Waves Platform Smart Contracts Launched on Testnet

News and Analysis

Waves, a blockchain-based token creation platform, has launched smart contracts on the Waves Testnet.

According to the blog post, the first release of smart contracts will focus on account controls, making Waves more secure, powerful and flexible.

Waves had a successful ICO in 2016 raising $16 million at that time.

The first iteration of smart contracts was released on April 28th with the activation expected to occur around May 3rd.

“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,” said Waves CEO and founder Alexander Ivanov.

The Waves smart contracts will include account and token controls, which will provide functionality to implement features like multisig-wallets, atomic swaps, and 2FA-authorization.

The Waves team also plans to introduce what they call “Data Transactions”, a way to post Oracle data to the blockchain within the smart contract code.

The project insists these are just some of the account controls that will be available based on the first iteration of Waves smart contracts. Many further use cases are expected to be developed, with more sophisticated logic possible with the release of Turing complete contracts.

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