Waves (WAVES) Smart Contracts to Go Live Today

In a tweet less than 12 hours ago, the team at Waves (WAVES) announced that the first iteration of the platform’s smart contracts would be going live in the next 24 hours. The tweet stated the following:

Less than 24 hours left to the activation of the first iteration of #Waves #SmartContracts! Waves is superior! @wavesplatform #cryptocurrency #blockchain

The full tweet can be found below.

Exact Time of the Smart Contract Launch

The team did not directly state the time as to when the smart contracts would be launched on the platform. Ethereum World News managed to find a site that gives progress reports and updates on the waves platform. The site, which cannot be confirmed as authentic, states that the smart contracts will go live on 26th September 2018 at approximately 18:05 UTC. This is in a time period that is around 6 hours and 40 minutes from the moment of writing this post.

What are Smart Contracts on the Waves Platform?

Exactly 2 weeks ago, Ethereum World News had reported on the progress of the smart contracts implementation on the Waves Platform. The team at Waves have decided to call their smart contracts, smart accounts. They have explained what they are 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 such as:

  • 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

What do you think of the new development on the Waves Platform? Where does this place Waves in terms of market value? Please let us know in the comment section below.

Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.