Waves make a splash with their new smart contracts
The project is already well known for being a one stop shop for token creation. With literally the push of a few buttons anyone can create a token using the Waves platform and then deploy it onto their decentralized exchange (DEX). All of this can be done right inside their wallet.
The name for the Waves Smart Contracts programming language has been chosen: it’s RIDEON. Beautiful!#WavesPlatform #WavesSmartContracts #SmartContracts #Blockchain #Cryptocurrency #Fintech $Waves pic.twitter.com/VMsytgQMFc
— Waves Platform (@wavesplatform) March 2, 2018
The Waves platform has many other interesting features built right into their platform like staking, which allows users to earn dividends related to the amount of Waves tokens staked. With the new addition of smart contracts Waves is positioning itself to be a leader amongst the different blockchain platforms.
Smart contracts and how they work?
A smart contract is a way for a developer to add functionality to an existing blockchain. A good way to think of it is to compare it to your smartphone. A smartphone has a limited functionality but you can download many different apps which increase and change its functionality to better suit your needs.
‘It’s really important to do this right. Non-Turing complete contracts will cover a large proportion of use cases, including smart accounts and smart tokens. These will be available from the Waves client for all users and will not require any specialist knowledge or expertise. Waves smart contracts will be much more user-friendly and safer to use, compared to alternatives’, — Waves CEO and founder Sasha Ivanov said in a recent Medium post.
A developer can now think “I like Waves but I want my token to be able to do X thing,” and then sit down and code it into their decentralized application.
Here is a great video explaining, in great detail, how Waves smart contracts work. (Video courtesy of Dallas Rushing)
Smart contract use cases
One use case for smart contracts will be the ability to create multisignature wallets, which require two or more users to approve a transaction before a transfer is made. Mulitsignature wallets greatly increase security and make it possible for teams to manage their own finances securely, without one individual controlling all of the funds.
Another useful application is token freezing, which involves sending tokens to a user while ensuring they remain non-transferable for a period of time. For example, when someone buys a large portion of an ICO they may be contractually obligated to hold the assets for a given period of time.
Waves roadmap for 2018 and beyond
Waves are off to a great start so far in 2018, but they plan to add many other features to their blockchain platform as well.
Atomic Swaps are also planned for Q2 of 2018. This feature will allow users to perform across chain swaps from one currency to another, a huge feature that many platforms are working towards. In ways, atomic swaps may be the biggest thing to hit cryptocurrency this year.
We are excited to see what other innovations the team at Waves come up with next.