Waves Brings the Heat to Ethereum and EOS with Smart Contracts

Waves (WAVES) has finally added functionality for smart contracts to its network, deployable through the RIDE programming language. This will enable global developers to harness and utilize a fully-powered decentralized ecosystem to build dApps, as per a press release, June 25, 2019.

More Focus on Smart Contracts

The decentralized network launched by Alexander Ivanov is a part of the company’s vision to build a blockchain ecosystem as a Web 3.0 solution. Waves claims that it’s offering has many merits relative to existing smart contract-enabled networks like Ethereum, EOS, and TRON.

The main advantage is a developer-friendly coding language called RIDE, which helps users avoid mistakes through lazy evaluation and formal verification. The network requires no gas, offers flat fees for transactions, and claims to have a much better model for achieving scalability.

While the fees and gas merits cannot be debated, only time will tell if the Waves scaling model is genuinely superior to what is being planned for Ethereum.

Alexander Ivanov, CEO of Waves, believes RIDE alone has the potential to attract a large number of developers from within the blockchain ecosystem and from the traditional side as well.

On the subject of decentralization, dApps are considered to be at the forefront of future functionality. Many competitors may exist, but users looking for the best value for their money and time will most definitely choose the superior platform.

Waves believe they have set themselves apart from their competitors by releasing implementations for problems that haven’t been solved by other projects yet. In short, if all this holds, it would mean blockchain developers will see a cheaper and more convenient process than ever before. That alone should be enough to propel Waves to the top of the decentralized ecosystem.

The Potential of dApps

Currently, the dApp market is valued at about $3.2 billion, with about 800,000 users in total. Analysts are predicting a significant boom in both usage and development of dApps within the next two years.

The defining feature of dApps is their potential to bring equality to not only storage and financial services, but also public services and legislation.

The most successful dApps will come from the platform that can incentivize users and developers to join and build on their network. With 664,074 active users on their platform, Waves believes they will become a driving force in the industry and help create the dApp boom that many have been waiting for.