After launching smart contracts on a test network blockchain Waves at the end of April the project team is preparing for the full launch of the tool. Activation smart contracts in the core network Platform Waves expected on Friday, may 4, at about 13:00 UTC (16:00 GMT).
According to representatives of the platform, carefully analyzing the work smart contacts in Ethereum, it was decided to carry out releases in stages. In addition, the Commission and the cost of computing power when using smart contracts will be known to users in advance.
In the framework of the release of the members of the community can participate in testing Turing-incomplete smart contracts. This kind of smart contracts to diversify the functionality of the accounts on the platform. Turing-complete smart contracts are launched only after thorough testing and subsequent release of the Turing-incomplete smart contracts on the main network of the platform.
“Turing-incomplete smart contracts allow to implement almost any custom scripts. It is a versatile and convenient tool for business and everyday tasks, whether it be the exchange of tokens that are hosted on different blockchains, or development of an effective management system joint budget”, — stated in the message Waves.
In addition, according to representatives of the project, Turing-incomplete smart contracts are completely safe: the user simply cannot make a mistake, so the contract will always work correctly.
“The first release of smart contracts on the platform, the Waves will expand the functions for managing accounts and tokens. This includes wallets with multipoles, atomic swaps, two-factor authentication, as well as advanced protection mechanisms token”, — said Ilya Smagin, head of Department for development of smart contracts Waves.
In addition, it will be introduced the function of the transaction data with which the oracles can transmit information to the blockchain.
“It is very important to implement everything correctly. Turing-incomplete smart contracts offer opportunities to implement the lion’s share of user scenarios, including using a smart accounts and smart assets. All will be available to users in the client Waves, specialized or expert knowledge to operate is not required. Compared to alternatives, our smart contracts will be much safer and easier to use,” said Waves CEO Alexander Ivanov.
The most common use case of smart contracts on the platform Waves are likely to be accounts with multipoles. For transactions using this account will require the approval of two or more users. This important feature from a security point of view: the project team will be able to safely manage their finances, without transferring control over them to a third party. These accounts will be useful in conducting tomenselo, because the funds will be protected before sending them out.
Another useful feature is the freeze token: user gets the token, but can’t produce a transaction with him for some time. The most obvious application of the freeze token — protective mechanism when carrying out ICO or when payments to contractors.
Finally, with the help of smart-accounts Waves can effectively manage the balance. For example, a user wants from his / her account was carried out monthly regular payment, but this requires that the account balance was always positive, automatically replenished. Another example, the user places the maximum amount of balance for one account, and any surplus over this amount automatically transferred with it on a different account.
We will remind, in March of this year, one of the first projects to be built entirely on the blockchain Waves and using the proposed platform for smart contracts has become a marketplace of trading algorithms Tradingene.