IOTA, an open-source cryptocurrency that is distributed ledger and distributed ledger, has just launched its beta smart contract. IOTA network users now have access to the IOTA network’s high-speed, yet low-cost transactions functionality.
IOTA Smart Contracts
The beta also includes an Ethereum Virtual machine (EVM) as a feature, making ERC-20 tokens compatible with the platform. This was reported on Thursday. Smart contracts can now also be written in solidity, which is Ether’s programming language and anchored in IOTA’s tangle language.
Full network sharding has been added to the project. This allows high-degree interoperability through the incorporation of smart contracts to the base layer nativized tokens.
Smart contracts, by their very nature, allow their creators the ability to set their execution fees. This allows different chains to be competitive in driving them down.
Some might believe IOTA is late in implementing smart contracts compared to platforms like Ethereum. Dominik Schiener, CEO of IOTA, had a different view.
He said that the non-profit was able to create a smart-contract solution by taking its time and avoiding the drawbacks of other chains. Cardano may have limited smart-contract throughput, but IOTA offers near unlimited scalability.
He also identifies the platform’s absence of fees as a competitive advantage.
We believe that IOTA’s fee-free status is responsible for a large number of our partnerships with multinational organizations, governmental agencies, and startups. Fees, especially volatility, can put strain on business models, and they are the opposite of economic drivers.
IOTA’s future focus will be on project financing and dApp development to support ecosystem growth.
IOTA was created in 2017 during the ICO boom to enable the “Internet of Things,” which would allow physical objects to be embedded into the digital and online world. The token was quickly abandoned by the public and essentially became irrelevant in 2018.
Schiener, who refused to quit the project, decided to reinvent IOTA earlier this year by introducing a major upgrade.
IOTA’s price is still far from its former glory, and it has much to do before it returns to its former glory. The European Commission chose IOTA last month to take part in their blockchain infrastructure project. This may allow for further growth.
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