Iota launches beta smart contracts to drive interoperability

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The Iota Foundation has announced the release of its smart contract functionality in beta, with the aim of solving the market challenges in terms of scalability constraints and high transaction fees, as well as reportedly bringing components to market for the first time earlier this year Area could not be seen.

Iota’s nonprofit foundation is focused on open source research and development initiatives to drive adoption of distributed ledger technology alongside the native Tangle platform.

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The Smart Contract Service will promote interoperability and standardization through the integration of the Ethereum Virtual Machine; Multi-capacity for developers to write programming languages ​​with Tiny Go, Rust, and Ethereums Solidity; as well as enabling developers, among other things, to flag unique execution fees.

The latter is a striking difference to the Ethereum blockchain and could drastically boost the fee reduction across the network as the pool of competitors who want to validate the smart contract grows.

Related: Iota Foundation supports EU blockchain initiative

In March, the platform announced the release of its Alpha-Iota Smart Contracts protocol, which is designed to encourage developers to create applications in addition to decentralized financial (DeFi) and non-fungible token (NFT) applications.

Dominik Schiener, 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. They allow anyone to build composable and complex dApps using industry-standard Ethereum tools while relying on a callous base layer and predictable, low execution fees. “

“IOTA Smart Contracts also enable the smooth transfer of assets across chains, which offers the IOTA ecosystem – and all other interested parties – unprecedented opportunities in terms of usefulness, composability and scalability,” said Schiener.

Claiming that Iota smart contracts are unique in that they offer low, predictable, and transparent fees, Schiener added, “Smart chains of contracts enjoy permissionless deployment, with no setup fees, auctions, or gatekeepers of any kind. The fees for running smart Contracts are predictable, non-volatile and can be completely determined by the chain owner. “

“The ability for chains to compete for the ‘work’ of executing a smart contract creates an added incentive to drive execution fees to their bare minimum – including zero. Non-zero fees are payable in whatever form the chain owner requests, which provides additional flexibility. In short, it’s a DeFi operator’s “wet dream”. “