The IOTA Foundation announced the launch of a beta smart contract feature to address the market challenges of scalability and high transaction fees.
IOTA will allow developers to set up many new features
IOTA’s non-profit platform is designed to focus on open source research and development initiatives to drive market adoption along with its native Tangle platform.
The smart contract function will promote interoperability and standardization through the integration of the Ethereum Virtual Machine (EVM) – the Ethereum virtual machine that is versatile for developers of Tiny Go, Rust and the Ethereum programming languages, including a one-time execution fee . In addition, the project is also developing a striking difference from the Ethereum blockchain that could significantly drive fee reductions across the network, especially given the number of competitors looking to validate contracts.
In March of this year, the platform announced the release of the IOTA Smart Contract Protocol Alpha, which is intended to encourage developers to create smart contracts as well as DeFi and NFT applications.
Co-founder and President of the IOTA Foundation, Dominik Schiener, announced that the addition of the Smart Contract feature will add an important part of the IOTA ecosystem.
“They allow anyone to build composable dApps using the industry-standard Ethereum engine while relying on a low-execution base tier. The IOTA Smart Contract also enables the convenient transfer of assets across chains, which provides the IOTA ecosystem – and anyone else interested – with an unprecedented opportunity for usefulness, aggregability, and expandability.
He explained that IOTA smart contracts are unique because they offer low, predictable and transparent fees.
“The smart contract chains are used without permission, without setup fees, auctions or gatekeepers * of any kind. The fees for executing smart contracts are predictable, non-volatile and fully regulated by the chain owner. The ability of competing chains to win the smart contract execution creates an additional incentive to keep execution fees to an absolute minimum. Other fees are in no way required from the chain owner, which allows flexibility. In short, it’s a DeFi operator’s big dream, ”he concluded.
(* Gatekeepers are responsible for verifying users and keeping collateral).
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According to Cointelegraph