Waves Rises By 33% After Introducing Smart ContractsSep 11, 2018, 10:19AM
Waves has introduced smart contracts, resulting in a surge in the token's market price. Can it maintain its performance?
Waves has experienced a boost with the token's price increasing by 33% in a single day. The price rally has given the coin a market cap of approximately $189 million, making Waves the token with the 36th highest market cap. The surge in price is likely due to the fact that Waves has initiated a major update that adds support for smart contracts.
Although the update is currently in the voting process, it is almost certain that smart contracts will be added to Waves within a week. Smart contracts are the defining feature of many recent blockchains, including Ethereum and EOS. It is clear that smart contracts are now an essential blockchain feature, as they allow for automated transactions and the construction of dApps.
Waves' smart contracts, however, are somewhat unique. Initially, the platform will offer "smart accounts" that restrict what developers can do. The platform's limited programming features will, ideally, prevent unexpected complications:
[Smart accounts] allow the execution of code on the blockchain, but with deliberate limitations on functionality to avoid unwanted usage scenarios and to increase the reliability of the system. / CryptoNinjas
Smart contracts are an indispensable feature, but several blockchains function without them. Most, if not all, blockchains developed prior to Ethereum had no built-in capacity for smart contracts: Bitcoin smart contracts, for example, rely on side chains. Some recent blockchains also lack smart contracts: until Qubic is implemented, IOTA will lack smart contracts due to its complexity and novelty.
In any case, the update and price surge are good for the Waves platform: after mostly unfounded rumors of bankruptcy in May, the platform experienced a smaller price rally in June, making this the second significant surge in just a few months.
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