Home News Iota set to launch decentralized smart contract platform to expand Web3 ecosystem

Iota set to launch decentralized smart contract platform to expand Web3 ecosystem

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Iota has announced the launch of Assembly, a decentralised layer-one smart contract network, as well as the ASMB token, in order to speed up the adoption of smart contracts across a variety of industries, including decentralised finance (DeFi) and nonfungible tokens (NFTs).

Assembly takes advantage of the Iota network’s current architecture. Particularly the directed acyclic graph structure, to function as an interoperable, self-sovereign bridge. That benefits from scalability and solid security, among other things.

Developers of decentralised applications, or DApps, may build their own smart contract chains. As well, establish their own criteria for low-cost execution costs. A feature that also allows service providers to issue on-chain stablecoin assets to reward validators.

In addition, the platform supports the Ethereum Virtual Machine (EVM). As well as smart contract languages Solidity, Rust, Go, and TypeScript, with more to come in the near future.

Additionally, Assembly coincides with Iota’s larger objective of creating a decentralised ecosystem, according to Dominik Schiener, co-founder and chairman of the Iota Foundation, who stated:

“Assembly is completely flexible and may connect to any smart contract chain, executing any type and flavour of smart contract that its creator chooses.” The Assembly network’s common security, interoperability, and token infrastructure will benefit every network developed with the protocol.”

The Iota Foundation published beta smart contracts with EVM capability in October. With the goal of increasing scalability, interoperability, and lowering transaction fees on the network.

Source: Iota

Assembly hopes to create an environment for artists, developers, and community advocates

The token’s distribution plan gives 40% of ASMB assets to a community decentralised autonomous organisation. 20% to Iota stakeholders (as prizes paid over the next two years). 10% to early participants and ecosystem developers. And the remaining 20% to the Iota Foundation.

Moreover, Assembly hopes to create an environment for artists, developers, and community advocates. That will allow the Iota ecosystem to expand into a variety of Web3 sectors. Including the Metaverse, by embracing this community-centric governance approach.

In the wake of the meteoric rise in the value of metaverse tokens MANA and LAND, as well as the growing public discussion about the influence of new metaverse worlds, Schiener emphasised the need of creating and preserving open, transparent, self-governing metaverse models.

“Its foundations must be able to support and bridge whatever form of technological architecture its builders wish, free of gatekeepers, expensive auctions, or restrictive designs confined to certain programming languages, virtual machines, or smart contract types.”

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