The Waves development team has announced the addition of smart contracts to their platform, to make it possible for developers to use smart contracts on the Waves network, just like on the Ethereum blockchain, according to a Steemit news release on September 10, 2018.
Waves New System Protocol for Smart Contracts
As stated in the Steemit news release, the Waves platform has released a new protocol that would activate smart contracts on the network.
The miners on the Waves platform are now required to vote either in favor of or against the update.
Once the required 80 percent of votes are gotten, the smart contracts protocol will be activated on the platform a week later, and coders will be able to utilize it in their work.
Waves Smart Account Features
According to the Waves team, the first stage of the smart contracts activation comes with “non-Turing complete smart contracts” called Smart Accounts.
The smart contracts will enable programmers to execute code on the distributed ledger, but will, however, come with restrictions that would maintain its reliability and make it hard for bad actors to use it in wreaking havoc.
Waves have made it clear that Smart Accounts will make the most in-demand features in the DLT and crypto community available on the Waves network, including Multi-signature wallets, Atomic swaps, Token freezing, Whitelist voting, and Data Oracles.
The founder and CEO of Waves, Sasha Ivanov reiterated that:
“We are creating a user-friendly blockchain platform that will be easy for anyone to use. To achieve this we are trying to look at the system through the user’s eyes and understand what they most need. This is the essence of our approach to Smart Accounts.”
The Waves Smart Accounts is developed using the RIDE programming language, a language with new syntaxes created explicitly for smart contracts and makes it easier for developers to build applications on the blockchain.
The Waves team has stated that unlike Ethereum that charges Gas fees for execution of smart contracts, the Smart Accounts doesn’t require any gas.
However, there will be a minimal, entirely predictable fee for the network, like a standard transaction fee of Waves which is currently 0.001 WAVES.
Waves Price Reacts
The positive development is having a bullish effect on the price of Waves tokens, triggering a massive surge from $1.90 to $2.76 before settling around the $2.27 price area at press time, with a market cap of $227.04 million.