Assembly Announces $ 100 Million Fundraising and Receives Praise from IOTA Co-Founder Domi

“Assembly addresses the limits of current scaling solutions by using IOTA‘s resilient base layer as an immutable anchor of trust and a trusted bridge for interoperability,” said Schiener.

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On Friday, Assembly, a decentralized network of Layer 1 smart contracts built into the IOTA ecosystem, announced that it had raised $ 100 million from private investors including LD Money, HyperChain Money Assembly and Huobi Ventures Has.

The project states the funds will be used to expedite the development of decentralized financial protocols, immutable tokens, and crypto games for money.

IOTA is a blockchain that was developed to facilitate transactions in the Internet of Things. Its proprietary technology consists of a system of decentralized alternating graphs that can be linked together in vectors rather than chains like a traditional blockchain. Thus, a new block can validate two other blocks, resulting in self-persistent transaction verification. This should lead to the complete elimination of transaction fees and minimal energy costs.

The assembly’s mainnet is currently scheduled to start in early 2022 with a large community focus. 70% of its native ASMB tokens are for developer incentives, community-managed decentralized autonomous organizations, and sponsorship programs.

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In a statement to Cointelegraph, Dominik Schiener, co-founder and president of IOTA Basis claimed that there are too many Ethereum virtual equipment or EVM blockchains, saying:

“Ultimately, they will all face the same fee, scalability, and interoperability issues. Most will fail in the long run because they don’t offer anything unique. ”

When asked about the uniqueness of the assembly blockchain, Scheiner said that flexibility is what counts:

“Each chain of smart contracts can be fully customized to the needs of the project. In addition, Assembly is fully compatible with EVM and supports WASM. [WebAssembly], plus Go, Rust, and TypeScript as optional smart contract languages. ”

Billionaire investor Stelian Balta, founder of HyperChain Capital, said:

We have always needed a highly scalable, emotionless network for developers to create highly scalable applications in the crypto ecosystem. Society does it. They have been pioneers in the crypto ecosystem since 2015 and we believe in their experience and vision for the next decade.