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How IOTA wants to turn Web3 upside down with Assembly

 


A year ago, IOTA team presented a new project : Assembly – a layer 1 network for smart contracts, ASMB tokens included, no fees, highly scalable. IOTA's door opener for DeFi, Web3, NFTs and Metaverse. But not the only one. The long-awaited smart contracts in the IOTA community are also being tested on Shimmer , IOTA's launch pad for the mainnet. When the Stardust protocol is rolled out, also on the mainnet. Is double doubling at IOTA?


IOTA co-founder Dominik Schiener clarifies to BTC-ECHO: "The Stardust protocol upgrade and assembly have similarities, but are also very different". The Stardust protocol upgrade "with its tokenization framework can be seen more as a preparation for smart contracts," says Schiener.


Stardust “allows smart contracts to anchor verifiable state to the ledger , as well as owning and managing Layer 1 assets,” explains Schiener. This, in turn, allows smart contracts to "interact with one another, exchanging values ​​in a highly interoperable and royalty-free manner." Thus, the Stardust protocol upgrade is "rather the precursor that enables the concept of a multi-chain smart contract network that we presented as an assembly," explains Schiener.

Assembly aims to create a species-rich smart contract ecosystem that spans DeFi, DAOs, Web3, and even the Metaverse. Applications should benefit from the high scalability: smart contracts are executed in parallel, transactions are processed almost in real time. The aim is to create the greatest possible synergies between decentralized applications and, with Assembly, an “open and interoperable decentralized economy”.


In addition to scalability, the multi-chain network should stand for interoperability. Developers should be given as much freedom as possible, and various programming languages ​​are supported, including Ehereum's Solidity. Compatibility with the Ethereum Virtual Machine (EVM) allows applications to be networked on Assembly and Ethereum. The fees can also be set individually.


Originally planned for 2022, the launch is still pending. IOTA has so far left open when assembly will start. At the beginning of November, the fourth and final staking round for the ASMB token began - the project may be on the home stretch.

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