A Careful and Considered Approach to Smart Contracts
On Saturday, April 28th, Waves officially launched smart contracts on the platform’s testnet.
This first release effectively allows community members to test non-Turing complete contracts. These smart contracts allow for a variety of account controls, in addition to other functionalities. Ilya Smagin, Head of Development for Smart Contracts at Waves, commented:
Waves smart contracts will initially include account and token controls, providing functionality for implementing the most-needed scenarios like multisignature wallets, atomic swaps, 2-factor authorization, as well as more elaborate protections for coins. We’ll also introduce a Data Transaction: a way to post Oracle data to the blockchain, of course, available from within our smart contracts code.
Waves notably took its time in implementing smart contracts, having first thoroughly analyzed Ethereum’s smart contracts before taking a careful and considerate approach to their actual implementation — utilizing a phased rollout, predictable computation overheads, and fixed fees. Waves CEO and founder Alexander Ivanov explains:
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.
It’s worth mentioning that the developers at Waves will not fully activate Turing-complete contracts on the platform’s mainnet until all of the aforementioned features have been thoroughly tested and activated.
However, smart contract functionality will be activated on the platform’s testnet on May 3rd — assuming approval of the new code is granted by miners, in accordance with the Waves Feature Activation Protocol. You can find out more about Waves’ smart contracts and their implementation here…
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