Iota has announced the launch of Assembly, a decentralized layer-one smart contract network, and the ASMB token, in an effort to accelerate the adoption of smart contracts across a wide range of industries, including decentralized finance (DeFi) and nonfungible tokens (NFTs).
Assembly makes use of the existing architecture of the Iota network, most notably the directed acyclic graph structure, to operate adjacently as an interoperable, self-sovereign bridge that benefits from scalability and robust security, among other things.
Developers of decentralized applications, or DApps, can create their own smart contract chains and set individual parameters for low-cost execution fees, a feature that also allows service providers to issue on-chain stablecoin assets to incentivize validators.
In addition, the platform is fully compatible with the Ethereum Virtual Machine (EVM) and supports smart contract languages Solidity, Rust, Go, and TypeScript, with more to be added in the near future.
Dominik Schiener, co-founder and chairman of the Iota Foundation, revealed in an interview how Assembly aligns with Iota’s overarching vision of creating a decentralized ecosystem, as well as how the project’s infrastructure could provide a perfect environment for project construction, stating:
“Assembly is fully configurable and can bridge across any smart contract chain running any type and flavor its builder desires.” Every network built with the protocol will benefit from the Assembly network’s shared security, interoperability, and token infrastructure.”
The Iota Foundation launched beta smart contracts with EVM functionality in October in an effort to increase network scalability, interoperability, and drastically reduce transactional fees.
The token’s distribution model allocates 40% of ASMB assets to a community decentralized autonomous organization, 20% to Iota stakeholders (as rewards distributed over the next two years), 10% to early participants and ecosystem developers, and the remaining 20% to the Iota Foundation.
By implementing this community-centric governance model, Assembly hopes to foster an environment for creators, developers, and community advocates that will allow the Iota ecosystem to expand into a variety of Web3 sectors, including the Metaverse.
Schiener emphasized the importance of establishing and maintaining open, transparent, self-governing metaverse models amid the parabolic financial gains of metaverse tokens MANA and LAND, as well as the growing mainstream debate over the impact of emerging metaverse worlds:
“Its underpinnings must be capable of supporting and bridging any type of technical architecture that its builders desire, free of gatekeepers, costly auctions, or rigid architectures restricted to specific programming languages, virtual machines, or smart contract types.”