IOTA introduces free smart contracts in new beta

IOTA introduces free smart contracts in new beta

IOTA-an open source cryptocurrency and a distributed lid-recently started its Smart Contract beta. Network users can now use the high-speed yet free transaction functions that are supplied with the IOTA network.

Smart contracts on Iota

like reported on Thursday the beta contains an Ethereum Virtual Machine (EVM) ERC-20 token with the platform makes interoperable. In addition, Smart Contracts can now be written in Solidity (Ethers Programming Language), which is anchored in the Tangle language of IOTA.

The project has also added complete network shading. This enables high -grade interoperability by wrapping smart contracts on the base layer of nativeized tokens.

In particular, all smart contracts enable their creators to determine their own execution fees so that different chains can compete to lower them.

Some may believe that IOTA came too late compared to platforms such as Ethereum with the implementation of smart contracts. However, IOTA CEO Dominik Schiener had a different view of the matter.

By taking time, he said, the non-profit organization developed a smart contract solution that deals with the disadvantages of competing chains. For example, while Cardano seems to be faced with a limited throughput of smart contracts, Iota offers almost unlimited scalability.

as the decisive competitive advantage, he also describes the missing fees of the platform:

"We believe that a large part of our partnerships with multinational companies, government agencies and the interest we receive from startups, SMEs and crypto-dapp operators can be traced back to the fact that IOTA is insensitive. The fees themselves and in particular their volatility burden business models and are the exact opposite of an economic driver."

In the future, IOTA will concentrate on promoting DAPP development and ecosystem growth through project financing.

revival of IOTA

In the 2017 ICO boom, IOTA was born to enable the “Internet of Things” that would embed physical objects into the digital and internet world. In the course of 2018, however, people quickly lost interest in the token, and it essentially lost importance.

At the beginning of the year, Schiener decided to reinvent Iota refused to give up the project by introducing a large new upgrade.

So far, the IOTA price has a long way to go back to its earlier shine. However, the token was selected by der der der der der der der der der der der der der der der der der der der der der der der der der European Commission last month to participate in their blockchain infrastructure project, which could leave space for further growth.