A key system update that will begin the process of activating Smart Contracts on the platform’s MainNet, has been announced by decentralised platform Waves, which is offering a complete ecosystem for blockchain developers.

On September 10th, the Waves platform released a new system protocol for its blockchain. This will be the first stage of the launch of Smart Contracts on Waves. The update starts a process of voting for the miners who maintain the network. This process must successfully conclude to activate the new protocol and switch on smart contract functionality for alnetwork users. After reaching the required 80% of the votes, the protocol will be activated a week later. When activation occurs, smart contracts will become available for developers who wish to use them in their projects.

What are Waves Smart Accounts?

The first stage of Waves’ smart contracts launch will bring so-called Smart Accounts to the platform. In simple terms, Smart Accounts are non-Turing complete Smart Contracts: they allow the execution of code on the blockchain, but with deliberate limitations on functionality to avoid unwanted usage scenarios and to increase the reliability of the system.

Smart Accounts will provide the most popular and in-demand features for the crypto community, and will apply to various token operations. The list of features to be deployed includes: Multi-signature wallets, Atomic swaps, Token freezing, Two-Factor Authentication, Whitelist voting, and Data Oracles.

Waves founder and CEO, Sasha Ivanov, commented: ‘We aim to create 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 typical user’s eyes and understand what he needs most. This is the essence of our approach to Smart Accounts. Importantly, it does not requires any “Gas” for execution, unlike Ethereum. The fees will be the same as for a standard transaction within the network.’