The IOTA Foundation has announced the release of its beta smart contract functionality with the aim of addressing the market challenges of scalability limits and high transaction fees as well as reported components. eye has not yet been observed in space.

IOTA’s non-profit platform is focused on open source research and development initiatives to drive adoption of distributed ledger technology along with its native platform Tangle.

The Smart Contract Service will promote interoperability and standardization through the integration of the Ethereum Virtual Machine (EVM), the multi-functionality for developers to write programming languages ​​with Tiny Go, Rust and Ethereum Solidity execution fees, among others.

The latter is a notable difference from the Ethereum blockchain and could significantly drive fee reductions across the network as the pool of competitors looking to validate smart contracts grows.

Related: Iota Foundation in Support of the EU Blockchain Initiative

In March of this year, the platform announced the release of the IOTA Smart Contract Protocol alpha, which is designed to incentivize developers to create smart contracts as well as decentralized finance (DeFi), and token applications cannot be used.

IOTA Foundation co-founder and president Dominik Schiener told Cointelegraph that the addition of smart contract functionality “will add an important component to the IOTA ecosystem. They allow anyone to build composable and complex dApps using the industry-standard Ethereum engine while relying on a predictable and basic feel and low implementation fees. ”

“The IOTA Smart Contract also enables the transfer of unemotional assets between chains and offers the IOTA ecosystem – and all other interested parties – unprecedented opportunities for usefulness, aggregation and scalability, “said Schiener.

Claiming that IOTA smart contracts are unique in that they offer low, predictable and transparent fees, Schiener adds, “The smart contract chains are deployed without permission, no setup, auction or janitorial fees of any kind the execution of smart contracts are predictable, non-volatile and fully regulated by the chain owner. ”

“The ability of chains to compete for the ‘work’ of smart contract execution creates an additional incentive to keep execution fees to an absolute minimum – including 0. Other fees remain unpaid. In short, it’s a DeFi operator’s “steamy dream”. “