Even though the rest of the market is continuing to experience frustration, WAVES are up and about after releasing a system update, that will allow using Smart Contracts on their Mainnet.
While bitcoin and ethereum are struggling, the price of WAVES jumped over 15% today.
The company released a new system protocol for their blockchain, which will have Smart Contracts. However, they are still not available, since WAVES miners are required to vote, and when 80% or more vote for, then a week later the Smart Contracts will become available.
The CEO of Waves, Sasha Ivanov posted this in his Telegram channel:
The new protocol brings the long-awaited Smart Accounts, which will allow the users to keep multi-signature wallets, meaning that a single person cannot activate a transaction, freeze tokens, commit atomic swaps, direct trading between users of two different cryptocurrencies, and others.
Unlike etereum's smart contracts, the Waves Smart Accounts will not require ‘Gas’, ethereum's inner currency to pay for contracts, to operate. A fee will, of course, be present, but it will not exceed that of a normal transaction fee.
A complete description of the functionality of Smart Accounts is available in the white paper.
WHY IS THIS IMPORTANT?
- This new protocol is introducing some unique feature for the Waves platform, meaning that the Waves community will be able to benefit from the protocol and have a bigger arsenal of possible operations.
- While most of the crypto market is in the red, thanks to this new update WAVES are holding on in the green are and not following suit after the top cryptos.