Crypto News

IOTA Launched Zero Fee Smart Contracts Beta: Report


IOTA launched zero fee smart contract beta that will circumvent the flaws other platforms have as we are reading more today in our IOTA news.

IOTA is open-source crypto and a distributed ledger that recently launched a smart contract beta so the network users are now able to take advantage of the high-speed zero-fee transactions functionality that will come with the IOTA network. IOTA launched zero-fee smart contract beta which includes an Ethereum Virtual Machine that makes ERC-20 tokens interoperable with the platform and these smart contracts can now be written in Solidity. The project added full network sharding as well which enables high-degree interoperability by wrapping the smart contracts into the base layer of nativized tokens.

iota

All smart contracts allow their creators to set their own execution fees and allow for different chains to compete in driving them down. Some think that IOTA has been late to implement smart contracts compared to Ethereum but IOTA CEO Dominik Schiener had a different view on the matter. By taking their time, he said that the non-profit-built smart contract solution works around the drawbacks of competing chains while Cardano is facing limited smart contracts throughput and IOTA offers limitless scalability. He wrote:

“We believe that a vast amount of our partnerships with multinational entities, governmental agencies, as well as the interest we receive from startups, SMEs, and crypto dApp operators are due to the fact that IOTA is feeless. Fees themselves, and especially their volatility, put a strain on business models and are the diametric opposite of an economic driver.”

dominik schiener
Dominik Schiener

In the future, IOTA will be focused on fueling the dapp development and ecosystem growth through project financing. IOTA was born in 2017 to facilitate the Internet of Things which embeds physical objects into the digital and the internet world but many people started losing interest in the token in 2018 and it essentially lost its relevance. Schiener decided to reinvent IOTA and refused to give up on the project by bringing a new upgrade. So far, IOTA’s price has a long way to go before it reaches a new high but the token did get chosen by the European Commission a month ago to take part in the blockchain infrastructure project that can bring more growth to the project.

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