Iota set to launch decentralized smart contract platform to expand Web3 ecosystem

Iota has announced the release of decentralized layer-one smart contract network Assembly, and accompanying ASMB token, in a bid to accelerate the expansion of smart contracts across a multitude of sectors, including decentralized finance (DeFi) and nonfungible tokens (NFTs).

Assembly utilizes the Iota network’s existing architecture, most notably the directed acyclic graph structure, to operate adjacently as an interoperable, self-sovereign bridge that reaps the benefits of scalability and robust security, among others.

Decentralized application, or DApp, developers have the ability to create their own smart contract chains and set individual parameters for low-cost execution fees, a function that also enables service providers to issue on-chain stablecoin assets to incentivize validators.

Alongside this, the platform is fully compatible with the Ethereum Virtual Machine (EVM), as well as supporting smart contract languages Solidity, Rust, Go and TypeScript, with more expected to be added in the near future.

In conversation with Cointelegraph, Dominik Schiener, co-founder and chairman of the Iota Foundation, revealed how Assembly aligns with Iota’s overarching vision to create a decentralized ecosystem, as well as how the project’s infrastructure could provide a perfect environment for project construction, stating:

“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability and token infrastructure provided by the Assembly network.”

Related: Iota Foundation to launch staging network and reward token

In October, the Iota Foundation launched beta smart contracts with EVM functionality in an effort to expand scalability, interoperability and drastically reduce transactional fees on the network.

Source: Iota

The token’s distribution model allocates 40% of ASMB assets to a community decentralized autonomous organization, 20% granted to Iota stakers (as rewards distributed over the coming two years), a further 10% to early participants and ecosystem developers, leaving the final 20% to the Iota Foundation.

By adopting this community-centric governance model, Assembly is seeking to foster an environment for creators, developers and community advocates that facilitates the expansion of the Iota ecosystem into a panoply of Web3 sectors, including the Metaverse.

Amid the parabolic financial gains of metaverse tokens MANA and LAND, in addition to the heightening mainstream debate around the impact of emerging metaverse worlds, Schiener expressed the importance of establishing and maintaining open, transparent, self-governing metaverse models:

“Its underpinnings must be able to support and bridge any type of technical architecture its builders desire, uninhibited by gatekeepers, costly auctions, or rigid architectures limited to certain programming languages, virtual machines, or smart contract types.”