The Iota Foundation has launched its smart contracts capabilities according to an announcement made on Thursday. Iota entered into the smart contract world with a number of notable differences that are set to give it a hedge in the competitive ecosystem.
The platform says it will give its developers the opportunity to set their individual conditions for execution fees. This capability is set to usher in a competition that will ultimately benefit the network users some more.
“With the beta release of IOTA Smart Contracts, the IOTA Foundation takes a big leap forward towards adding a new layer of utility to IOTA, by offering limitless possibilities to build decentralized applications (dApps) and other Web3 innovations,” the announcement reads. “Our objectives with IOTA Smart Contracts are to address some of the drawbacks of existing solutions (fees, scalability, interoperability, and limited composability) and to create an ecosystem of new opportunities for builders and early adopters to directly capitalize on the explosive growth of our industry as we go mainstream.”
The Iota blockchain currently boasts of massive scalability and can currently handle over 1000 Transactions Per Second (TPS). Each transaction costs almost nothing, and this can further drive its competitiveness across the board. Enhancing interoperability is also a focus for the smart contract functionality which Iota said will be compatible with all protocols that are written in solidity.
Iota Smart Contract to Provide Compatibility for DeFi and NFT
The Iota Foundation boasts that its smart contract capability is well suited to help power the growth of the decentralized finance (DeFi), and Non-Fungible Token (NFT) ecosystem.
“Work has started on offering full interoperability of tokenized assets on IOTA’s base layer that can be transferred and used in smart contract chains. This will offer the ability to transfer assets between different smart contract chains at no additional cost, completely trustless and without incurring transaction fees, thanks to the feeless IOTA base layer acting as a trustless atomic bridge. We believe that this particular feature alone will create unprecedented utility for NFT marketplaces and developers in decentralized finance (DeFi) and decentralized exchanges (DEX),” the announcement added.
DeFi and NFTs come across as the major buzz in the blockchain ecosystem today. While dominant blockchain infrastructures like Ethereum seem to have a large market share, there is room for new entrants with innovations that can boost user experience.
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