Iota announced the launch of a unified decentralized network of smart contracts team, a linked ASMB token, in an effort to accelerate the proliferation of smart contracts across multiple sectors, including Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT).
Clustering leverages the existing Iota network architecture, especially the oriented acyclic graph architecture, to act with it as an interoperable, self-transcending bridge that benefits from scalability and robust security, among other things.
Developers of decentralized applications, or DApps, have the ability to create their own smart contract chains and set custom parameters for low-cost execution fees, a feature that also allows service providers to issue fixed-currency assets on-chain to incentivize validators.
In addition, the platform is fully compatible with the Ethereum Virtual Machine (EVM) and also supports Solidity, Rust, Go, and TypeScript smart contract languages, with more expected to be added in the near future.
In an interview with Cointelegraph, Dominic Schiner, Co-Founder and President of the Iota Foundation, discussed how the association aligns with Iota’s overall vision of building a decentralized ecosystem and how a project infrastructure can provide an ideal environment for building a project, saying:
The installation is fully customizable and can block any smart contract chain that works with any type and taste the customer wants. Every network built using this protocol will benefit from the overall security, interoperability, and token infrastructure provided by the aggregation network. ”
Related Topics: Iota Foundation Launches Staging Network and Rewards Token
In October, Iota launched experimental smart contracts with EVM functionality to increase scalability and interoperability, and significantly reduce network transaction fees.
The token distribution model distributes 40% of ASMB’s assets to the joint decentralized autonomous organization, 20% to Iota operators (as a reward over the next two years), an additional 10% to early contributors and ecosystem developers, and the last 20% to ecosystem developers. Iota Foundation.
Using a community-driven governance model, Assembly aims to create an environment for creators, developers, and community supporters that fosters the expansion of the Iota ecosystem across multiple sectors of Web3, including the Metaverse.
Against the backdrop of the equivalent economic benefits for the metaverse MANA and LAND tokens, and the growing mainstream debate about the impact of new metauniverses, Shiner expressed the importance of creating and maintaining open, transparent and self-governing metaverse models:
“Its foundation must be able to support and integrate whatever type of technical architecture it wishes to build, without being hampered by gatekeepers, expensive auctions, or rigid architectures that are limited to certain programming languages, virtual machines, or types of smart contracts.”