Kvě 04

Waves Launching Smart Contracts on Testnet

· May 3, 2018 · 7:00 pm

On April 28th, Waves released the first iteration of smart contracts on its testnet. Now, activation is expected on May 3rd.


A Careful and Considered Approach to Smart Contracts

On Saturday, April 28th, Waves officially launched smart contracts on the platform’s testnet.

This first release effectively allows community members to test non-Turing complete contracts. These smart contracts allow for a variety of account controls, in addition to other functionalities. Ilya Smagin, Head of Development for Smart Contracts at Waves, commented:

Waves smart contracts will initially include account and token controls, providing functionality for implementing the most-needed scenarios like multisignature wallets, atomic swaps, 2-factor authorization, as well as more elaborate protections for coins. We’ll also introduce a Data Transaction: a way to post Oracle data to the blockchain, of course, available from within our smart contracts code.

Smart Contracts

Waves notably took its time in implementing smart contracts, having first thoroughly analyzed Ethereum’s smart contracts before taking a careful and considerate approach to their actual implementation — utilizing a phased rollout, predictable computation overheads, and fixed fees. Waves CEO and founder Alexander Ivanov explains:

It’s really important to do this right. Non-Turing complete contracts will cover a large proportion of use cases, including smart accounts and smart tokens. These will be available from the Waves client for all users and will not require any specialist knowledge or expertise.

It’s worth mentioning that the developers at Waves will not fully activate Turing-complete contracts on the platform’s mainnet until all of the aforementioned features have been thoroughly tested and activated.

However, smart contract functionality will be activated on the platform’s testnet on May 3rd — assuming approval of the new code is granted by miners, in accordance with the Waves Feature Activation Protocol. You can find out more about Waves’ smart contracts and their implementation here.

How Will Smart Contracts Benefit Waves?

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

First and foremost, smart contracts will allow for multisignature wallets, which cannot be controlled by simply one person alone. For a transaction to occur, all necessary parties must provide their private keys at the same time.

Secondly, unlike other similar blockchains, Waves smart contracts do not use gas for non-Turing complete smart contracts — which means that fixed costs are always known upfront. Compared to Ethereum, this makes Waves significantly more simplified, efficient, and cost-effective, while still providing essentially the same service.

Waves

Additionally, Waves Tokens are like Waves itself, which means that they are treated exactly the same and are held in your address — while the platform still supports token creation in the core and from the standard Waves wallet. Essentially, this makes life a lot easier for end users. Furthermore, the tokens you create can immediately be distributed and traded on the Waves decentralized exchange, DEX, with no further work.

Atomic swaps will also be added, while smart contracts on Waves will also allow for token freezes — meaning users will be able to introduce parameters which prevent buyers from selling or transferring tokens from their address for a specified amount of time.

Finally, decentralized applications (DApps) which are based on Turing-complete smart contracts will be able to complete complicated processes on the Waves blockchain, meeting a wide range of different criteria.

All things considered, the implementation of smart contracts on the Waves platform is a huge step forward for the already successful project.

Are you excited for the activation of Waves smart contracts on May 3rd? Where do you see the successful platform going in the next few years? Let us know in the comments below!


Images courtesy of Adobe Stock and Waves.

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Led 23

Ethereum’s Market Cap Takes The Number Three Spot

Source: bitcoin

Ethereum’s Market Cap Takes The Number Three Spot

The turing complete token Ethereum has been making strides towards the top spot in cryptocurrency capitalizations. This week the digital currency has bumped Litecoin out of the third position on the coinmarketcap.com list hitting a cap of over $138 million USD.

Also read: Number of Ethereum Nodes Grows Exponentially

The past few months have been active for Ethereum, who has seen development, investment and positive media within its crypto-environment. The built-in turing-complete programming language as a layer configured into the ETH blockchain has intrigued developers and investors. This system is said to enable businesses and ordinary people the ability to construct autonomous organizations, smart contracts, and applications. The tokens currently have an available supply of 76,471,765 ETH and are worth $1.80 USD at press time seeing quite a bit of value increase.   

Recently the tech-giant Microsoft announced earlier last year that they would be using Ethereum with its cloud-based Blockchain-as-a-Service (BaaS) Azure platform. Microsoft included other distributed ledger services within its research and development including Ripple, EmercoinFactom and others. On January 20th R3 CEV the blockchain infrastructure project backed by 42 well-known banks announced its use of Ethereum and Microsoft Azure. IBtimes UK reports that R3 is connecting 11 legacy institutions together with these distributed ledger technologies. The banks included in this venture are Barclays, UBS, Credit Suisse, HSBC, Wells Fargo, Unicredit, Natixis, Commonwealth Bank of Australia, BMO Financial, TD Bank, and the Royal Bank of Scotland. CTO for the Investment Bank at Barclays, Brad Novak explains the protocol is well known saying:

“Ethereum is a well-known open source technology in this space and we also look forward to collaborative experiments using other technologies.”

Since these announcements made by Microsoft Azure and the latest statements made by R3 the Ethereum value has seen quite the gains. January 2016 has seen a lot of trading volume and about a 20% jump in price. However not everyone is on the Ethereum train and see competition coming in the future from camps like Rootstock, Tau Chain, Maidsafe, Counterparty, Bitshares, Coinprism and more. Despite this, the Ethereum community has seen significant development under its hood and many side projects using its protocol.

Devcon1 held last year had shown innovative concepts from teams like Slock.it. The founder of Slock.it Stephan Tual explained the Ethereum Computer with his Medium post showing off the IoT use cases with the ETH protocol. At Devcon1, the device is shown locking and unlocking a simple household doorknob at the event. The summer of 2015 heated up for Ethereum when it was an unknown source said that the project was planned on being experimented with by BNP Paribas, Barclays, and UBS.    

There have been a few in the cryptocurrency community who have said that Ethereum was trying to take Bitcoin’s lunch as it approaches the number three spot on the capitalization totem. However it’s got a long way to go to get near Bitcoin’s 5.8 billion market cap and network effect with thousands of merchants, devices, and software applications. After Mike Hearns announcement that the protocol had failed in his eyes while preparing to join the R3 team, coincidentally coins like Dash and Ethereum had seen a price spike. The price of Bitcoin dropped about 17% immediately after the developers public message. Also reports of an ETH enthusiast spamming people with direct messages via /r/bitcoin saying “Ethereum will defeat Bitcoin” recently spread around the crypto-community after Hearn decided to say farewell. I have also received this reddit message in my private inbox.

The Bitcoin price has jumped back up rebounding shortly after Hearn’s statements and Ethereum has seen quite the value increase moving up its position. Will it be a competitor of Bitcoin or complement the current king of digital currency? Only time will tell as it seems the turing-complete programming language system wants to continue to leave its mark on the landscape of virtual money, IoT and many financial processes.

What do you think about Ethereum’s rise? Let us know in the comments below. 


Images courtesy of Shutterstock, Pixbay, and Wiki Commons 

The post Ethereum’s Market Cap Takes The Number Three Spot appeared first on Bitcoinist.net.

Ethereum’s Market Cap Takes The Number Three Spot

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