Waves, the open blockchain platform for custom token generation and trading 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. Waves’ initial release will allow the community to test non-Turing complete contracts, which will enable various account controls and other functionality.
In order to mitigate problems from the get-go, Waves has taken a carefully-considered approach to implementation, with a phased rollout, predictable computational overheads, and fixed fees.
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.”
“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.