Saturday February 27, 2021
Bitcoin (BTC) $46,943.00   Ether (ETH) $1,466.92
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Vendor Technology

Waves begins the process of activating smart contracts on mainnet

Published by CryptoNinjas.net
09/10/2018
Waves begins the process of activating smart contracts on mainnet

Waves Platform announced today it has finally released a new system protocol for the Waves blockchain that will enable smart contracts. The update initializes a process of voting for miners on the network.

The successful conclusion of the voting process is required to activate the new protocol and switch on smart contracts for network users.

After reaching the required 80% of votes, the protocol will be activated a week later. When activation occurs, smart contracts will become available for developers who wish to use them in their projects.

Smart contracts activation process on Waves mainnnet
What are Waves Smart Accounts?

Having first launched smart contract functionality to the Waves testnet in April, the first stage of Waves’ smart contracts will bring so-called Smart Accounts to the platform. In simple terms, Smart Accounts are non-Turing complete smart contracts: they allow the execution of code on the blockchain, but with deliberate limitations on functionality to avoid unwanted usage scenarios and to increase the reliability of the system.

The Waves team is intentionally not going to provide users with the ability to write functions, recursions, and loops of indefinite nesting. The team said it has “explained before that we avoid constructions whose complexity cannot be predicted in advance, and that cannot be executed in a definite number of steps. That is also the reason why we have no collections or ‘for each’ constructions.”

Smart Accounts will provide the most popular and in-demand features for the crypto community, and will apply to various token operations.

The list of features to be deployed includes:
  • Multi-signature wallets – Wallets that cannot be controlled by one person alone. In order to make a transaction, the required parties must provide their private keys simultaneously. This feature also opens the way for two-factor authentication and enables best security practices for the platform.
  • Atomic swaps – Trustless exchange of cryptocurrencies hosted on different blockchains. Atomic swaps are a direct trade between two users of different cryptocurrencies, the honesty of which is guaranteed by a single contract on both blockchains.
  • Token freezing – Preventing buyers from selling or transferring tokens out of their address for a certain amount of time. This involves sending a token to a user, but ensuring it remains non-transferable and unspendable for a period of time. The most obvious use case for this is as a vesting mechanism or for team/contractor payments after an ICO takes place.
  • Whitelist voting – An easy-to-implement voting process for the Waves blockchain. With this feature, users will be able to organize any type of vote with a preconfigured list of people/accounts that are able to participate in a given poll.
  • Data Oracles – An Oracle is an application that connects the blockchain to an external data source. It can place third-party data on the blockchain as a series of transactions, but cannot change this data once uploaded. A smart contract can then make payments to other accounts based on this data.

“We are creating a user-friendly blockchain platform that will be easy for anyone to use. To achieve this we are trying to look at the system through the user’s eyes and understand what they most need. This is the essence of our approach to Smart Accounts.”

Waves founder and CEO Sasha Ivanov

All of this functionality is delivered via the unique new programming language used to implement Waves Smart Accounts: RIDE

The language has a new syntax, specially designed by Waves developers for this purpose. RIDE is optimized for blockchain execution and requires minimal resources for its operation. It has been narrowly specialized to simplify processes for developers and make it easier than ever to create applications on the blockchain.

Further, Waves’ Smart Accounts do not require any ‘Gas’ for their operation, unlike Ethereum’s smart contracts. There will, of course, be a fee, but this is minimal for the network and completely predictable — like a standard transaction fee (Waves’ current network transaction fee is 0.001 WAVES).

Users can set up their accounts securely and know that they will not have to pay substantial or unknown transaction fees. This will be possible due to the statically-predictable execution time. Since Waves has been built on top of an account-based model like Ethereum or Nxt (instead of Bitcoin’s input/output system), it can set security scripts on entire accounts.

A full description of Smart Accounts functionality can be found in the white paper.

“This release paves the way for the widespread adoption of the Waves blockchain, while preserving the original spirit of Waves: simplicity and accessibility. It enables developers to build blockchain-based applications, which is a huge step towards truly mass adoption of the technology.”

Ilya Smagin, Head of Development for Waves smart contracts
Next Steps

After the first stage, the Waves team will continue investigating possible scenarios for Smart Account usage and begin implementation of the second phase: Turing-complete smart contracts that will bring a far wider range of features to the Waves ecosystem.

5
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Waves to offer collateral protection on USDN stablecoin with UNION platform
Networks & Protocols

Waves to offer collateral protection on USDN stablecoin with UNION platform

12/29/2020
Rostelecom and Waves Enterprise develop federal blockchain-based e-voting system
Blockchain Technology

Rostelecom and Waves Enterprise develop federal blockchain-based e-voting system

08/19/2020
Waves integrates Band Protocol’s oracles to enable cross-chain use for Neutrino stablecoin
Networks & Protocols

Waves integrates Band Protocol’s oracles to enable cross-chain use for Neutrino stablecoin

07/14/2020
Waves Exchange begins staking contest with Neutrino (USDN) stablecoin
Featured

Waves Exchange begins staking contest with Neutrino (USDN) stablecoin

03/24/2020
Waves Enterprise blockchain platform receives major enhancements
Networks & Protocols

Waves Enterprise blockchain platform receives major enhancements

03/17/2020
Load More
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
Glow programming language brings smart contract simplicity to Cardano

Glow programming language brings smart contract simplicity to Cardano

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Anchorage raises $80M Series C, led by GIC, Singapore's sovereign wealth fund

Anchorage raises $80M Series C, led by GIC, Singapore’s sovereign wealth fund

02/25/2021
Tendermint invests in Tgrade to bolster Cosmos' growing DeFi ecosystem

Tendermint invests in Tgrade to bolster Cosmos’ growing DeFi ecosystem

02/24/2021
Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

Crypto platform NetCents to offer users access to DeFi protocols thru Vesto

02/27/2021
SmartKey to integrate with GeoDB to build the blockchain-based data ecosystem

SmartKey to integrate with GeoDB to develop blockchain-based data ecosystem

02/26/2021
This was avoidable – The lost Bitcoin fortunes

This was avoidable – The lost Bitcoin fortunes

02/26/2021
Bitcoin exchange Xcoins receives In-Principle Approval for Malta's VFA license

Bitcoin exchange Xcoins receives In-Principle Approval for Malta’s VFA license

02/26/2021
Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

Token-based commodities DEX Mettalex launches on Binance Smart Chain and Ethereum

02/26/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version