Waves Platform Greenlights Smart Contract System, New Features
This week, the Waves Platform announced they’ve begun the activation process for launching smart contract support. The evolution will see Waves supporting a number of other useful features, like atomic swaps and multi-signature wallets.
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Riding the Waves
Waves is an Ethereum competitor of sorts that aims to offer low fees and high transactions speeds on its blockchain. Since first appearing on trading charts in June 2016, its price has generally held stable for most of the past two years, though the coin saw an all-time high during the December bull run to over $17 USD each. The asset started out in the $1 range and is currently sitting at just over $2 amid 2018’s bearish cryptoeconomy.
Waves has seen some traction as a platform for launching tokens, one of Ethereum’s heavyweight use cases. It does not require gas in the same way that Ethereum does, however. Instead, it uses a flat fee structure that is easier to predict.
While Ethereum boasts Turing complete smart contracts, Waves is going in a different direction. Specifically, the new system is intentionally launching non-Turing complete smart contracts.
— Waves Platform (@wavesplatform) September 10, 2018
According to the official announcement, the Waves system will “allow the execution of code on the blockchain, but with deliberate limitations on functionality to avoid unwanted usage scenarios and to increase the reliability of the system.”
The post further elaborated on this point, citing a few specific coding methods that will not be allowed. For instance, functions, recursions, and “loops of indefinite nesting” will not be allowed. They team explained their smart contracts will only execute code that can be completed in what they call a definite number of steps. In the simplest terms, code cannot be put onto the platform that could potentially run indefinitely and consume resources or create potential issues.
With this new activation will come the feature of “Smart Accounts,” which will “provide the most popular and in-demand features,” essentially designed to streamline how digital wallets are used. The feature will rely on an entirely new language known as RIDE. While details are still slim, will reportedly be easy to use. It will also “[require] minimal resources for its operation.”
Bring on the Features
While the code may be intentionally limited, a number of new functions will be hitting the Waves platform soon. According to the official release, some of the new features include multi-signature wallets, atomic swaps, token freezing, whitelist voting, and data oracles.
Multi-signature wallets have become a standard for those in need of high security as these wallets significantly reduce the risk of hacking. Other features like atomic swaps have also garnered huge amounts of interest as of late in the space, as they could represent a way to make centralized exchanges obsolete.
Data oracles are also something that could greatly shift what the Waves platform is capable of. A data oracle is essentially an information source that is made available to applications that run on a blockchain platform, i.e. a link between off-chain and on-chain data. For example, someone could set up a weather station and connect it as a data oracle.
If app developers decide to trust the oracle, then they could program contracts that would respond to it. Using the example of a weather station, a prediction market could allow bets to be placed on what the weather will be like where the oracle weather station is located on a certain date. The outcome of that bet could be verified on the blockchain and funds could be released to the winners automatically.
That is, a course, just an overly simplistic example of the power of data oracles. Other similar platforms do have data oracles, but their addition to Waves could be a boon to the platform.
Market Sentiment Positive
Following the announcement yesterday, the WAVES price increased from $2.00 up to $2.53 in an acute spike This movement has since cooled off. Prices still stand higher than the current on-the-week average of $2, hovering at $2.20 at press time.
Does this mean it’s all sunshine and rainbows for the Waves Platform? A recent report released by the Satis Group suggested that a number of Ethereum competitors could suffer in the short term, so perhaps not for now. However, the report singled out Waves, projecting a potential 200 percent upside for the crypto by the year 2028.
Specifically, the report predicted the price of each WAVES coin to be $7 each in 2028. The report also predicted that Waves would only represent less than 1 percent of the total market cap of crypto smart contract platforms.
Regardless of what the future may hold, it seems Waves and its development team have put a lot of effort into this latest release. Bitsonline will continue to track the platform as it evolves.
What’s your take? Who do you think will be the top smart contract platforms in 5 years? 10? 50? Let us know in the comments below.
Images via Pixabay, Satis Group