Waves Breaks into dApps Market Launching Smart Contracts Functionality

News and Analysis

Waves Platform, a decentralized blockchain ecosystem for building Web 3.0 solutions, hits another milestone releasing a major update for the Waves blockchain. Waves Node 1.0 release will bring some powerful and long-awaited new functionality and features to the Waves ecosystem, while activation of RIDE for dApps on mainnet will enable dApps implementation on Waves.

“We’ve been working really hard to come to that point and deliver latest RIDE update, all based on our desire to provide developers with multi-functional and convenient tool to build their own unique decentralized solutions,” said Sasha Ivanov, founder and CEO of Waves.

“Waves ecosystem already has all the necessary elements for development: decentralized repository, possibility for creating oracles, tokenization of tangible and intangible values, and now also for development of full-fledged dApps – stable, censorship resistant, secure and immune to single points of failure. We offer a platform where publication of content would remain unchanged, available for all to see, owned by the original owner and unable to be purchased by a centralized organization.”

According to the blog post, RIDE is the purpose-designed Waves programming language that has better scalability properties than existing approaches, while being written specifically for execution in a blockchain environment and designed for building applications that will form the next generation of the internet. RIDE distinctive features and properties include: protection for developers from mistakes during the development process, potentially saving many hours of resolving bugs; lazy evaluation; predictable computation costs; formal-verification-friendly.

Currently, the dApps segment is valued at $3.2 billion, with the total number of users on the top four platforms close to 800,000 – a 25% increase for the first quarter of 2019. Analysts predict a boom in the dApps segment over the next two to three years.

DApps have the potential to democratize not only storage, trading and betting, but also elections, legislation and other public services and events. Those dApps will be written and launched on existing platforms, whose number runs into a few dozens. However, even the largest and best-known platforms are not yet fully in line with developers’ requirements. The launch of Waves’ smart contracts is set to step up competition between platforms and foster the segment’s expansion.

“Since the release of RIDE for dApps on the Waves testnet, Waves Labs has been working with various developer teams upon building their own blockchain-based applications,” says Vitaly Tsigulev, Head of Business Development at Waves Labs.

“Once Node 1.0 release becomes activated, some of these projects will be released on mainnet to public. One of them, for example, is DAO (decentralized autonomous organization) built on RIDE – an automated, decentralized proposal and voting system that removes manipulation or fraud dilemmas while helping to choose ideas and projects for the Waves Incubator.”

According to Waves, in recent weeks around 500 active users have tested RIDE and dApps on the network’s testnet, generating 40,000 to 50,000 transactions daily. Currently, the average daily load is around 100,000 transactions. Shortly after mainnet release, Waves expects a 30% to 50% increase in network load and a further increase in the longer term, as well as an increase in miners’ revenues.

Among other key features of current Node 1.0 release are:

  • Mathematical functions – logarithms and exponentiation have been added to the RIDE programming language. This allows developers to perform calculations on the Waves blockchain. There are cases when you need to calculate models by formulas – for example, in economic or physical models – and this is now possible with RIDE. One of the use cases for this functionality is implementing a stable coin.
  • NFT – non-fungible tokens (NFTs) can now be issued on the Waves blockchain. With this innovation, the Waves platform becomes much more attractive for tokenization of digital assets, with applications in gaming and for other digital collectibles.

As usual, the update initializes a process of voting for miners on the network. A successful conclusion to the voting process is required to activate the new protocol and switch on smart contracts for network users. After reaching the required 80% of votes, the protocol will be activated a week later. When activation occurs, all these functions will become available for users and developers.

This release also sees a new feature for Waves ecosystem users: DEX fees in assets other than WAVES. According to the company, the Waves community has long requested this feature , and Waves DEX will soon support the ability to pay commissions for any orders with any tokens in ETH and BTC, along with WAVES. When choosing an asset other than WAVES, the fee is calculated based on the current exchange rate on Waves DEX.

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