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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:

Advertisement

“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 Launches Assembly, A Multi-Chain Smart Contract Platform

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IOTA has announced another network featuring low-fee smart contracts and highly composable chains.

IOTA has announced a new smart contract platform called “Assembly” to accelerate the adoption of Web 3. Like IOTA’s staging network – Shimmer – users can stake IOTA on Assembly to earn rewards, this time dispatched in ASMB token.

What Is Assembly For?

Assembly revealed itself in a blog post on its site earlier today, which was retweeted by IOTA. The platform calls itself a “scalable, multi-chain network for sharded, composable smart contracts.” Sharding is a scaling method that reduces validation time by making smaller groups of nodes validate transactions, rather than the whole network.

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Anyone using the protocol can create their own sharded smart contract chain, defined by their own parameters. Virtual machine requirements, validation requirements, and incentive/fee structures are completely composable by developers.

“Every smart contract chain built on Assembly is a fully shared network, limited only by its own throughput while benefiting from the shared security and trustless interoperability of the global network.”

Assembly claims it will be the “open network to build and connect open worlds” using a feeless and highly scalable base-layer for hosting Defi, NFTs, and DAOs. This is a function that Ethereum has attempted for years, but has been held back from due to base-layer congestion and high fees. As such, Vitalik has proposed sharding on Ethereum, alongside other layer-2 scaling solutions.to reduce costs.

The network’s native token – ASMB – will see 70% of its supply distributed to the community. That includes a 20% allocation that goes to stakers of IOTA. With the foundation’s recent launch of its staking testnet, the network’s stakers will be compensated with even greater rewards. The final 30% will go to early participants and the IOTA foundation.

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Another Network for IOTA?

Despite Assembly’s long list of platform features, many were disappointed with the announcement. Considering how IOTA launched smart contracts on its main net in October, some found the entirely new network to be redundant.

Until now, IOTA has been playing the long game. Despite a sleeping price far below its all-time high in late 2017, it is still aiming to become an efficient, zero-fee, human-machine payment network used by billions of people.

“Short-term success in the crypto market is based on speculation and hype; long-term success is based on ideals, community and culture. Only the solutions that follow a clearly defined purpose and preserve their values will ultimately prevail,” reads Assembly’s announcement.

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IOTA Announcing 70% of Supply Rewards Prior to Launch of Assembly Layer 1 Network

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IOTA to launch a new Assembly Layer-1 network and redistribute 70% of token supply to developers, creators and early adopters

The IOTA ecosystem is getting ready to launch a new decentralized Layer 1 network, Assembly. The network will utilize a native ASMB token with zero fee possibilities, sharding and VM compatibility. The network will be governed purely by its community with the help of the native token that will be used for security, governance and reward participation.

Open ecosystem principles

In the case of Assembly, IOTA takes a different approach to the launch of the new product. The ecosystem’s developers will not just be throwing money at an empty industry; instead, they will fund creators, developers and early contributors of the newly developed ecosystem.

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IOTA is ready to redistribute 70% of the entire token supply among the aforementioned groups to fuel the power of creators and reward the most active contributors that directly affect the performance of the newly built ecosystem. The newly built Metaverse will be open for anyone who is willing to participate and make their contribution to the network.

In addition to fair token distribution and community governance, Assembly will offer a unique smart contracts architecture that is aimed at solving issues with transaction fees, which is the main barrier between a blockchain-based project and full scalability.

Scalability opportunities

Developers are able to build decentralized applications with the ability to set low or even no fees at all for operating with their applications. Assembly is already set for sharding that allows scaling the network to thousands of TPS. All smart contracts on the network are fully connected and interact with each other with almost nonexistent transaction fees.

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Assembly makes its first step toward creating a fair and truly decentralized ecosystem that will be available for everybody with the help of distribution of power and ownership to its community.

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IOTA’s Shimmer Network Receives First Genesis NFT Collection

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IOTA’s Shimmer Network has received its first NFT collection with rarity arguments and staking boosts.

After the introduction of the Shimmer network developers sandbox and its native SMR token on the IOTA blockchain, the first use case of the network appears as a Genesis NFT collection consisting of 11,111 non-fungible tokens.

The NFT collection will be available in limited amounts with various tiers that include Gold, Silver and Bronze. In addition to the rareness of each token, they will contain exclusive perks tied to the development of the whole ecosystem.

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The functionality of tokens is designed to reward early adopters that provide growth to the ecosystem. Each NFT will become a tool for fueling the ecosystem’s growth rate.

Earnings from the sale will be used to fund the development of Decentralized Autonomous Organizations inside the IOTA and Shimmer ecosystems, which will accelerate the growth and proper development of the two systems. The key actor in this scheme will be the IOTA community, which has been creating the perfect conditions for the rapid development and exponential growth of the ecosystem.

Staking rewards of the Shimmer staging network have not been unlocked yet, and they will not be until the Shimmer community decides to do so by community voting. In addition to the function itself, the community will have to decide the distribution scheme.

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If the community votes on giving a 15% boost to Genesis Gold NFTs, staking rewards for Shimmer network supports will be increased by 15%. By owning one Gold NFT, you will receive an individual reward increase of 30%.

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