Waves, the decentralized platform for cryptocurrencies, announced the release of a system that will allow users to implement smart contracts in their mainnet.
According to a release published on the official blog on September 26, the company explained that this is one of the most expected features of the platform. Furthermore, the feature was activated automatically after 80% of the network’s miners have voted in favor for the smart contract addition. Following the event, the first phase of Waves’ smart contracts was launched.
Developers can configure smart accounts using the RIDE IDE programming language, which was optimized for blockchain execution, requiring minimal resources for its operation. The system makes it possible to create several types of controls in the accounts, and to implement many of the functions of smart contracts, such as freezing tokens, atomic swaps, voting processes and manage Oracle data.
The note indicates that with these accounts, the users can work with the most popular and demanded features which can be applied to several token operations. In this regard, the CEO of Waves, Sasha Ivanov said:
We are creating an easy-to-use blockchain platform for anyone. To achieve this, we are trying to see the system through the user’s eyes and understand what they need most; This is the essence of our smart account approach.
The head of development of Waves, Ilya Smagin, states that the users can also enable more functions, among which the 2-factor authentication (2FA) and data transactions. The last was developed to publish user data in the blockchain. In this way, the accounts’ oracle function is improved, by allowing the connection to an external data source but also by making it possible to review the data transactions and the status of the contract.
Furthermore, the platform will guide the user or developer in the configuration of smart contracts. Inal Kardanov has created and published a series of tutorials on this subject.
The Smart Accounts have Limitations
According to the company, the smart accounts are not “Turing-Complete.” A feature which allows code execution on the blockchain network. However, the smart accounts seek to avoid unwanted uses and increase the reliability of the system. As a result, users can’t write functions, nor complex constructions.
However, the smart accounts do not require any gas for their operation, except for the minimum fee from the network, established according to the standard transaction value (0.001 WAVES).
The company presented this characteristic as an advantage to networks like Ethereum, whose congestion usually leads to increases in gas prices.
On this, Waves clarified that the smart accounts were inspired by an account-based model, similar to Ethereum or Nxt, which differ from Bitcoin’s input/output system. Thus, it is more feasible to establish security scripts in full accounts.