Waves launches smart contracts in Testnet

On Saturday, April 28, Waves officially launched smart contracts in the platform's testnet.

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This first version allows community members to test complete contracts that are not from Turing. These smart contracts support a variety of account controls, in addition to other features. Ilya Smagin, Head of Development of Intelligent Contracts in Waves, commented:

"Waves' intelligent contracts will initially include account and token controls, providing functionality to implement the most necessary scenarios, such as multi-currency portfolios, atomic swaps, two-factor authorization, as well as more elaborate protections for currencies. We will also present a data transaction: a way to publish Oracle data in the block chain, of course, available from our smart contract code. "

Smart contracts

Waves, in particular, took the time to implement intelligent contracts, after having thoroughly analyzed its Ethereum counterpart, before adopting a careful and considered approach for its real implementation, using a gradual deployment, predictable computing overhead and fixed rates. . The CEO and founder of Waves, Alexander Ivanov, explains:

"It's really important to do this well. Completed non-Turing contracts will cover a large proportion of use cases, including smart tokens and accounts. These will be available from the Waves client for all users and will not require any specialized knowledge or experience. "

The intelligent contract functionality will be activated in the platform testnet in the first week of May, assuming that the miners grant the approval of the new code, in accordance with the Waves Function Activation Protocol. You can get more information about Waves' smart contracts and their implementation here .

How will smart contracts benefit Waves?

Smart contracts will bring a plethora of new additions and additional benefits to the Waves ecosystem.

The first, and most important, is that smart contracts will allow wallets with several identities, which can not be controlled by a single person. For a transaction to occur, all the necessary parties must provide their private keys at the same time.

Secondly, unlike other similar blockchains, Waves' smart contracts do not use gas for complete intelligent contracts other than Turing, which means that fixed costs are always known in advance. Compared to Ethereum, this makes Waves significantly more simplified, efficient and profitable, while essentially providing the same service.

In addition, Waves tokens are like Waves itself, which means that they are treated exactly the same and kept in their direction, while the platform still supports the creation of tokens in the core and of the standard Waves wallet. Basically, this makes life much easier for end users. In addition, the tokens you create can be distributed and marketed immediately in the decentralized exchange of Waves, DEX, directly.

Atomic swaps will also be added, while smart contracts in Waves will also allow the freezing of tokens, which means that users will be able to introduce parameters that prevent buyers from selling or transferring tokens from their address for a specific period of time. .

Finally, decentralized applications (dApps), which are based on complete intelligent Turing contracts, will be able to complete complicated processes in the Waves block chain, fulfilling a wide range of different criteria.

All in all, the implementation of smart contracts on the Waves platform is a great step forward for a project that is already successful.