Waves Crypto Platform Integrates New System Protocol
A crypto platform Waves has launched a new protocol for their blockchain that will assist in further application of smart contracts, according to the post on the company’s Twitter account.
We are happy to announce that our #smartcontracts launch process on MainNet has officially started: https://t.co/hlQoz97LqR— Waves Platform (@wavesplatform) September 10, 2018
It's just the beginning, folks — the start of many wonderful things that will be happening in the #Waves ecosystem in the future!#Blockchain $WAVES pic.twitter.com/vFdYPeQi7L
Miners will have an opportunity to vote on the network. Their voting is necessary for the procedure of new protocol activation, and by doing so, users will get access to smart contracts. Upon accumulation of 80% of the required votes, the protocol will be activated in a week and developers will, in turn, utilize smart contracts in their operations.
At the incipient stage of the smart contract application, smart accounts will be integrated into the Waves blockchain. In essence, they are non-Turing complete smart contracts with the help of which a code with limited functions is run. This restriction will make it possible to avoid undesirable actions on blockchain and increase its reliability. The Waves specialists notify its users that they are trying to put away complex structures if it is impossible to foresee the consequences of their application in advance.
Smart accounts allow to perform various activities with tokens. The spectre includes wallets with multiple signatures, atomic swaps, token freezing or transfers, whitelist voting, etc.
Waves creates a convenient user-friendly blockchain. To meet the set targets, the company's specialists strive to put themselves into users’ shoes and find out what they basically require. This is the essence of the approach to smart accounts, Sasha Ivanov, the founder of Waves, stated. In future, the company will begin to implement Turing-complete smart contracts.
The market reacted to the launch of the new protocol with a surge in price of the Waves cryptocurrency. On Monday, September 10, the price of WAVES increased by 25.6% within an hour. According to CoinMarketCap, on September 11, 07:40 (UTC), WAVES is valued at $2.56, and its market cap is $255.9 million.
As previously reported, the software update is released for the Litecoin network.