IOTA Foundation has announced the release of its beta smart contract functionality 'IOTA Smart Contracts' in response to industry concerns, such as scalability limitations and excessive transaction fees.

For the first time, users will be able to build and execute custom smart contracts on a feeless network using IOTA Smart Contracts (beta version). 

In addition, Ethereum Virtual Machine (EVM) support is provided. Developers can use feeless IOTA Tangle to write solidity smart contracts inside an EVM chain.

Along with its native platform, the Tangle, IOTA's nonprofit foundation is focused on open-source research and development projects to foster acceptance in the distributed ledger technology area. By rethinking how people and technology connect to share information and value, the IOTA foundation hopes to create a new digital economy. 

Also Read | US Public retirement fund for firefighters purchase $25 million worth of Bitcoin and Ether

Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, stated, “When we released the IOTA Smart Contract Protocol Alpha in March of 2021, we sketched our vision of where the future of Smart contract innovation was headed and how we would eventually enable those innovations on IOTA. The IOTA Smart Contract Beta is the realization of this vision.”

Schiener explained that IOTA aims to solve the problem of digital identity by avoiding the transaction fees associated with doing digital entities using Ethereum. IOTA hopes to address this problem by making it free of charge to log into a website or use a service.

Scalability and interoperability are the most powerful and distinctive features of IOTA Smart Contracts. Full sharding is already available on the network, allowing smart contracts to scale beyond the present restrictions of other networks.

The Smart Contracts Schema tool, which helps automatically build many of the standard-form sections of a smart contract, is another component of the IOTA Smart Contracts Beta. 

According to Schiener, IOTA isn't going after Ethereum, the current market leader, but rather offering an onboarding path so that users can experience the advantages of IOTA smart contracts. Developers might find this an interesting option because of its zero fees, interoperability, and compatibility.

Pavan A

CBW - External Analyst

INDIA