Tuesday, August 16

Iota Prepares to Launch Decentralized Smart Contract Platform to Expand Web3 Ecosystem

Iota has announced the launch of the decentralized layer one smart contract network assembly, and the attached ASMB token, in a bid to accelerate the expansion of smart contracts in a multitude of sectors, including decentralized finance (DeFi) and non-tokens. expendable (NFT).

Assembly uses the existing architecture of the Iota network, especially the directed acyclic graph structure, to operate adjacently as an interoperable and autonomous bridge that takes advantage of the benefits of scalability and robust security, among others.

Decentralized application developers, or DApps, have the ability to create their own smart contract chains and set individual parameters for low-cost execution fees, a feature that also enables service providers to issue stablecoin assets on the chain. to incentivize validators.

In addition to this, the platform is fully compatible with Ethereum Virtual Machine (EVM), as well as supporting the smart contract languages ​​Solidity, Rust, Go, and TypeScript, with more expected to be added in the near future.

In a conversation with Cointelegraph, Dominik Schiener, co-founder and president of the Iota Foundation, revealed how Assembly aligns with Iota’s overall vision of creating a decentralized ecosystem, as well as how the project’s infrastructure could provide a perfect environment for building the project, declaring:

“The assembly is fully configurable and can bridge through any smart contract chain running whatever type and flavor your builder wants. Every network built with the protocol will benefit from the shared security, interoperability and token infrastructure provided by the Assembly network. “

Related: Iota Foundation to Launch Staging Net and Reward Token

In October, the Iota Foundation launched beta smart contracts with EVM functionality in an effort to expand scalability, interoperability, and dramatically reduce transactional fees on the network.

Source: Iota

The token distribution model allocates 40% of ASMB’s assets to a decentralized autonomous community organization, 20% is awarded to Iota participants (as rewards distributed over the next two years), an additional 10% to the first participants and ecosystem developers, leaving the final 20% to the Iota Foundation.

By embracing this community-centric governance model, Assembly seeks to foster an environment for creators, developers, and community advocates that facilitates the expansion of the Iota ecosystem across a wide range of Web3 sectors, including the Metaverse.

Amid the parabolic financial gains of the MANA and LAND metaverse tokens, in addition to the growing general debate about the impact of emerging metaverse worlds, Schiener expressed the importance of establishing and maintaining open, transparent and autonomous metaverse models:

“Its fundamentals must be capable of supporting and bridging any type of technical architecture that its builders want, without gatekeeper inhibitions, expensive auctions, or rigid architectures limited to certain programming languages, virtual machines, or types of smart contracts.”