Waves Smart Accounts and Smart Assets

Waves Smart Accounts and Smart Assets

The first release of smart contracts will focus on account controls, making Waves more secure, powerful and flexible.

Unlike platforms such as Ethereum, Waves is taking a phased approach to its smart contract releases. The first iteration of smart contracts will be a non-Turing complete implementation that will make advanced business logic available, but without the vulnerabilities of fully Turing complete contracts. These will enable several forms of account controls, which will be accessible directly from the Waves client. So what kind of operations will it be possible to carry out with Waves’ smart accounts?

Multi-sig

One of the first and likely most immediately popular use cases for Waves smart contracts will be multi-sig accounts. These will require two or more users to approve a transaction before a transfer is made. This is a hugely important security feature, and makes it possible for teams to manage their own finances securely and without giving control to any one individual. For example, it will be possible to create an account with five different members, any three of whom are needed to approve a transaction before it is executed.

This will be particularly useful for token sales, since funds can be held safely pending deployment. Given the high-profile problems with some Ethereum implementations of multi-sig, Waves has deliberately taken a more cautious and simple approach to such basic account controls.

Freezing

Another useful application will be token freezing. 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. Most initiatives reserve a proportion of tokens for the core team and the external professionals who help them raise money. This is a smart way of doing business since if the team does its job well the tokens will be worth more in the future. Interests are aligned, just like vesting a new member of a startup with equity in the company.

However, it’s important to avoid the (unfortunately common) problem of recipients taking a short-term approach and dumping their tokens on the market, depressing the price and leading to adverse sentiment and publicity. Freezing tokens for a period of time (perhaps 6-12 months) allows initiatives to pay their contributors in tokens but to ensure these only constitute long-term incentives.

Balance sweeping

A further application of account controls is balance management. A user might want to make regular monthly payments, but to ensure that their account does not fall below a certain balance. Or they might want to keep a fixed amount of funds in one address and move everything above that to a separate account.

For example, you might have an address that contains 10,000 WAVES leased to a mining pool. Once a month, you sweep all the WAVES and tokens (e.g. MRT) earned by that account into a separate address, which you sell for regular income.

Useful Features

These are just some of the account controls that will be available based on the first iteration of Waves smart contracts. Many further use cases will be developed, with more sophisticated logic possible with the release of Turing complete contracts.


Join Waves Community
Read Waves News channel
Follow Waves Twitter
Subscribe to Waves Facebook

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

waves doing good.hope their price will up

·

This comment has received a 0.45 % upvote from @booster thanks to: @alex12.

I have such high hopes for WAVES! Keep up the great work!!

Great article, thanks for sharing. I've smashed the upvote button for you!

Also, if you are looking to get some tokens without investing or mining check out Crowdholding (https://www.crowdholding.com). They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.

You got a 8.93% upvote from @postpromoter courtesy of @wavesplatform!

Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!

Your Post Has Been Featured on @Resteemable!
Feature any Steemit post using resteemit.com!
How It Works:
1. Take Any Steemit URL
2. Erase https://
3. Type re
Get Featured Instantly & Featured Posts are voted every 2.4hrs
Join the Curation Team Here | Vote Resteemable for Witness

The Waves DEX is great, this should help make it even better. Keep up the good work.

Good application for checking cryptocurrency status - iCoinCourse.
Link for download and description: https://icoincourse.com/
Telegram support: @icoincourse (https://t.me/icoincourse)
DQmViNu6KhpvsSYaAw6uAi9knuwcVwRKhapLXSqpDaUJDba_1680x8400.png

I just recently got familiar with this platform and I am excited about this. I may be moving some of my main coins over here soon

Great project

its great , you are doing good guys

You got a 72.15% upvote from @upmewhale courtesy of @wavesplatform!

Earn 100% earning payout by delegating SP to @upmewhale. Visit http://www.upmewhale.com for details!

Upvote for you

And thats why the bitcoin family holds some waves 😀

Great information..... Keep up the good work

Love the platform. Actually created my own tokens with just a few clicks - so easy and I can easily see how Waves will be the smart contract platform of the future.

Thanks for this post.

Waves up in 100% please......

Excellent explanations.

Korean translare Ver.
[블로그 번역] Waves의 스마트계좌 기능와 스마트 자산 기능
https://steemit.com/coinkorea/@coolzero/2vs2h7-waves