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IOTA-based +CityxChange unveils demo tool for automated energy trading

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  • The IOTA based “+CityxChange” released a report yesterday on the “Local DPEB trading market demonstration tool”. 
  • The report describes the design of the fully automated energy trading marketplace.

The IOTA Foundation-led and EU-funded “+CityxChange” project received a “business ready” maturity rating from the European Commission’s Innovation Radar in September 2020. After the start in the “lighthouse cities” Limerick (Ireland) and Trondheim (Norway), the expansion of the project to five more cities was announced.

Now the project group around Klaus Livik (Powel), Stein Danielsen (Powel) and Michele Nati (IOTA) published a new report on a “Demonstration Tool for the Local DPEB Trading Market” yesterday. As CNF reported, the project aims to pilot the concept of a decentralized trading marketplace for energy, where producers and consumers trade energy P2P automatically.

The new report describes the market design for the software trading platform, “which is being developed for the purpose of large-scale operation of the local market.” In the process, the local energy market trading solution was implemented and demonstrated in Trondheim.

The demo tool includes trading operations with local energy resources such as PV, EV chargers (V2G), batteries, heat, flexible load and others”. Regarding the design, Nati et al. explain:

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The software solution is in its kernel operating the local market similar to how trade is executed in the energy wholesale market. The solution is scalable when it comes to number and size of assets. It is also possible to configure the solution to manage multiple local markets.

Sector coupling for local market trade of energy is made possible to be demonstrated because all actual energy assets are metered with smart meters and the heat resources are presented in the local marketplace as a flexible resource/product.

The marketplace is a joint solution between Powel, IOTA and ABB, with the marketplace developed by Powel and responsible for receiving buy and sell offers from all market participants. The latter can register local facilities by using the Powel Algotrader software. The data from the machines is received by the ABB OPTIMAX units installed at each market facility location. The IOTA Tangle is responsible for the integrity of the data.

The verification service was implemented to facilitate the integration of existing infrastructure, including input data, algotrader and marketplace backend functionalities, and to ensure the integrity of data shared across different systems and actors. This makes it possible to increase trust and transparency in a
multi-stakeholders ecosystem thanks to the immutability guaranteed by the IOTA Tangle distributed ledger technologies.

Provided that a registered device reports an energy surplus or demand, the model (e.g. ABB OPTIMAX) automatically generates a supply or demand, respectively. Based on the predefined parameters, the module posts the energy surplus supply or demand using a MAM channel (IOTA Streams) on the Tangle infrastructure.

The source of the released data can thereby control who can access it. A set of standard APIs (Platform to Tangle APIs) then allows any backend optimization algorithm (such as AlgoTrader) to extract the demands and bids, validate the integrity of their source, and automatically match them to maximize a given output.

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Below you can find the full +CityxChange project report on the demo tool.

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Its finally here! IOTA Foundation launches Smart Contracts Beta

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  • The IOTA Foundation has announced the beta release of it Smart Contracts. 
  • The new release comes with a series of interesting features, including zero fees and EVM compatibility.

The IOTA Foundation has announced the release of its IOTA Smart Contracts Beta today, 21st October. The beta release of the Smart Contracts came with a series of other new exciting features. The advantageous features that come with the Smart Contracts Beta include fully programmable smart contracts, interoperability between smart contracts, and low-to-zero fees. Others are choosing programming languages, Ethereum Virtual Machine (EVM) compatibility, and automatically generated and verified boilerplate code. The fully functional Smart Contracts also aims at resolving some current scalability and transaction fee issues in the crypto space.

The newly-released Smart Contracts Beta technology is versatile and interoperable with exceptional features that complement the current standard in the industry set by its predecessors such as Ethereum. It comes with Ethereum Virtual Machine support. Hence, users can choose between three programming languages: Ethereum’s Solidity, Rust, and Go to further incentivize testing. In addition, the release comes with zero-fee smart contracts. This supports the Foundation’s commitment to the two cornerstone principles of this emerging digital economy- interoperability and standardization. 

With the Smart Contracts Beta, IOTA offers users a first-time opportunity to create and execute custom smart contracts on a feeless network. The Smart Contracts allow developers to set their own execution fees. This spurs the possibility of reducing fees, considering that different chains can compete to execute a smart contract. 

IOTA Smart Contracts Beta introduces interoperability and scalability 

Another unique feature of IOTA Smart Contracts is its interoperability and scalability. With this, all Smart Contracts will be able to wrap assets onto the base layer by leveraging native tokenization on the ledger. Hence, all smart contracts and digital assets developed on the IOTA network are fully interoperable with no need for trusted relays. This will allow dApp developers to enjoy powerful new composability. Also, this will introduce more possibilities for users to engage in the ecosystem. 

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Furthermore, the Smart Contracts Beta comes with more amazing features like the Smart Contracts Schema tool. This new feature involves the automatic generation of many of the standard-form sections of smart contracts. Users can now begin to input the functionalities they desire to include into the smart contract that they are writing. With the newly introduced feature, the system will automatically initiate and test the appropriate boilerplate code. According to the IOTA Foundation, the Schema tool is currently working on Go and Rust smart contracts. As time goes on, the functionalities of IOTA Smart Contracts will expand in the future. Also, it will include more convenient features such as automatically-generated client codebase libraries. 

In a statement, the co-founder and chairman of the IOTA Foundation, Dominik Schiener, said: 

We have integrated some of the defining features of IOTA – interoperability, flexibility, feeless transactions – into a smaller contract solution for a new generation that we believe will become industry standard once it is released on the IOTA mainnet.

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IOTA Foundation Announces the Beta Release of IOTA Smart Contracts

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IOTA Foundation has announced the beta release of IOTA smart contracts functionality with a few notable features such as zero fees, improved scalability, and Ethereum interoperability.

IOTA Foundation announced the news in a blog post on Thursday, October 21. According to the announcement, IOTA smart contracts are to address some of the drawbacks of existing solutions like high fees, scalability, interoperability, and limited composability.

According to the team, with its smart contract solution, IOTA aims to launch smart contract blockchain networks on top of IOTA. These smart contract chains will enjoy the security of IOTA’s base layer and scalability provided by Tangle’s DAG architecture.,

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To bring interoperability, IOTA Smart Contracts now supports the Ethereum Virtual Machine (EVM) and any smart contract written in Solidity. The blog post reads:

“While this is an early implementation, it already provides extensive compatibility, bridging the biggest smart contract ecosystem onto IOTA’s feeless base layer. This means that Solidity contracts can easily be ported to IOTA, reducing implementation time and benefitting from the vast ecosystem of Solidity tooling and products available on the market today. This already includes full access to the MetaMask wallet.”

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IOTA smart contract platform will empower developers to set their own IOTA smart contract execution fees. smart-contract chain developers have full flexibility to define their chain and tokenomics. The team believes that this feature will result in several chains competing for work against each other, which in turn will lead to the lowest fees possible to execute a smart contract.

To offer a flexible development environment, IOTA smart contract platform supports Solidity, Rust, and GO (TinyGo). The team released the alpha version of IOTA Smart Contracts Protocol in March 2021 that supported Rust and the WebAssembly framework, providing a development environment similar to Polkadot and NEAR protocol. The addition of Solidity and EVM is new in this beta release.

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About scalability, the blog post reads:

“IOTA Smart Contracts is a sharded smart contract network, where each smart contract chain is limited by its own scalability and is not hindered by the rest of the network.”

As Crypto Economy reported, in April 2021, IOTA underwent a major upgrade, called Chrysalis, that transformed IOTA into a wholly new blockchain in the IOTA community with the new protocol, implementation, and cryptography. The IOTA Smart Contracts beta is currently available on IOTA 2.0 DevNet.

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In the next release, IOTA will be available on the current IOTA mainnet, called Chrysalis, before switching to the fully decentralized IOTA 2.0 protocol, a process called Coordicide. The announcement reads:

“The current IOTA mainnet and the fully decentralized future IOTA 2.0 protocol have some fundamental differences, making it difficult to support both at the same time. Our primary focus is, therefore, to support smart contracts on the current IOTA mainnet using the Hornet node software from now on.”

IOTA Foundation has announced the beta release of IOTA smart contracts functionality with a few notable features such as zero fees, improved scalability, and Ethereum interoperability.

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IOTA Foundation announced the news in a blog post on Thursday, October 21. According to the announcement, IOTA smart contracts are to address some of the drawbacks of existing solutions like high fees, scalability, interoperability, and limited composability.

According to the team, with its smart contract solution, IOTA aims to launch smart contract blockchain networks on top of IOTA. These smart contract chains will enjoy the security of IOTA’s base layer and scalability provided by Tangle’s DAG architecture.,

To bring interoperability, IOTA Smart Contracts now supports the Ethereum Virtual Machine (EVM) and any smart contract written in Solidity. The blog post reads:

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“While this is an early implementation, it already provides extensive compatibility, bridging the biggest smart contract ecosystem onto IOTA’s feeless base layer. This means that Solidity contracts can easily be ported to IOTA, reducing implementation time and benefitting from the vast ecosystem of Solidity tooling and products available on the market today. This already includes full access to the MetaMask wallet.”

iota-logo

IOTA smart contract platform will empower developers to set their own IOTA smart contract execution fees. smart-contract chain developers have full flexibility to define their chain and tokenomics. The team believes that this feature will result in several chains competing for work against each other, which in turn will lead to the lowest fees possible to execute a smart contract.

To offer a flexible development environment, IOTA smart contract platform supports Solidity, Rust, and GO (TinyGo). The team released the alpha version of IOTA Smart Contracts Protocol in March 2021 that supported Rust and the WebAssembly framework, providing a development environment similar to Polkadot and NEAR protocol. The addition of Solidity and EVM is new in this beta release.

About scalability, the blog post reads:

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“IOTA Smart Contracts is a sharded smart contract network, where each smart contract chain is limited by its own scalability and is not hindered by the rest of the network.”

As Crypto Economy reported, in April 2021, IOTA underwent a major upgrade, called Chrysalis, that transformed IOTA into a wholly new blockchain in the IOTA community with the new protocol, implementation, and cryptography. The IOTA Smart Contracts beta is currently available on IOTA 2.0 DevNet.

In the next release, IOTA will be available on the current IOTA mainnet, called Chrysalis, before switching to the fully decentralized IOTA 2.0 protocol, a process called Coordicide. The announcement reads:

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“The current IOTA mainnet and the fully decentralized future IOTA 2.0 protocol have some fundamental differences, making it difficult to support both at the same time. Our primary focus is, therefore, to support smart contracts on the current IOTA mainnet using the Hornet node software from now on.”

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IOTA Feeless Protocol to Mint Native Assets and Smart Assets

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Getting into a match with an NFT that is minted as a unique, verifiable, and secure game ticket . The possibilities of tokenization with native assets is endless.

Whether from rare collectibles to electric cars, football clubs to smart cities, native assets have the power to transform industries and economies.  Also, the capability to transform the concept and exchange of value itself.

When IOTA’s Digital Asset framework is released, digital assets will be even more ubiquitous due to the network’s zero-fee based architecture.

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The most eagerly awaited feature from IOTA is the “Digital Asset Framework.” In IOTA, Layer 1 assets are known as native assets, as they are native to the IOTA mainnet.  Layer 2 assets are known as smart assets, as these exist on the smart contract layer, and have greater programmability.

Minting is the process which facilitates creation of native assets or smart assets. Native asset, native token, smart asset, smart token are all terms interchangeably used to denote token, but for improved clarity, a piece of art work is known as an asset; and coins are referred to as the tokens.

A native asset also known as the “colored coin” is a customized IOTA token works like a digitized token which represents a tamper-proof and finite asset in the real world.

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The term colored coin grew from the idea of issuing real-world assets like real estate on the blockchain. Native tokens can represent any kind of asset or contract.  They are minted by tagging IOTA tokens.  Since they tag IOTA tokens they do not bring down the overall supply of IOTA tokens.

There are no third parties required either for its creation or for storing them digitally. With the IOTA Feeless Protocol, creating native assets is very inexpensive. It is possible to distribute the assets for free on the ledger.

To mint a native asset, users can take a normal IOTA token and assign a unique identity to it when executing a transaction.

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The act of minting native assets happens at the base level of the IOTA ledger where it is secure, traceable, and immutable. IOTA tokens are assigned a particular meaning, by adding a “tag”, basically giving them a name.

At present, one IOTA Token equals one native asset, and the process for transferring the native assets is exactly the same as transferring an IOTA token.

IOTA recently published a blog post on the business ecosystem of IOTA. The blog helps understand the components and frameworks of IOTA.

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