Blockchain startup Waves has introduced an upgrade to its blockchain that enables decentralized applications (dApps) on the platform. The development was announced in a blog post published on June 25.

The company has introduced a major update for its blockchain dubbed Waves Node 1.0, and released the mainnet of RIDE, that will purportedly allow the implementation of dApps on Waves.

The firm claims in the post that new mathematical functions of RIDE will enable developers to perform calculations on the Waves blockchain necessary for real use cases like implementing an algorithmic stablecoin.

Commenting on the new implementations, Sasha Ivanov, founder and CEO of Waves, told Cointelegraph:

"I do believe that one of the main obstacles for mass development of decentralised solutions on existing platforms is unpredictable final cost of transactions due to gas. As for the Waves, all transaction fees in our blockchain are fixed and immutable. 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..."

Additionally, Waves has introduced an alternative to the REST API, a mechanism for standard description of interfaces and data formats. The new interface is designed to reduce development time. The upgrade will also allow the issuance of non-fungible tokens on the Waves blockchain.

As reported, Waves raised $120 million in a private funding round for its new project called Vostok last December. The product is designed to help the Waves Platform to develop new technologies such as artificial intelligence, Internet of Things, and blockchain in order to “support a truly open and decentralised web.”