Thursday, October 5, 2023

IOTA’s Free Smart Contract Beta


The IOTA Foundation today announced the beta launch of the network’s new smart contracts. This will provide high-speed, low-impact, and transaction fee-free capabilities to the expanding digital marketspace.

The introduction of an Ethereum Virtual Machine in the smart contract beta enables interoperability between IOTA and erc-20 tokens. This is a promising move (EVM). This will make it easier to write smart contracts in IOTA’s tangle using Ether’s Solidarity language. Go and Rust are two other compatible languages.

Other characteristics include full network sharding. This allows developers to wrap smart contracts over the baselayer of nativised tokens, allowing for high levels of interoperability.

Developers will also be able to define their own IOTA smart contract execution fees as a result of the release. Because multiple chains can compete for the job of executing a smart contract, this dynamic pricing creates an incentive to push rates down.

IOTA Smart Contracts Beta

The IOTA Smart Contracts Beta is a first in the industry. They allow users to write and execute unique smart contracts for the first time on a feeless network.

Dominik Schiener, co-founder and CEO of the IOTA Foundation, discussed the new smart contract upgrade. He also added what it means for the platform with Coin Rivet.

The CEO was keen to explain why smart contracts with no costs were chosen.

He explained that they believe the fact that IOTA is feeless is responsible for a large portion of their collaborations. Their collaborations with international corporations, federal bodies, and the attention they receive from startups, SMEs, and crypto dApp operators.

He went on to remark that fees, particularly their unpredictability, put pressure on business model. Also that these are the polar opposite of an economic driver.

IOTA’s popularity in the corporate world stems from its lack of fees. It allows for a wide range of business models that would be impossible on other blockchains. IOTA Smart Contract chains are extremely flexible. IOTA supports a wide range of configurations, virtual machines, smart contract languages, and permissionless or permissioned environments.

Costs can range from zero to whatever the chain owner determines should be paid as a fee for smart contract execution. With this approach, they are able to provide an environment that caters to all needs and use cases. Anything less would be a betrayal of their own objectives and values.

Misconceptions About the IOTA

Many in the crypto world said in September that Charles Hoskinson and his Alonzo update to the Cardano network were a little late to the game. This is due to the fact that smart contract capability already well-established on competitor blockchains – and a similar charge has been levelled at IOTA.

However, the CEO was eager to dispel misconceptions. Further emphasizing that the fact that it is a late-stage smart contract upgrade makes it much superior.

He added that they looked at all of the existing solutions in the crypto field. In addition, they devised a solution that avoided the flaws that plagued its competitors.

Unlike Cardano, for example, IOTA allows for the execution of smart contracts in parallel while maintaining complete composability and the ibility to transfer assets between smart contract chains without fees. Cardano currently appears to have a limited capacity of single digit throughput, with plans to find a scaling solution later. IOTA Smart Contracts offer near limitless scalability, whereas Cardano currently appears to have a limited capacity of single digit throughput, with plans to find a scaling solution later.

IOTA isn’t the first cryptocurrency to support smart contracts. They simply did not want to provide a solution with recognized flaws. Bettering anything necessitates greater effort, which necessitates more time. They were able to take the greatest concepts from the space and incorporate them into a new, superior offering because they were a little later in the game.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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