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IOTA releases beta version of smart contracts!

 



The development at IOTA continues. 

With its system, IOTA supports user-friendliness with a uniform structure based on the model of the Ethereum Virtual Machine (abbreviated EVM). Thus, the currently largest ecosystem is connected to the base of IOTA. Contracts concluded there can be easily transported to the solution via IOTA.

IOTA's argument - low fees

 Such contracts can always be concluded with no future additional costs or delay points. The fees for this are set by the owners. Since multiple owners will always compete for the cheapest contract, the execution of a contract will always result in very low costs. Supply and demand regulate the price.

The developers of a smart contract always have full freedom over the design of their contract with regard to details such as flexibility, length, and type.

IOTA itself describes the advantage in the following words:


In addition, a start has been made to offer full interoperability of tokenized assets on the base layer of IOTA, which can be transferred and used in intelligent contract chains. This will provide the ability to transfer assets between different smart contract chains at no additional cost, completely trustworthy and with no transaction fees thanks to the callous IOTA base layer that acts as a trustworthy bridge. We believe that this particular feature alone will create unprecedented value for NFT marketplaces and developers in the decentralized finance (DeFi) and decentralized exchanges (DEX) sectors.

In addition to the mentioned argument of full compatibility with the EVM and low fees, there are a few other highlights at IOTA:

  • Full operational interventions between all smart contracts will be possible in the future
  • Flexible development environment for creating apps
  • High scalability with the right incentives for the developer

  • What are the next steps now?

    The IOTA team will now focus on the next releases (milestones). A small step is still missing in order to transfer it to the current mainnet "Chrysalis" in a user-friendly and robust manner in the future.

    IOTA itself comments on this as follows:

    The team advertises that as much as possible is tested in order to be able to remove possible bugs in good time and to be able to fully implement the product as quickly as possible.

The current IOTA mainnet and the fully decentralized future IOTA 2.0 protocol have some fundamental differences that make it difficult to support both at the same time. Our main focus is therefore on supporting smart contracts on the current IOTA mainnet with the Hornet Node software.


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