Waves, a blockchain-based token creation platform, announced its launch of smart contracts on the Waves Testnet.
Waves had a successful ICO in June 2016 raising over $16 million and has been a relatively early player in the development of the cryptocurrency ecosystem. The platform is largely credited with simplifying the launch of new tokens. With the addition of smart contracts, Waves is seeking to provide more value to the 13,500 tokens created by Waves users, while also attempting to lure more cryptocurrency entrepreneurs into the space.
The first iteration of smart contracts was released on April 28th with the activation expected to occur around May 3rd.
The Waves smart contracts will include account and token controls, which will provide functionality to implement features such as multi-signature wallets, atomic swaps, 2-factor authorization. The team also plans to introduce what they call “Data Transactions”, a way to post Oracle data to the blockchain all within the smart contract code.
It’s really important to do this right. Non-Turing complete contracts will cover a large proportion of use cases, including smart accounts and smart tokens. These will be available from the Waves client for all users and will not require any specialist knowledge or expertise.
– Waves CEO and Founder Alexander Ivanov
After the above features have been tested, the Waves team plans to activate them on the mainnet with fully Turing-complete contracts.