IOTA has announced another network with low-cost smart contracts and highly composable chains.

A new smart contract platform called “Assembly” aims to accelerate the introduction of Web 3. As with the Shimmer staging network, users can deploy IOTA in assembly to earn rewards, this time sent out using ASMB tokens.

Assembly – Scalable multi-chain network

The assembly was revealed in a blog post on the website and retweeted by IOTA. It claims to be a “multi-chain, scalable network for Shardable, Composable Smart Contracts”.

Sharding is a scaling technique that reduces validation times by creating smaller groups of nodes to validate transactions instead of the entire network.

Say hello to #Assembly and $ ASMB Token and become part of the decentralized revolution.

The future of open worlds is fast #smart contracts in a contactless, scalable multi-chain network. ????https://t.co/sb5yQ1nXad

Create. To shape. Build. #Buidl # Web30 pic.twitter.com/q70eNY34sE

– assembly (@assembly_net) December 2, 2021

Anyone using the protocol can create their own shard chain of smart contracts – defined by private parameters. Virtual machine requirements, authentication requirements, and incentive / fee structures can all be aggregated by developers.

“Each assembly-based intelligent chain of contracts is a fully shared network that is only limited by its own throughput and at the same time benefits from shared security and zero interoperability.” Global network trust. “

Assembly claims it will be an “open network to build and connect the open world” using a highly scalable and free base layer to host Defi, NFT and DAO. This is functionality Ethereum has been trying to achieve for years but has been hampered by base layer overload and high fees. As a result, Vitalik proposed sharding on Ethereum along with other Layer 2 scaling solutions. To cut costs.

70% of the network’s native token offering – ASMB – will be distributed to the community, including 20% ​​for IOTA stakers. With the recent introduction of Testnet Staking by the Foundation, the network’s stakers are rewarded with even greater rewards. The last 30% goes to early participants and the IOTA Foundation.

Despite the basic capabilities of Assembly, many were disappointed with the announcement. Considering how IOTA rolled out smart contracts on its mainnet in October, some felt the new network was unnecessary.

MIOTA price has rebounded from yesterday’s low of $ 1.33 to a high of $ 1.55 when the news surfaced. As of press time, the token is down 6% and is trading at $ 1.45 with a gain of 7% over the past 24 hours.

Source: TradingView

So far, IOTA has chosen a stretch tactic. Although the price is much lower than ETH at the end of 2017, IOTA is still aiming to become an efficient and toll-free human-machine payment network for billions of users.

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Annie

According to Cryptopotato

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