IOTA introduces new smart contracts function with zero fees
Non-profit organization IOTA Foundation, which researches and develops cryptocurrency IOTA, announced on the 21st that it has started offering a beta version of its new smart contracts function.
According to the foundation, IOTA’s new smart contract capabilities would address the shortcomings of existing solutions such as fees, scalability, and interoperability as well as build a new ecosystem that takes full advantage of potentially explosive growth opportunities.
Apart from the development of smart contracts, IOTA 2.0 DevNet offers interoperability by supporting Ethereum Virtual Machines (EVMs) and smart contracts are written in the Ethereum programming language ‘Solidity’.
The upgrade is also compatible with existing tools such as MetaMask, Hardhat, and Remix, making it easy to port Solidity contracts to IOTA. Additionally, it also offers support for several programming languages including Go, Rust, and Solidity.
IOTA Smart contracts also allow developers of each chain to set their own incentives and execution fees. As a result, the Foundation argued that competing multiple chains within the ecosystem would lead to lower execution fees for smart contracts.
IOTA is based on a distributed ledger technology called “Tangle” instead of a blockchain. There are no miners in the system and requires all parties to verify transactions. A new transaction is processed by approving the previous two transactions. Therefore, the larger the number of transactions in the network, the more transactions are confirmed.
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