Unbeknownst to many, and on the 10th of September, the team at the Waves (WAVES) set forth in motion the remaining steps to launch smart contracts on the project’s Mainnet. The team made the announcement via twitter as follows:
We are happy to announce that our
#smartcontracts launch process on MainNet has officially started. It’s just the beginning, folks — the start of many wonderful things that will be happening in the #Waves ecosystem in the future!
Back in early May, Ethereum World News had updated its readers on the progress of the Waves project including the aforementioned smart contracts.
Waves Smart Accounts
The Waves platform has come up with what they call Waves Smart Accounts. The team defines them as follows:
Smart Accounts are non-Turing complete smart contracts: they allow the execution of code on the blockchain, but with deliberate limitations on functionality to avoid unwanted usage scenarios and to increase the reliability of the system.
We are deliberately not going to provide users with the ability to write functions, recursions, and loops of indefinite nesting. We have explained before that we avoid constructions whose complexity cannot be predicted in advance, and that cannot be executed in a definite number of steps. That is also the reason why we have no collections or ‘for each’ constructions.
The Smart Accounts will provide the most popular and in-demand features for the crypto-community and will also apply to various token operations. The list of features to be deployed are as follows:
- Multi-signature wallets – wallets that can be controlled by one person alone. In order for a transaction to proceed, the required parties must provide their private keys simultaneously
- Atomic swaps – trustless exchange of cryptocurrencies hosted on different blockchains
- Token Freezing – Preventing buyers from selling or transferring tokens out of their address for a certain amount of time
- Whitelist voting – a feature to organize any type of vote with a pre-configured list of people/accounts that are able to participate in a given poll
- Data Oracles – An Oracle is an application that connects the blockchain to an external data source
Waves founder and CEO, Sasha Ivanov, had this to say about the launch of Smart Accounts:
We are creating a user-friendly blockchain platform that will be easy for anyone to use. To achieve this we are trying to look at the system through the user’s eyes and understand what they most need. This is the essence of our approach to Smart Accounts.
The timing of the launch of the Waves Smart accounts comes at a time when the Ethereum network is coming under intense scrutiny for network congestion as well as the poor performance of ETH in the markets. This then gives the Waves platform some leverage as the ‘new kid on the block’.