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After the launch of smart contracts in the test network of the Waves blockchain at the end of April, the project team is preparing for the full launch of the tool. Activation of smart contracts in Waves Platform test network is expected on Friday, may 4.

According to the representatives of the platform, having carefully analyzed the work of smart contacts in the Ethereum network, it was decided to implement the releases in stages. In addition, the Commission and the cost of computing power when using smart contracts will be known to users in advance.

As part of the release, community members will be able to take part in testing Turing-incomplete smart contracts. This type of smart contracts significantly diversifies the functionality of accounts on the platform. Turing-complete smart contracts will be launched only after full testing and subsequent release of Turing-incomplete smart contracts in the test network of the platform.

"Turing-incomplete smart contracts allow you to implement almost any user scenarios. This is a universal and convenient tool for business and everyday tasks, whether it is the exchange of tokens placed on different blockchains, or the development of an effective system for managing the joint budget," the Waves message reads.

In addition, representatives of the project say, Turing-incomplete smart contracts are completely safe: the user will simply not be able to make a mistake, so the contract will always work correctly.

"The first release of smart contracts on the Waves platform will expand the account and token management functions. This includes wallets with multipoles, atomic swaps, two-factor authentication, as well as improved mechanisms for the protection token" — said Ilya Smagin, head of Department for development of smart contracts Waves.

In addition, the data transaction function will be implemented, with the help of which Oracle will be able to transfer information to the blockchain.

"It is very important to carry out everything correctly. Turing-incomplete smart contracts open opportunities for the lion's share of user scenarios, including using smart accounts and smart assets. All this will be available to users directly in the Waves client, profile or expert knowledge is not required to work. Compared to alternatives, our smart contracts will be much safer and easier to use," said CEO Waves Alexander Ivanov.

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# Probable cases

The most common use of smart contracts on the Waves platform is likely to be multi-signed accounts. Transactions using such an account will require the approval of two or more users. This is an important security feature: project teams will be able to manage their finances safely without giving them control to a third party. Such accounts will be useful when conducting tokens, because the funds will be securely protected until they are sent.

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Another useful feature is freezing tokens: the user receives the token, but cannot make transactions with it for a certain time. The most obvious application of the freeze token — protective mechanism when carrying out ICO or when payments to contractors.

Finally, with Waves smart accounts, you can effectively manage your funds balance. For example, the user wants his / her account to make regular monthly payments, but at the same time it is required that the account balance is always positive, automatically replenished. Another example-the user sets the maximum allowable amount of balance for one account, and all surpluses in excess of this amount are automatically transferred from it to another account.

We will remind, in March of this year, one of the first projects to be built entirely on the blockchain Waves and using the proposed platform for smart contracts has become a marketplace of trading algorithms Tradingene.



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