IOTA Foundation, on 21 October, announced beta releases of next-generation Smart Contracts solutions. These Smart Contracts solutions are focused on interoperability flexibility and access and are now open for testing.
This fully-functional smart contract solution provides several features that address current transaction fees and scalability issues, while also offering new features unmatched in crypto.
IOTA Foundation’s mission is to establish a new digital economy. This involves transforming the ways people and devices interact to share data and value. Foundation is not profit driven and encourages open-source, standardized technology.
IOTA Foundation has made history with the beta launch of IOTA smart contracts Beta. This allows users to execute and create custom intelligent contracts over a completely free network. Users can set their own execution fees for smart contracts or opt to go entirely feeless with the Tangle.
IOTA Smart Contracts allow developers to determine their execution fees, which is not possible with blockchain. Dynamic pricing encourages cost-cutting as different chains are able to compete for execution of smart contracts. Zero-fee smart contracts become tangible with IOTA’s Beta release.
“When we released the IOTA Smart Contract Protocol Alpha in March of 2021, we sketched our vision of where the future of Smart contract innovation was headed and how we would eventually enable those innovations on IOTA. The IOTA Smart Contract Beta is the realization of this vision,”
Dominik Schiener was the Co-Founder, Chairman and Chief Executive Officer of IOTA Foundation.
Digital Economy: The Future
IOTA Technology integrates to the industry standard Ethereum with Ethereum Virtual Machine (EVM support). IOTA Smart Contracts Beta, however, adds flexibility fees to allow for feeless transactions via zero-fee smart contract.
Users will be encouraged to test IOTA Smart Contracts using several supported programming languages, such as Go, Rust, and Ethereum’s Solidity. Solidity smart contracts can be written by developers within an EVM Chain anchored to the IOTA Tangle.
This choice is in line with the IOTA Foundation’s commitment to interoperability and standardization, two cornerstone principles of the new digital economy.
“We have integrated some of the defining features of IOTA – interoperability, flexibility, feeless transactions – into a smart contract solution for a new generation that we believe will become industry standard once it is released on the IOTA main net. We invite as many users as possible to try out the current Smart Contracts Beta and to see for themselves how much potential this release has,”
The power of interoperability and scaleability
The IOTA Foundation’s approach to smart contracts represents a shift away from existing architectures. It addresses their inefficiencies, such as the inability for parallel and scalable execution, the failure to run “foreign” smart contracts on different virtual machines, and being hindered by volatile and sometimes prohibitive fees.
IOTA Smart Contracts’ most unique and powerful feature is their scalability, interoperability. Full sharding is already available on the network, which makes it possible for smart contracts to be scaled beyond what’s currently allowed by other networks.
IOTA Smart Contracts can be programmed and allow users to design and test full smart contract solutions. This technology, which is totally trustless and powered entirely by free native asset transfers (Feeless Native Asset Transfers), will allow smart contracts to interoperate with each other.
Smart contracts have the ability to add assets to the base layer via native tokenization using the IOTA Ledger. Smart contracts as well any other digital assets created by IOTA can now interoperate without the use of trusted bridges or relays. This allows dApp developers powerful new capabilities and opens up new opportunities for the users to participate in the ecosystem.
Intelligent Smart Contract that is Automated, Error-Proof and Automatic
IOTA Smart Contracts Beta includes the Smart Contracts Schema feature. This tool helps to automatically generate standard-form sections and decrease error rates. Smart contracts are similar to regular paper-based contracts. They contain a lot of boilerplate that is difficult to create manually.
The IOTA Smart Contracts Schema Tool allows users to input their desired functionalities and the system will generate and validate the boilerplate code.
Schema currently supports Rust and Go smart contracts. Future IOTA Smart Contracts releases will expand their functionalities and add convenience, such as automatically-generated client codebase libraries.
On the IOTA 2.0 DevNet, you can try out IOTA Smart Contracts Beta. IOTA Foundation will soon release its smart contract solution on the IOTA mainnet so users have all the Smart Contract functionality even before IOTA 2.0. IOTA Smart Contracts 2.0 will have an expanded EVM integration as well as a permissionless marketplace for chain validators.
To The Flipside
- The technology is still in its testing phase. As such, future developments and user feedback will reveal the potential weaknesses and strengths as well as the opportunities and challenges for the breakthrough technology.
Why you should care
The high cost of transaction fees was a huge problem in expanding crypto adoption. IOTA Smart Contracts can significantly reduce transaction costs and will become the standard for the industry.
The IOTA Foundation’s approach to smart contracts represents a shift away from existing architectures and addresses their inefficiencies to innovate the entire ecosystem, as the use cases of smart contracts are innumerable.
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