Waves Platform Launches Support for Smart Assets and Smart Accounts
Posted On March 23, 2021
How to create a smart contract on Waves Platform – Part 1: Creating a smart asset
The developers of the Waves cryptocurrency platform announced the addition of smart asset and smart account functions to the main network, which significantly expand the management and control of operations..
A smart asset is a token with a fixed script that determines the conditions for the implementation of each transaction. The user can independently set and change the validation base for each asset. Before being added to the blockchain, the embedded script checks the compliance of the transaction with the specified conditions and, if they are not met, rejects its record.
The function can be used to freeze funds until a certain point, add addresses to black and white lists, create multi-signature payments, manage commissions and control exchange transactions. Conditions can only be added to tokens issued after the upgrade. Initially, they can be created «clean», and then supplemented with a script that can be repeatedly adjusted or disabled. Such operations can only be carried out by the issuer.
Smart accounts are actually Turing incomplete smart contracts and use the same approach to tokens as smart assets. They also provide for the fulfillment of predetermined conditions, but with some restrictions, which, by according to the developers, improves reliability and avoids unwanted scenarios.
Smart accounts open up opportunities for atomic swaps and two-factor authentication, creating multisig accounts and data oracles, and conducting voting and asset freezing.
It took about a month to test the new features on the testnet. In addition to smart assets and smart accounts, as a result of the update, other improvements were made, fixes.
Innovations stimulated the growth of interest in cryptocurrency, therefore, despite the market downturn, price WAVES in the last 24 hours increased on 9% and at the time of writing is $ 2.42.
Recall that popular blockchain platform Ethereum is also expecting a major upgrade that should take place in mid-January.