Waves Breaks into dApps Market, Launching Smart Contracts Functionality

Information Technology Press Releases Tuesday June 25, 2019 16:00
ZUG, Switzerland--25 Jun--PRNewswire/InfoQuest
  • A long-awaited new addition has arrived in the smart contracts and dApps segment

Waves Platform, a decentralised blockchain ecosystem for building Web 3.0 solutions, is releasing its purpose-designed programming language RIDE on mainnet – enabling global developers to create fully-fledged decentralised applications on the Waves blockchain.

Innovative solution

Waves claims that its solution has advantages over existing alternatives, including the most popular platforms: Ethereum, EOS and TRON. These advantages include the developer-friendly RIDE programming language, which helps users avoid mistakes in the coding process: lazy evaluation, formal verification, no gas requirements, flat fees for transactions and better scalability properties.

Alexander Ivanov , Waves founder and CEO, believes that the RIDE release will attract a large number of developers to the platform, both from competing blockchains and from outside the blockchain space.

"DApps are considered to be the future of the decentralised world and a platform that stays ahead in this battle will rise at the top," he comments. "We aspire to be at the top because we build original solutions that have never been released before, and take into account the problems of implementations that are already available in the market."

"For blockchain developers, this means a cheaper and more convenient coding process than ever before, while those from outside the blockchain segment will see the entry threshold substantially lowered and new opportunities arrive," he adds.

According to Waves, in recent weeks around 500 active users have tested RIDE and dApps on the network's testnet, generating 40,000 to 50,000 transactions daily. Currently, the average daily load is around 90,000 transactions. Shortly after mainnet release, Waves expects a 30% to 50% increase in network load and a further increase in the longer term, as well as an increase in miners' revenues.

Impact on the segment

Currently, the dApps segment is valued at $3.2 billion, with the total number of users on the top four platforms close to 800,000 – a 25% increase for the first quarter of 2019. Analysts predict a boom in the dApps segment over the next two to three years.

DApps have the potential to democratise not only storage, trading and betting, but also elections, legislation and other public services and events.
Those dApps will be written and launched on existing platforms, whose number runs into a few dozens. However, even the largest and best-known platforms are not yet fully in line with developers' requirements.
The launch of Waves' smart contracts is set to step up competition between platforms and foster the segment's expansion.

Waves Platform was founded in 2016 with a team of 10 developers after raising $16 million in investment. The company has 180 employees in Moscow, Amsterdam and Zug currently. There are 664,074 active users (+120% year-on-year for 2019/2018) that provide 100,861 transactions on average daily (according to blocktivity.info).

Waves is the technological basis of the Vostok project, which attracted $120 million in investment in December 2018 to develop a private blockchain for the corporate and public sectors.
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