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IOTA leading among top environment-friendly blockchain and crypto projects

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  • The crypto industry is turning energy-conscious focusing on long-term sustainable solutions.
  • Below is the list of top-five projects working in this direction and could lead their way over the next two decades.

ESG – Environment, Social, and Governance – has become a key parameter towards the growth of businesses in the coming decades. Every industry is aligning its operation in this regard and the crypto industry is not averse to it.

The Bitcoin mining industry has faced heavy regulatory backlash amid the surplus use of coal power. In May 2021, China started a severe crackdown on Bitcoin miners for the same reason. This forced the crypto mining industry to quickly switch gears and move towards the adoption of green energy solutions.

Another rapidly emerging market that is currently under the radar is that of the non-fungible tokens (NFTs). Minting NFTs require solid electricity and coal power. Also, as per the recent estimates, minting one NFT consumes an average of the energy consumed by the EU resident in a month’s time. While the NFT market reached its peak during the month of May 2021, there’s been a considerable amount of decline in NFT users since then.

As a result, many blockchain and crypto projects that started with the Proof-of-Work (PoW) consensus model are now moving towards a more energy-friendly Proof-of-Stake (PoS) consensus model. There are a number of projects that have shown their foresightedness beforehand and working in this direction.

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Leading all has been the open-source distributed ledger IOTA that caters to the Internet of Things (IoT) ecosystem.

1. IOTA

The IOTA distributed ledger allows users to transfer data and value across the IoT ecosystem at absolutely no cost. As said, the IOTA distributed ledger has been built from the ground up.

IOTA puts a huge weight on social impact in every project it undertakes. IOTA is also making penetration into the NFT market and launched its own NFT marketplace which has so far received a great response. Its low-energy solutions would be lucrative for players operating in this segment.

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IOTA has been majorly working on projects that benefit the wider society. It also takes projects from the field of green and social arena. The core IOTA technology supports sustainable development while tackling issues such as human rights violations and climate change.

It has also been working in areas such as East Africa which has a huge underbanked population. The native IOTA token helps in incentivizing economies with its P2P initiatives avoiding paperless trades. Thus, projects undertaken by IOTA can earn carbon credits while preserving natural resources.

2. Enjin Network

The Enjin Blockchain Network has gained a strong market presence as a leading social gaming community platform. It serves a massive user base of 20 million people across 250,000 gaming communities. Enjin is building an entire ecosystem based on non-fungible tokens (NFTs) and powered using blockchain technology.

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Enjin has also joined the Crypto Climate Accord. It promises of building solutions promoting scalability without compromising on sustainability. Going beyond carbon neutral, Enjin is running a blockchain that’s now carbon negative.

For instance, Enjin’s native Jumpnet blockchain uses 99.99 percent less electricity than Ethereum. Furthermore, the parent company of Enjin is purchasing more carbon credits from the Australian climate change platform Beyond Neutral.

3. Elrond Network

The Elrond Network is making a space for itself by building blockchain solutions for the Internet of Things (IoT). By using sharding, the platform is ultra-fast by processing 15,000 transactions per second. With a latency of just 6 seconds, the transactions on Elrond costs as low as $0.001. Thus, the Elrond network is 1000 times better than its competitors in terms of blockchain speed, scale, and price.

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The Elrond blockchain network has initiated some conscious measures in terms of energy consumption. Elrond has recently undertaken a carbon-neutral initiative Offsetra allowing businesses to offset their carbon footprints. With Offsetra, Elrond will be contributing to conservative initiatives like Belize, and Amazonas, and wind energy initiatives in Honduras.

4. Qtum

The Qtum blockchain provides an entire ecosystem for its own open-source blockchain allows users to execute smart contracts, build robust decentralized apps (DApps) and Defi products. Besides, also hosting non-fungible tokens (NFTs), Qtum can host multiple virtual machines like EVM and ARM VM. It also uses top-grade security like the UXTO.

Qtum features a strong security infrastructure of the Bitcoin blockchain along with the deep programmability of the Ethereum blockchain. The most interesting thing is Qtum’s Decentralized Governance Protocol (DGP) meaning that users can alter blockchain settings on the fly using smart contracts.

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Qtum already uses the Proof-of-Stake (PoS) model which is significantly more energy-friendly than its PoW counterpart.

5. Minima

Minima is a decentralized data and value transfer company. It is revolutionizing the blockchain space by solving the issue of high gas consumption through its super lean protocol that allows users to run the blockchain even on a mobile or a tablet device.

Thus, it is clear that Minima is addressing the energy consumption issues upfront by allowing mobile phones to run as nodes. Going further and beyond, Minima also allows users to mine its native cryptocurrency directly from mobile phones with no additional equipment required.

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Thus, reducing the barrier of entry, Minima promises mass adoption and scalability. It also gives users the potential to mine crypto and earn rewards anytime and anywhere. Furthermore, the decentralized data and value transfer of data on Minima is resistant to censorship. Thus, it offers true decentralization without any interference from the authorities.

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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.”

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.

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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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