Developers have been experimenting with decentralized applications, or DApps, since early days of decentralized ledgers. The applications were proposed both as separate blockchains, such as Namecoin [1], Datacoin [2] and several others, and as applications on top of the existing blockchains, like Omni [3] and Counterparty [4]. A big step forward for DApps adoption was made by Ethereum project [5].
General-purpose system created by Buterin, Wood, Wilcke and many others has set the way for explosive growth of other decentralized ecosystems. At the time of writing this paper, market capitalization of Ethereum platform has reached 30 billion USD, while total capitalization of DApps projects was at 3 billion USD. Main direction of DApps development on Ethereum is creating real-world agnostic blockchain contracts. In the same time many industries are experiencing the growing need for easy-to-use blockchain tokens backed by real world.
With this in mind, S. Ivanov created Waves [6], a system focused on providing means to create tokens for anybody without specific technical expertise. Waves Platform presumes that blockchain applications, that are crucial for complex use case scenarios, should be developed as plugins to Waves. This paper describes the principles that allow Ethereum-compatible smart contract system to function as a plugin to Waves. This paper is organized as follows: first we describe the rules by which InPay detects transactions on Waves blockchain that should be processed by InPay contracts system or Phonon; then we observe principles of InPay transaction-based state machine. Finally we briefly describe principles of Phonon system (details are published in a separate paper [7]).
We intend to develop these principles into stable features of InPay due to the fact that the project community is strong and keeps growing, despite having suffered major setbacks that could crumble other projects. Another factor influencing our choice is good distribution among cryptocurrency enthusiasts, that allows to expect steady price growth and avoid speculation and emerging price action followed only by loss of volume and interest.
InPay
