The Iota Foundation announced the release of a beta version of smart contract functionality to address market challenges with scalability constraints and high transaction fees, as well as components that we have not yet seen in space.
Iota, a not-for-profit organization, focuses on open source research and development initiatives to drive the technology adoption of the distributed ledger, alongside its original Tangle platform.
The smart contract service will improve interoperability and standardization through the integration of the Ethereum virtual machine; More opportunities for developers to write programming languages using Tiny Go, Rust and Ethereum’s Solidity; In addition to the fact that developers can set unique execution fees, among other features.
The latter is a notable difference from the Ethereum blockchain and could significantly increase the reduction in fees on the network as the circle of competitors seeking confirmation of smart contracts increases.
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In March, the platform announced the launch of Alpha Protocol Iota smart contracts, designed to encourage developers to create smart contracts, as well as decentralized finance (DeFi) and non-perishable token (NFT) applications.
Dominik Scheiner, co-founder and chairman of the Iota Foundation, told Cointelegraph that the addition of smart contract functionality “will add an important component to the Iota ecosystem. It allows anyone to build prefabricated complex applications using standard Ethereum tools, relying on them. basic level without predictably low performance and feel fees. ”
“IOTA Smart Contracts also allow assets to move along the chain, giving the IOTA ecosystem – and all other stakeholders – unique opportunities in terms of utility, composition and scalability,” Shiner said.
Shiner argued that Iota smart contracts are unique in that they offer low, predictable and transparent fees, adding: “Smart contract chains enjoy unauthorized distribution, with no setup fees, auctions or any gatekeepers. unstable, and the decision is entirely up to the owner of the network. ”
The ability for chains to compete for the “work” of executing a smart contract creates an additional incentive to bring execution fees to an absolute minimum, including zero. Non-zero commissions are paid regardless of the form requested by the network owner, which provides additional flexibility. In short, it’s a sticky dream for a DeFi player. “