IOTA Launches Beta Version of Smart Contract, As it Enters Ethereum and Cardano’s Territory

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IOTA Launches Beta Version of Smart Contract, As it Enters Ethereum and Cardano's Territory
IOTA Launches Beta Version of Smart Contract, As it Enters Ethereum and Cardano's Territory

IOTA is an environmentally friendly cryptocurrency that was introduced in 2014 to solve the scalability and environmental problems caused by mining cryptocurrencies. It joins the Ethereum and Cardano territory as it launches its beta version of smart contract.

IOTA Beta Version of Smart Contract is Out 

According to an announcement last week, 

Dominic Schiener, CEO of IOTA foundation said they launched a new, free, easy-to-program and scalable smart contract for the IOTA blockchain in a beta test. 

This is an exciting time for the IOTA community as the blockchain has not yet supported smart contracts, but it is also a potential replacement for Ethereum and Cardano smart contracts. The public are asked to try the smart contracts on IOTA 2.0 DevNet.

With the new functions, IOTA developers can develop smart contracts on the IOTA blockchain and at the same time deploy them on the Ethereum blockchain, as the code is compatible with the Ethereum virtual machine and the ERC-20 tokens.

Schiener stated that the new free smart contracts won’t make the blockchain an Ethereum killer or competitor, but they will help promote mainstream use of blockchain and smart contracts.

He previously mentioned that fees are an unnecessary burden on economic models and are not an economic driver in the use of smart contracts. 

Smart Contract to Expand Blockchain Use

Focusing on the Internet of Things and machine-to-machine communication, smart contracts are also becoming a turning point for the blockchain to welcome DeFi, Web3 and NFT applications. The CEO stated that this will expand blockchain’s use cases in finance, digital identity and data management.

The developers and owners of the smart contract chain can set a fee for the execution of the smart contract, which, according to a statement by the company, results in lower fees as different chain owners compete with each other to execute the smart contract.

Although smart contracts are currently under beta testing, they will pave the way for the upcoming royalty-free NFT market, which will allow users to mint NFTs without charging transaction fees. NFT will be natively based on the blockchain but can be used via smart contracts on Ethereum or the Polkadot network.