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“The build removes the limitations of current scaling solutions by using Iota’s mismanaged baseline as a permanent anchor of trust and as a trustless bridge for duty-free smart contract interoperability,” Shiner said.
On Friday, Assembly, a tier 1 decentralized smart contract network built on the Iota ecosystem, announced it has raised $ 100 million from private investors including LD Capital, HyperChain Capital and Huobi Ventures.
The project states that the funds will be used to accelerate the development of decentralized finance protocols, non-financial tokens (NFT) and crypto games in which to make money.
Iota Is a blockchain designed to facilitate IoT transactions. Its proprietary technology consists of a system of decentralized acyclic graphs that can be connected to each other in several vectors, rather than sequentially as in a regular blockchain. As a result, one new block can validate two other blocks, resulting in a self-sufficient validation of the transaction. This allegedly results in the complete elimination of transaction fees. and minimal energy costs.
The Assembly mainnet launch is currently slated for early 2022 with a strong community focus. Seventy percent of ASMB’s own tokens are reserved for developer rewards, community-driven decentralized autonomous organizations, and grant programs.
Meet $ASMB, a token to fuel innovation and growth📈. The vast majority of tokens are designated to ignite #Assembly’s ecosystem growth and to reward the @iota community. 💪
Visit: https://t.co/ULLTR84ZKN pic.twitter.com/fycCeywW94
— Assembly (@assembly_net) December 9, 2021
In a statement to Cointelegraph, Dominic Schiner, co-founder and chairman of the Iota Foundation, stated that there are too many Ethereum virtual machines, or EVMs, blockchains, stating:
“Ultimately, they will all face the same billing, scalability and compatibility issues. Most of them will fail in the long run because they don’t offer anything unique. ”
When asked about the uniqueness of the build blockchain, Shiner thinks it all comes down to flexibility:
“Each smart contract chain can be fully customized according to the needs of the project. In addition, Assembly is already fully EVM compliant and supports WASM [WebAssembly]as well as Go, Rust and TypeScript as additional smart contract languages. “
Billionaire investor Stelian Balta, founder of HyperChain Capital, said:
“We’ve always needed a free, highly scalable network so that developers can build highly scalable applications in the crypto ecosystem. Assembly does it. They have been pioneers in the crypto ecosystem since 2015 and we are confident in their experience and their vision for the future. “
#Assembly #Announces #100M #Capital #Raise
