracts. As part of the release, the community members will be able to participate in the testing of Turing-incomplete smart contracts.
“The first release of smart contracts on the Waves platform will expand the management of accounts and tokens. This includes multi-signature wallets, atomic swaps, two-factor identification, and advanced security mechanisms for tokens, “said Ilya Smagin, head of the smart contracts development department at Waves. – We also implement the data-transaction function. With its help, oracles will be able to transfer information to the blockchain, which, of course, will be available within the code of our smart contracts. ”
Carefully analyzing the work of smart contacts in the network Ethereum, Waves decided to act more thoughtfully: releases will be implemented in stages, and commissions and costs for computing power when using smart contracts will be known to users in advance.
“It is very important to implement everything correctly. Turing-incomplete smart contracts offer opportunities to implement the lion’s share of user scenarios, including smart accounts and smart assets. All this will be available to users directly in the client Waves, specialized or expert knowledge for the work will not be required, “- says Waves CEO Alexander Ivanov.
The activation of smart contracts in the testnet will be held on May 4. Platform miners voted for the code, following a special activation protocol (Waves Feature Activation Protocol). More information about Waves smart contracts is available here.
Turing-complete smart contracts will be launched only after full-fledged testing and the subsequent release of Turing-incomplete smart contracts in the main net.
What actions can be carried out using smart contracts on the platform Waves
The most particular case of use is likely to account with a multi-signature. Transactions using this account will require the approval of two or more users. This is an important security function: project teams can safely manage their finances without transferring control over them to a third party. Such accounts will be useful in carrying out token sale because the funds will be securely protected before they are sent.
Another useful function is to freeze tokens: the user gets a token, but can not make transactions with it for a certain time. The most obvious case of the use of token freezing is a protective mechanism when conducting ICO or when paying to contractors.
Finally, using smart accounts Waves can effectively manage the balance of funds. For example, a user wants to regularly make regular payments from his account, but at the same time, it is required that the account balance always remain positive, automatically replenishing. Another example is that the user sets the maximum allowable balance amount for one account, and all surpluses in excess of this amount are automatically transferred from it to another account.
Waves is a decentralized blockchain platform with a wide range of effective tools for solving real-world problems. The rich functions of the Waves ecosystem allow any user to easily and safely release tokens and build their own networks. Using Waves, business and users can create powerful and complex applications that take full advantage of P2P technology.
In June 2016, Waves completed the ICO, during which it raised more than $ 16 million (30,000 BTC). At the moment, the company’s capitalization is about $ 600 million. Many projects conducted notable tokens on the Waves platform, among them – MobileGo, ZrCoin, EncryptoTel, PrimalBase and Starta. At the moment, 13,447 tokens are released on the Waves platform.