On the Waves blockchain, smart contracts are the accounts and the assets which have assigned Ride scripts.
A single transaction's scripts can only have so much complexity. These restrictions allow Waves to maintain high blockchain throughput while retaining low and predictable script execution fees. Smart contracts using Waves don't have an internal state. An alternative is a key-value data store. Using data transactions, each Waves account can make changes to, or even remove, records from its storage.
There are a bunch of decent tools out there that offer the same array of services as Waves. And it can sure get confusing to choose the best from the lot. Luckily, we've got you covered with our curated lists of alternative tools to suit your unique work needs, complete with features and pricing.