Waves Blockchain Smart Contracts Process Starts Mainnet Activation

Waves Initiate The Process of Smart Contract Activation on Mainnet

The Waves Platform has unveiled a new protocol for its blockchain system that will allow smart contraction. This latest update will initialize a voting process for miners currently using the network.

However, it will only be activated once it reaches at least 80% of the total votes. Once the activation occurs, developers will be able to use the smart contracts in their various projects.

Creating Smart Accounts

Smart Accounts allow code execution on blockchain platform, but with specific functional limitations to enhance the system’s reliability and avoid undesirable usage scenarios.

The Waves development team will deliberately not offer users the capability of writing functions, loops, and recursions of unlimited nesting. The reason is to avoid complex constructions that can’t be predicted, and also can't be executed seamlessly in an exact method.

The Smart Accounts are going to offer the most in-demand and popular features for the entire crypto world, and will also apply to different token operations.

Features Of Smart Accounts

Multi-signature crypto wallets: These wallets will be controlled by multiple parties, where they enter the required private keys at the same time allowing for robust security practices.

Token freezing: This feature will prevent buyers from transferring tokens or selling crypto coins from their wallet for a specific period. The use case here is as a form of vesting feature for contractor or team payments following an ICO.

Atomic swaps: The Atomic Swaps feature will allow trustless cryptocurrency exchange across different blockchains.

Data oracles: Oracles are apps that connect blockchain systems to external data sources, but without changing the data once it is uploaded offline.

Whitelist voting: The Waves’ voting process where users can organize different kinds of votes with preconfigured lists of accounts or people that are allowed to take part in that poll.

Sasha Ivanov, CEO, and founder of Waves added that they aimed to build a straightforward platform that can be used by anyone. The Smart Accounts will feature all the essential services that most people need.

RIDE Programming Language

The functionality and usability of the Smart Accounts feature are delivered through the RIDE programming language.

RIDE has a customized syntax that is designed specifically for fast blockchain execution while requiring minimal resources to operate. It will simplify the app creation process on the Waves blockchain. Rather than requiring gas to work, Waves will only charge a low transaction fee of 0.001 WAVES.

Conclusion

After this initial stage passes, the developers and team at Waves will continue to investigate other possible use cases for Smart Accounts and start implementing the second stage. The next step will bring far greater features into this ecosystem and help drive Waves adoption further.