IOTA has launched a smart contract beta that, according to reports, circumvents the flaws of other platforms.
IOTA, an open-source cryptocurrency and distributed ledger, recently launched a beta version of its smart contracts. Network users can now take advantage of the IOTA network’s high-speed, zero-fee transaction functionality.
IOTA Smart Contracts
As previously reported on Thursday, the beta includes an Ethereum Virtual Machine (EVM), which allows ERC-20 tokens to interact with the platform. Furthermore, smart contracts can now be written in solidity (the programming language used by Ethereum) and anchored in IOTA’s tangle language.
Full network sharding has also been added to the project. By wrapping smart contracts around the base layer of nativized tokens, this enables high-level interoperability.
Notably, all smart contracts allow their creators to set their own execution fees, allowing different chains to compete for lower execution fees.
Some may believe that, in comparison to platforms such as Ethereum, IOTA has been slow to implement smart contracts. IOTA CEO Dominik Schiener, on the other hand, had a different take on the situation.
He claimed that by taking their time, the non-profit had created a smart-contract solution that works around the drawbacks of competing chains. While Cardano appears to have limited smart contract throughput, IOTA appears to have near limitless scalability.
He also considers the platform’s lack of fees to be a significant competitive advantage:
“We believe that the fact that IOTA is feeless is responsible for a large portion of our partnerships with multinational entities, governmental agencies, and the interest we receive from startups, SMEs, and crypto dApp operators.” Fees, particularly their volatility, put a strain on business models and are the polar opposite of an economic driver.”
Through project financing, IOTA will focus on fueling dApp development and ecosystem growth in the future.
During the 2017 ICO boom, IOTA was created to facilitate the “Internet of Things,” which would integrate physical objects into the digital and internet world. However, throughout 2018, people lost interest in the token, and it essentially faded into obscurity.
Schiener decided to reinvent IOTA earlier this year, refusing to abandon the project by introducing a major new upgrade.
So far, the price of IOTA has a long way to go before regaining its former glory. However, the European Commission chose the token last month to participate in its blockchain infrastructure project, which may allow for further growth.