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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Čvc 08

Inpay Combines Ethereum Classic and Waves to Deliver a Robust Dual Platform Cryptocurrency

· July 8, 2017 · 1:59 pm

Every blockchain is comprised of a specific underlying consensus algorithm. It is this underlying algorithm that determines the governance and operational processes of a particular blockchain.

[Note: This is a sponsored article.]


No Blockchain is Perfect

Products built on top of blockchain platforms automatically adopt the underlying protocol of such platforms. This explains the reason why not every program can be developed on every blockchain platform, and also why the functions of a particular project determine what platform may be suitable for it to run properly.

Several consensus algorithms currently exist on the blockchain, they include, Proof of Work, Proof of Stake, Proof of Service, Proof of Burn, Proof of Space, etc., all of them claiming to solve the cryptocurrencies/blockchain challenges for decentralized control, low latency, flexible trust, less resource intensive, asymptotic security, etc.

However, it is now widespread knowledge that each of these algorithms has their particular areas of strength and weaknesses. Therefore, it is only normal to find a blockchain that would offer excellent functionality in a particular area but fail to deliver optimally in other areas.

Inpay Blazes a Trail 

Combining blockchains to achieve optimal results based on their specific areas of strength is a development that has been adopted by the creators of Inpay, a cryptocurrency designed to harness the properties of Ethereum Classic and Waves in enabling features such as decentralized voting systems and aliases.

Being the first Ethereum Classic and Waves based platform, Inpay explores the intrinsic qualities of these platforms to achieve a completely decentralized smart contract infrastructure and a decentralized exchange at the same time.

Through Ethereum classic, Inpay is able to explore the completely decentralized infrastructure Smart contracts and dapps which allow the development of many different features of the platform while security is provided by a lot of mining power.

Waves, on the other hand, offers the options to trade InPay vs fiat in a decentralized exchange built into the simple official client that doesn’t require synchronization. This enables the easy addition of assets just by sending tokens to the address.

The future of blockchains

The Future of Blockchains 

Apparently, creating platforms that enable the combination of blockchains will go a long way in solving some persistent problems within the decentralized ecosystem.

Robust platforms like Inpay will indeed offer solutions that cut across security, speed of transaction, efficiency, immutability and a lot more as the blockchain industry continues with its development.

What do you think? Will combining multiple blockchains solve some of the problems plaguing decentralized ecosystems? Let us know in the comments below.


Images courtesy of Pixabay, AdobeStock, Inpay

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Lis 03

Incent Brings Loyalty to the Blockchain With ‘Open Value’

Source: bitcoin

incent

Incent Loyalty, an Australian-based company, wants to tap into the potential of loyalty rewards points through creating a tradable, “open-value” token called Incent, which customers use to gain and trade loyalty points near-instantly and worldwide. While low-cost blockchain technology helps to solidify storage, Incent Loyalty’s consumer facing applications can be personalized to align with the branding of merchant partners.

Also read: AirBitz and WINGS Partnership Secures Future of DAOs

Incent: Tokenizing Loyalty Rewards

To provide an easier customer experience, loyalty values will additionally still be displayed in terms of that particular region’s local currency. Through a partnership with Australian small and medium sized business group Smea, Incent already has access to over 30,000 merchants and has seen interest growing rapidly. With an ICO for Incent ongoing, the company has a growing resource pool to build upon its vision.

Through connecting blockchain to commerce, Incent will encourage use of cryptocurrency among merchants without succumbing to the difficulties of the at times costly and over-crowded Bitcoin blockchain.

Rob Wilson, CEO and co-founder of BitScan and Incent Loyalty, said that he first had the idea for the solution when he saw a plethora of plastic loyalty cards in a purse. Clearly, there was opportunity to rid of the inefficiencies of traditional loyalty programs and implement blockchain technology to unleash a new form of tradable value.

Incent Loyalty has been doing a vast majority of its business digitally, with users most commonly visiting from USA, UK, and Canada. According to the company, this reach demonstrates the global potential of loyalty programs. With early interest from pharmaceutical organizations, retailers, sports betting, and a growing amount of B2B and B2C opportunities emerging, early merchant interest has been considerable. Goals in the future include growing adoption further in brick and mortar stores.

With an estimated worth of the current US loyalty-rewards industry at $65Bn and with projections out to 2020 see this building to $100Bn, opportunity in the space remains immense.

“Currently, the points or ‘currency’ for these programs (such as air miles or loyalty points) are locked up in individual silos per store or consortia, while overhead costs remain from tracking, producing, and managing the plastic card accounts and internal databases,” Mr. Wilson remarked.

Incent is helping to prove that Blockchain technology indeed does lower costs and put forth a more appealing proposition for both retailers and customers looking to interface with cryptocurrency, for a cause we can all relate to.

The Incent token will have a finite supply. Its value at the point of sale will be determined by the open market. By incorporating such a program, merchants can elect to allow this value to be exchanged and spent outside of their walled garden. Cross-partnerships between merchants will enable for promotions and sales or usage of coupons to occur directly within the application. Moreover, customers will be able to cash out at any store through wireless technology built into their mobile handset.

Built upon the Waves, a robust blockchain platform, Incent will provide a friendly user experience for both merchants and customers while using the distributed network for infrastructural purposes. Incent already had a connection with the Waves team, and trusted Waves’ technology stack to help them realize a sound, background-operating blockchain backend. Waves’ Proof-of-Stake (POS) blockchain enables for increased scalability and speed.

Waves’ gateways in and out of fiat and options to incorporate trading for newly minted ICOs will allow the value of Incent to open up worldwide. As APIs for Incent develop, plugins will help the concept scale even further. By providing statistics and data to merchants, blockchains technology is being utilized in a new way to unleash value while improving a merchant’s brand and customer base.

What are your thoughts on the potential for use of loyalty points on blockchain technology? Share your thoughts in the comments below!


Images courtesy of Incent.

The post Incent Brings Loyalty to the Blockchain With ‘Open Value’ appeared first on Bitcoinist.net.

Incent Brings Loyalty to the Blockchain With ‘Open Value’

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