With the release of beta smart contracts, IOTA enters Ethereum and Cardano

0
1489

The IOTA Foundation has released new feeless, easy-to-program, and scalable smart contracts for the IOTA blockchain, which are now in beta testing. It’s a watershed moment for the IOTA community, as the blockchain previously lacked support for smart contracts, but it’s also a potentially excellent alternative to Ethereum and Cardano smart contracts.

On the IOTA 2.0 DevNet, smart contracts may be tested.

IOTA programmers will be able to create smart contracts on the IOTA blockchain and release them on the Ethereum blockchain simultaneously since the code will be interoperable with the Ethereum Virtual Machine and ERC-20 tokens.

According to IOTA Foundation CEO Dominic Schiener, the new smart contracts will not make the blockchain an Ethereum rival, but they will promote blockchain and smart contract adoption.

“Our objective is to become a leader alongside Ethereum and make sure that our future will be decentralized. We want to help advance our young industry towards mainstream adoption and establish trust as a free public good for all societies to benefit from. Together with our community, we will be one of the main contributors of new decentralized innovations on #protocol and #application layer. We will dare to push forward with new concepts to overcome the barriers which are holding us back.”

Cardano ( ADA) Price Prediction 2022. Ethereum or Cardano | Coinmonks

Fees, he has stated, are an unreasonable cost on economic models and are not a driving force behind the use of smart contracts. Besides focusing on the Internet of Things and machine-to-machine interactions, smart contracts will represent a pivotal moment for the blockchain, allowing it to accept DeFi, Web3, and NFT applications. According to the CEO, this will broaden the scope of blockchain applications in banking, digital identification, and data management.

Smart contract chain programmers and owners may establish prices for smart contract execution, which, as per a business explanation, will result in cheaper rates as various chain owners compete to implement smart contracts.

“In fact, smart contract chain developers have full flexibility to define their chain and tokenomics. In the future they could even set transaction fees to zero and instead reward validators with their native tokens, thus creating their own economies and massively reducing the entry barriers for their dApp.”

Even though the smart contracts are presently in beta testing, they will lay the groundwork for the impending feeless NFT marketplace, which will enable members to mint NFTs without paying transaction costs. The NFTs will be built on the blockchain, but smart contracts will be utilized on Ethereum or Polkadot networks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here