IOTA launches beta smart contracts; argues it’s not an ‘Ethereum killer’

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IOTA, a smart con­tracts plat­form redesign­ing the dis­trib­uted ledger tech­nol­o­gy, has released the beta ver­sion of the network’s new smart con­tracts solution.

With the launch, the Inter­net of Things (IoT) pro­to­col has made a move towards Web3, along with adding new util­i­ty of decen­tral­ized appli­ca­tions (dApps).

Inter­est­ing­ly, the move now sup­ports inter­op­er­abil­i­ty of IOTA Smart Con­tracts with Ethereum Vir­tu­al Machine (EVM) and any smart con­tract writ­ten in Solid­i­ty. This opens addi­tion­al util­i­ties for NFT mar­ket­places, decen­tral­ized finance (DeFi), and decen­tral­ized exchanges (DEX).

For exam­ple, IOTA’s Tan­gle-based NFT Mar­ket­place will allow mint­ing of NFTs with­out trans­ac­tion fees. On the back of the NFT craze, IOTA will com­pete with offer­ings on chains like Solana and Ethereum.

Hav­ing said that, IOTA already allows trans­ac­tions with­out blocks or min­ers. There­fore, send­ing one trans­ac­tion allows the val­i­da­tion of two oth­er trans­ac­tions on the net­work with­out any fees.

Addi­tion­al­ly, the devel­op­ment has offered a great oppor­tu­ni­ty to bridge IOTA with Ethereum at a lat­er stage. This is when devel­op­ers have the flex­i­bil­i­ty to opt for devel­op­ment lan­guages like Solid­i­ty, Rust, and Go (Tiny­Go).

Apart from inter­op­er­abil­i­ty and com­pos­abil­i­ty, the release tar­gets the improve­ment of fees and scalability.

For scal­a­bil­i­ty, the shard­ed smart con­tract net­work allows defin­ing scal­a­bil­i­ty of each con­tract with­out effect on the rest of the net­work. Anoth­er addi­tion to the release is off-ledger requests. It should sig­nif­i­cant­ly reduce the load on the IOTA base layer.

Anoth­er note­wor­thy fea­ture on IOTA dApps is devel­op­er-defined fees and token incen­tives for users. This again puts IOTA in direct com­pe­ti­tion with smart chains like Ethereum and Cardano.

How­ev­er, inter­est­ing­ly, Co-founder Dominik Schiener has said that IOTA is not an “Ethereum killer.”

He added that the goal is to become “a leader along­side Ethereum and make sure that our future will be decentralized.”

Apart from Ethereum, Bit­coin might be anoth­er com­peti­tor for IOTA due to its adop­tion. In a recent inter­view, Schiener noted,

“As long as we keep on inno­vat­ing, we are going to go much fur­ther than most of us can imag­ine today. Bit­coin is obvi­ous­ly cru­cial in lead­ing us this way because it’s the most fun­gi­ble, it’s the most trad­ed asset there is today.”

Before the end of 2021, Schiener envi­sions ful­ly upgrad­ing the IOTA 2.0 net­work. He added,

“Ver­sion 1.5 intro­duced some very excit­ing new con­cepts onto the IOTA main­net. It still relies on a coor­di­na­tor, this enti­ty on the net­work that helps secure the net­work and its trans­ac­tions. With 2.0, we basi­cal­ly com­plete­ly removed the coor­di­na­tor, so it’s a lead­er­less con­sen­sus protocol. “

Accord­ing to the exec, the “objec­tive is that before IOTA 2.0 hits the main­net, it has smart con­tracts.” Mean­while, IOTA has made beta smart con­tracts avail­able on 2.0 DevNet.



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