Waves is a blockchain project that allows anybody to create their own tokens without any knowledge of programming. The project also includes a decentralized exchange for crypto trading. Waves is a smart contract platform like Ethereum, but it has limited functionality to make it better suited for everyday people.
Learn more about Waves in our article “What is Waves?”.
Waves Client Updates
In our last update on Waves, we saw the functions and features of the new Waves Client V1.0. Since then, there have been significant additions and progress made on the platform. Now, Waves users can participate in the ERC-20 token voting through the Waves Desktop Client. This is made possible by the update of the Waves Client, enabling authorization via the Desktop Client.
On September 5, Waves announced an integration with Ledger. This means that Waves tokens can now be stored in the Ledger Nano S hardware wallet. Users will be able to carry out transactions on the Waves Client from the hardware wallet.
The Ledger wallet can also be used to sign transactions on the Waves DEX, ensuring a high level of security for users. Furthermore, Waves would be working towards adding 2-Factor Authentication to further boost its security.
Waves has partnered with Cold Storage Coins, which offers a secure offline storage of cryptocurrencies. They were the first hardware wallet to support Waves by giving Waves its own unique hardware product.
This hardware wallet has some desirable characteristics; it is flood and corrosion-proof, and house-fire safe because it is made from noble metals. It is safe from electronic malfunction, and also your wallet address and private key are permanently marked on the surface of the coin using the QR code.
The hardware is accompanied by a fingerprint-scanning app, making it accessible by the owner only.
The Waves iOS app boasts a new user interface that makes it more attractive and easy to use. The fresh look can be seen in this video:
A new project was launched in the Waves ecosystem known as the Waves Keeper. It is a browser extension that will enable users to sign transactions on third-party websites without disclosing their keys. It would be a product similar to Metamask (for Ethereum).
Smart Contract Activation on the Waves Mainnet
On September 10, Waves announced the release of a system update that will begin the process of smart contract activation on the mainnet.
The update signifies the start of voting by the Waves community to access the proposed features. An 80% vote is required for the activation of the new system protocol that will enable smart contracts on the mainnet. The function will be available when the activation occurs.
The first phase of the Waves Smart Contract will be different from that of Ethereum. It introduces what is known as Smart Accounts.
Smart Accounts are smart contracts that allow the execution of code on the blockchain but limit functionality to make it more predictable and reliable (in other words, non-Turing complete). Features deployed by Smart Accounts include multisig wallets, atomic swaps, token freezing, whitelist voting, and data oracles.
The programming language used to implement these functions is known as RIDE. RIDE is a language specially designed for blockchain execution, making it simple, easy, and cheap to create applications on the blockchain.
The Smart Account would not require a gas fee. Instead, it would have a standard transaction fee which would be minimal and predictable.
After successful implementation of the first phase, Waves will begin looking into Turing-complete smart contracts (which will enable much broader features).
After a community voting, the Bancor token (BNT) will be the first ERC-20 token to be listed on the Waves DEX.
Waves currently has over 250 nodes, and they are all run by the community. It is now creating a new program to incentivize the community to create new full nodes. This is known as the Community Nodes Program.
Finally, the Waves Summer Roadshow ended in a Moscow event, as described in this tweet:
It's been a lovely evening so far at Imperial Moscow River Yacht Club, where @sasha35625 talks about applications of #blockchain in everyday life. Watch this space for the recap video – we hope to have it online tomorrow pic.twitter.com/bA5RYWU8Qv
— Binary District (@BinaryDistrict) August 16, 2018
The total number of tokens created on the Waves platform as of the end of August 2018 is 17,921. The total number of active wallets is about 819,000. Waves continues to show great potential for mainstream adoption as it continues with its mission of bringing the benefits of the blockchain to everyday people.