By
Godfrey Benjamin
August 3rd, 2023
The platform has recently announced the start of a Smart Contract activating process that in a day made traders turn bullish on its native token.
The Waves platform is a global public blockchain-based provider of the most-needed solutions for an account and token control. Alike a vast majority of ecosystems built on the disruptive blockchain technology, the Waves platform utilises its native token to empower the system and underline transactions made between Waves users.
Until now Waves lacks a reliable and immutable verification protocol to confirm that any business activity unrolling between the platform’s members is executed in fair and transparent way. Therefore the platform creators have come up with the update of system protocol enabling the implementation of smart contract on the Waves blockchain.
As soon as the software is renewed and the platform will become ready for smart contract activation, the new protocol is to be put to a vote for the miners on the network. The successful conclusion of the voting process is required to activate the new protocol and switch on smart contracts for network users.
According to the project’s roadmap, the Waves smart contract protocol will come into effect a week after the mining community consensus reaches 80 percent. It will begin with the release of Smart Accounts – non-Turing smart contracts – which will list some popular and in-demand features such as multi-signature wallets, atomic swaps, token freezing, whitelist voting, and data oracles.
Notably that all of this functionality is delivered via the unique new programming language used to implement Waves Smart Accounts: RIDE. The language has a new syntax, specially designed by Waves developers for this purpose. RIDE is optimised for blockchain execution and requires minimal resources for its operation. It has been narrowly specialised to simplify processes for developers and make it easier than ever to create applications on the blockchain.
Moreover, Waves’ new protocol also proposes to offer a viable solution Ethereum’s notorious gas cost problems. In contrast to Ethereum’s smart contracts, Waves’ Smart Accounts do not require any ‘Gas’ for their operation. The network is going to charge a minimum fee that does not exceed a standard transaction fee of 0.001 WAVES levied on the Waves’ current network.
In the announcement Waves founder and CEO Sasha Ivanov stated:
“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.”
No wonder such an abundance of newly introduced features accompanied by budding statements have caused a bullish waves on the crypto-sea. Waves, ranked as the 36th largest cryptocurrency based on reported market capitalization of over 235 million dollars, has recently seen a major boost.
In the course of the last 24 hours, the coin witnessed a sharp spike in its price to $2.56, its highest since late July. Yet the hype revolving around the smart contract activation does not seem to have a long-lasting effect since at the press time the price of Waves is beginning to plummet.
