bt-crow.com
02 December 2021 16:44, UTC
Reading time: ~ 2 m
Iota has announced the launch of a decentralized build of its Tier 1 smart contract network and companion ASMB token, aiming to help spread smart contracts across sectors. The team is now set to interact with Decentralized Finance (DeFi) and Non-Fungible Tokens (NFT).
The main blockchain network, Assembly, is gearing up to launch in 2022. 70% of her own ASMB token offer will be distributed to community members.
Assembly leverages the existing Iota network architecture to work together as an interoperable, self-contained bridge that, among other things, will provide solutions to scalability issues and secure network participants.
Developers of decentralized applications, or DApps, can create their own smart contract chains and set custom parameters for low-cost execution fees. The feature will also allow service providers to issue stablecoin assets on-chain to incentivize validators.
Along with this, the platform is fully compatible with the Ethereum virtual machine (EVM), and also supports the smart contract languages Solidity, Rust, Go and TypeScript, and is going to expand their number in the near future.
Dominik Schiner, Co-Founder and Chair of the Iota Foundation, discussed how Assembly aligns with Iota’s overarching vision of building a decentralized ecosystem, and how a project infrastructure can provide an ideal environment for building a project, stating:
“The assembly we created is fully customizable and can connect to any chain of smart contracts, of any type and taste. It all depends on the needs of the user. Every network built using this protocol will benefit from the overall security, interoperability and token infrastructure provided by the Assembly network. ”
In October, the Iota Foundation launched a beta version of smart contracts with EVM functionality to increase scalability, interoperability and reduce network transaction fees.
The token distribution model divides 40% of the ASMB assets of the decentralized autonomous community organization, 20% is provided to Iota members (as rewards distributed over the next two years), another 10% to early contributors and ecosystem developers, leaving the last 20% for the Iota fund.
By adopting this community-driven governance model, Assembly aims to create an environment for creators, developers, and community supporters that helps the Iota ecosystem expand into multiple sectors of Web3, including the Metaverse.
With the growing popularity of the metaverse and their MANA and LAND tokens, in addition to the growing mainstream debate about the impact of the emerging metaverse worlds, Shiner expressed the importance of creating and maintaining open, transparent, self-governing metaverse models:
“Technology fundamentals must be able to support and integrate any type of technical architecture that developers can imagine. There should be no restrictions from third-party blockchains, expensive auctions or rigid architectures limited to certain programming languages, virtual machines or types of smart contracts. “
#Iota #Launches #Decentralized #Smart #Contract #Platform
