Waves (WAVES) Blockchain Platform’s Smart contracts are Officially Live

In a tweet, the team at Waves (WAVES) declared that the platform’s smart contracts has gone live. According to the tweet, the team is thrilled at announcing that Smart Accounts have been activated on Waves MainNet, with the first phase of Waves being made available.

We are very happy to announce that Smart Accounts have been activated on #Waves MainNet! As of block #1,190,000, the first phase of Waves #SmartContracts are available: https://t.co/4e0MjdYQ3U#WavesPlatform #Blockchain $WAVES

— Waves Platform (@wavesplatform) September 26, 2018

In as much as the team at Waves did not previously state the precise time at which the smart contracts would be launched on the platform, the Ethereum World News was able to find a particular site which offers progress reports and updates concerning the platform. The site indicated that the smart contracts were unveiled on the platform at around 18.05 UTC.

Where are smart contracts on the Waves platform?

Precisely two weeks ago, Ethereum World News had given a report concerning the progress of the smart contract execution on the Waves Platform. The team also made up their minds to contact the team concerning smart accounts. The team gave a clear explanation of what the smart accounts are.

According to the team at the Waves Platform, smart accounts are basically non-Turing complete smart contracts. They permit the implementation of code on the innovative blockchain. However, they deliberate restrictions on the functionality to circumvent unsolicited usage scenarios. This is effective in snowballing the dependability of the network.

On purpose, the team will not provide the users with the capability of writing functions, recursions, and circles of unlimited nesting. The team also asserted that they have previously explained that they are keen to avoid structures whose complexity is unpredictable in advance. This makes it difficult to execute is a specific number of steps. This is also the reason why the team does not have any collections or for each of the constructions.

The smart accounts will provide very popular and in-demand features such as:

• Multi-signature wallets-these wallets can be managed by only one individual. To ensure that a transaction goes through, the prerequisite parties have to provide their confidential keys at the same time.
• Atomic swaps-these are trustless exchange of virtual assets hosted on diverse blockchains.
• Virtual asset freezing-these are instrumental in inhibiting buyers from selling or transmitting virtual assets out of their address for a particular period of time.
• Whitelist polling-this feature is mean for organizing any type of polls with a pre-configured list of accounts which are permitted to take part in a particular poll.
• Data Oracles-an Oracle is an application which operates by connecting the blockchain to an outside data source.