Waves (WAVES), ranked as the 36th largest cryptocurrency in the market due to its market capitalization of over 235 million dollars and counting, has recently seen a major boost in the market thanks to the news about the new updates to the Waves mainnet.
The team behind WAVES announced on September 10th that the team is ready to activate smart contracts on their mainnet, that way entering a new era of decentralized networking, furthermore stating that “this is only the beginning”.
In the course of the last 24 hours, Waves has seen a major increase of 22%, making it one of the top gainers of the day, so it appears that the hype revolving around the smart contract activation is paying off in the market.
Waves Team Announce Smart Contract Activation
Waves showed some amazing progress in the market against the dollar once the hype around the smart contract activation started off with the announcement provided by the team.
Although smart contract operations are yet to be activated on the Waves mainnet, the hype has pushed WAVES up against the dollar by 33% on September 10th when the announcement was officially released, followed up with 22% of gains on September 11th, as investors seem to be gaining more interest in this crypto.
The team stated in their official post on Steemit that the first update to the system that should start the process of activating smart contract operations of Waves mainnet has been released, which adds more potential to the project in general.
The new system protocol is created and designed to enable smart contract implementation that way allowing a process of voting that miners can use on the Waves mainnet.
The voting process once concluded successfully, will indicate the activation of a new protocol that will enable smart contract integration for WAVES users.
However, in order for the protocol to become active, there should be at least 80% of votes within the system, as the activation of smart contract operations should then become active a week later after the votes have been collected.
Once the votes have reached 80% and the smart contract operations are activated, all developers can use smart contracts in order to create and deploy their projects through the Waves platform, which should definitely raise the bar for this blockchain project.
Waves Smart Contract Operations Driven by RIDE
Smart contract operations were first 9ntroduced with Ethereum project and have proven to be a functional and efficient way of creating any type of contract to address various values.
Although Waves will be adding smart contracts to its platform, these operations will be different than on Ethereum, with the idea of providing more functionality to smart contract technology.
That is how the team decided to go for a new programming language, RIDE, also creating Smart Contract Accounts, which are made to be deliberately limited, allowing smart contract execution but limiting some functions in order to avoid bugs and increase the overall reliability of the system.
Smart Accounts made by Waves are thus said to be able to provide various use case scenarios for numerous token operations, including atomic swaps, token freezing, multi-signature wallets, data oracles and whitelist voting for easy implementation of the voting process to the network.
The CEO and founder of Waves blockchain, Sasha Ivanov, stated that the team is doing their best to meet the requirements of users by trying to observe the network through the eyes of an average user, that way creating a user-friendly blockchain ecosystem that anyone can use.
Moreover, the team added that unlike Ethereum smart contracts, Waves Smart Accounts won’t require a use of GAS tokens but will instead take a minor fee; much like it is the case when making transactions via blockchain, stating that the fee will be low and predictable.
Waves in the Market
The Smart Accounts introduced a day ago by the team Waves have indicated a smooth wave of gains for this crypto as it managed to climb up by 33% in a single day on September 10th, going further with increases on September 11th as well.
With the recent change in the market, WAVES is seen up by 22% against the dollar in the last 24 hours, being traded at the price of 2.36$ per one Waves unit.
In case the standard of Smart Accounts turns out to be a perfect match to the existing hype, Waves might get additional price boosts in the market unless there is a major selloff taking place for scoring profits from the latest gains.