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IOTA co-founder Dominik Schiener acquires a 10% stake in German credX AG

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  • IOTA Foundation co-founder Dominik Schiener is investing in German fintech startup credX.
  • Schiener will support credX’s strategic development and the launch of innovative financial instruments, such as securities tokens.

Dominik Schiener, co-founder of the IOTA Foundation, continues to expand his influence on the next generation of digital infrastructure. Having already invested in Xayn, a startup for an Artificial Intelligence-based and privacy-oriented web search and web browser in 2019, it became public today that he has acquired 10% in credX AG.

The fintech startup is developing a B2B commercial financing platform that already makes traditional financing more efficient through its web- and data-driven processes and technologies. With Dominik Schiener on board, the startup aims to leverage the distributed ledger technology, the Internet of Things (IoT) and artificial intelligence (AI) to expand the base of B2B financing applications.

According to a press release available to CNF, Schiener and the credX team have already “identified a number of novel use cases” that they plan to develop together. For example, “many of the SaaS platforms that credX currently offers will be brought into a distributed ledger environment, to leverage the increased safety, decreased fees, and immediacy that decentralization provides”.

In addition, credX intends to provide affiliated banks and institutional investors with “an expanded range of innovative financial instruments, such as pay-per-use remunerated assets and securities tokens, in addition to traditional financial instruments.” Dr. Ralf Kauther, CEO of credX AG, said:

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With the entry of Dominik Schiener, we are continuing our growth journey. The deep tech know-how and experience of our new investor will help us to further digitalize the rather complex processes involved in raising capital for real estate companies and corporates. The entire credX team welcomes Dominik and is looking forward to working with him in the future on many exciting projects.

For his part, Dominik Schiener commented on the investment in credX AG as follows:

There are many things that impress me about credX, not least of which is the fact that the startup has a deep understanding of traditional financing and capital-raising processes. Personally, I see credX as very well positioned in the fast-changing environment of financing and investment processes. I am very happy to be supporting credX in its further development.

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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.

Advertisement

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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Understand the IOTA Business Ecosystem With Their Infographic to Understand their Dependencies and Use cases

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It is important to understand the business ecosystem of IOTA in terms of the different components and frameworks that constitute it. This will provide an insight into the several use cases in data and the value transactions that they enable.

The IOTA Foundation builds open-source software to enable a new type of digital infrastructure that empowers people to live freely and securely in a digital world. To do this, the Foundation engages with many different initiatives, markets, and partners in academia, government, and businesses.

IOTA has issued an infographic of their business ecosystem, which will make it easy to know the dependencies of what they are doing.

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It helps to get the complete picture of the different components from the bottom up beginning from the node software like Hornet, Bee, Wasp, Chronicle; The Tangle; IOTAs Parallel Architecture – Frameworks covering for digital identity, tokenized assets, streams, smart contracts, access, and IOTA stronghold; and of course, the firefly wallet.   There are non-technical parts that the users should understand, which will eventually lead to a complete understanding of the machine economy and the connections of billions of persons, organizations, and devices.

IOTA Identity builds on the W3C’s proposed standards for a digital identity framework. This framework includes three roles of holders, issuers, verifiers.

Holders are the owners of digital identities. They have ultimate control over their data and choose how much and with whom they share their data.

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Issuers are trusted third parties or authorities that generate and issue credentials to holders, such as health records or identity documents.

Verifiers are any third parties that need to verify the authenticity of a holder’s data. A verifier might, for example, need to validate that the holder is who they say they are.

Decentralized Identifiers serve as a reference to a DID Document. This document contains data such as public keys, enabling the holder to prove ownership over their data.  Verifiable Credentials are statements about the holder. They can be verified online or in person, and the holder decides who to share them with.  This framework has various use cases, including: Address Validation, Age Verification, and Authority login.

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IOTA has a vision for the digital identity for Things, Organizations, and Individuals. Digital Identity of Solutions covers for Identity of things, self-sovereign identity, and regulatory compliance.

Devices have an identity that proves their capabilities, specifications, and authenticity to allow others to feel confident in transacting with them.

Individuals have a borderless digital identity that can be verified by anyone or anything in the world.

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Organizations can use digital identities to follow regulations such as GDPR in a more cost-efficient way.

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