Iota launches beta smart contracts to foster interoperability

The Iota Foundation announced the beta release of its smart contract functionality. This is to address market problems such as high transaction fees and scalability limits. It also reportedly introduces components that have not been seen in this space.

The nonprofit foundation of Iota is dedicated to open-source research and development initiatives that drive adoption in distributed ledger technology.

The smart contract service will promote interoperability through the integration Ethereum Virtual Machine. It also allows developers to write programs languages with Tiny Go and Rust and Ethereum’s Solidity. Developers can also mark unique execution fees.

This is a significant difference to the Ethereum blockchain. It could greatly foster the reduction in fees across the network as more people validate smart contracts.

Related: Iota Foundation will support the EU Blockchain Initiative

The platform released its alpha Iota Smart Contracts Protocol in March. This protocol is designed to encourage developers and other users to create smart contracts.

Co-founder and chairman, Dominik Schiener told Cointelegraph that smart contract functionality would “add a vital part to the Iota Ecosystem.” These contracts allow anyone to create composable, complex dApps with industry-standard Ethereum tooling. They also rely on a free base layer and predictable, low execution costs.

Schiener stated that IOTA Smart Contracts allow the feeless transfer assets across chains. This offers the IOTA ecosystem and anyone else who is interested unprecedented opportunities in terms utility, composability and scaling.

Schiener stated that Iota smart contract are unique because they offer low, predictable and transparent fees. Schiener added: “Smart contract chains can be freely deployed without any setup fees, auctions or gatekeepers. Smart contract execution fees can be set by the chain owner and are non-volatile and predictable.

Chains have the potential to compete for execution of smart contracts. This creates an incentive to reduce execution fees to a minimum, even zero. Chain owners can request that non-zero fees be paid in any form they prefer, which gives them additional flexibility. It is DeFi operators’ ‘wet nightmare’.

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