IOTA Introduces New Smart Contracts To Circumvent The Network Flaws
31 Ottobre 2021 - 6:00PM
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The use of smart contracts remains the key turnaround factor with
the cryptocurrency space. Smart contracts brought about the
decentralization of digital assets and eliminated third-party
interferences in crypto transactions. Distributed ledger and
open-source cryptocurrency, IOTA, has just launched a new smart
contract beta. This latest move offers its users a platform for
getting high-speed and zero-fee transactions. IOTA emerged within
the 2017 ICO boom. The digital asset came to support the Internet
of Things that harmonizes physical items into the internet and
digital world. Nevertheless, the cryptocurrency floated to
irrelevance as interest in it died down in 2018. Related Reading
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reinvention of the network by its CEO came earlier this year. With
his determination, the CEO decided not to give up on the project by
upgrading it by introducing a critical new upgrade. Advantages Of
The New IOTA Upgrade A report reveals that the beta version
inculcates an Ethereum Virtual Machine (EVM). Thus, ERC-20 tokens
are now interoperable within the network. Additionally, the writing
of smart contracts is now in Solidity (the programming language of
Ether) attached in the tangled language of the network.
Furthermore, there is added network sharding on the project. This
allows high-degree operability via smart contracts wrapping to the
base layer of native tokens. Remarkably, smart contracts creators
can set their execution fees which will enable drive-down
competitions among different chains. MIOTA is currently facing a
decline | Source: IOTAUSD on TradingView In comparison with other
networks like Ethereum, several people think that the smart
contract implementation of the network is late. Nevertheless,
Dominik Schiener, the IOTA CEO, is of a different opinion
concerning the issue. Related Reading | Crypto Adoption Boosts
Travel: Travala Rises From The Ashes Schiener explained that they
took their time to develop a smart-contract solution that operates
to bridge the shortfalls of other competing chains. He cited an
instance with Cardano’s smart contract that faces limited
throughput while IOTA’s provide unlimited scalability. Speaking of
the zero-fee on the platform, the CEO said it’s a significant
competitive advantage. He explained that the feeless nature of the
network serves as the doorway for their numerous opportunities.
These include their partnership with multinational companies and
governmental agencies and interest from SMEs, startups, and crypto
operators. Schiener mentioned that the volatile nature of fees
could strain business models and oppose great economic moves. IOTA
cuts across promoting ecosystem growth and decentralized
application development via project financing. Though MIOTA is
making gradual progress, its current price is still far from its
former glory. However, the European Commission selected the token
last month to feature in its blockchain infrastructure project
despite its low position. This selection stands as a possible
action that could pave the way for future growth for MIOTA.
Featured image from IOTA Services, charts from TradingView.com
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