On September 10, the team behind Waves announced that they had implemented Smart Contracts on Main Net. The Waves course then rose by 30 percent. However, it will be about two weeks before Smart Contracts are finally launched on the network.
For some time now, Waves users have been able to issue their own tokens on the blockchain, which interested parties can trade on a built-in, decentralized exchange. Like the leasing function, which makes it easy to participate in the proof-of-stake consensus, all these functions are accessible to non-techies via an intuitive graphical user interface. More than a year ago, BTC-ECHO described in detail how you can issue or sell your own token on waves. The other functions also promise good accessibility.
Waves has now announced that the plan to integrate Smart Contracts into the existing system has entered the final phase. The timing could hardly be better: Ethereum is currently being threshed in from all sides and the suitability of the crypto currency for smart contracts is being questioned. However, Waves can position itself as an alternative platform for Smart Contracts. The Waves price responded accordingly: Since the announcement, the price has risen by 30 percent. Although the price has experienced a slight consolidation since then, it still ranks 20 percent above the original price.
Bitcoin news: Secure Processes Instead of Turing Completeness
Unlike Ethereum’s case, the focus is on simplicity. The Bitcoin news team describes their vision of Smart Contracts with “Smart Accounts”. These can be imagined as templates for Bitcoin news, which can quickly be used for various application areas. Technically speaking, these are Turing incomplete Smart Contracts. Users can write simple scripts, but the developers have deliberately not implemented things like their own functions, loops or recursions to exclude them as possible sources of error and attack possibilities.
With the help of smart accounts, various things should be possible: In addition to multi-signature wallets, i.e. wallets managed by several accounts, interested parties should also be able to set up Atomic swaps or oracles. Token issuers can specify a certain time period during which buyers cannot sell these tokens – which can counteract pump-and-dump schemes in the early stages of a project. Finally, whitelist voting should enable users to quickly implement different forms of voting processes on waves.
It will take another two weeks until Bitcoin news can be implemented
With these five core functions, a large part of the interesting Bitcoin news can also be mapped without Turing completeness: Multi-signature wallets allow both two-factor authentication and the opening of a decentralised fund. With the help of Oracle and whitelist voting, prediction markets can be implemented quickly. By freezing tokens, you have a little more security about the price of the tokens when selling them. Things that are currently not realizable on the Bitcoin news blockchain can be realized by Atomic swaps on other blockchains.
The whole thing is to be set up via a user-friendly graphical user interface. The approach fits in with the strategy of high usability pursued so far. Another special feature is that the fees for these smart accounts should be completely predictable. A Waves counterpart to a gas, Ram or bandwidth market is therefore not to be expected.
But before you want to try out the corresponding Smart Contracts right now, there is good reason to talk about the final phase. At least two weeks must elapse before the final release, in which a vote on the new functions takes place. 80 percent of the generated blocks have to agree to the innovation within the electoral period, which lasts 10,000 block cycles or about a week. Only when this is the case can the new feature be activated, which in turn takes another 10,000 block cycles. Anyone who would like to find out more about the technical details behind Waves Smart Contracts should read the white paper.