IOTA Published Pre-Alpha Implementation Of Smart-Contract Protocol

IOTA published pre-alpha implementation of the smart contract protocol earlier today and the ISCP will now provide scalable and feeless business applications as we are reading in our IOTA news.

The IOTA Foundation announced the deployment of the Smart contract protocol ISCP and in the press release, IOTA stated that the implementation will be the first scalable and feeless smart contract implementation on the UTXO ledger-based DAG. IOTA published a pre-alpha implementation of the protocol according to the release which can be tested by the users. The IOTA foundation expects to launch a full version in the upcoming months.

According to the statement, the design of the ISCP worked by creating committees that verify these smart contracts and they will remain consistent and immutable on the IOTA Tangle. The release stated that the smart contract design will make it perfect for business adoption and real-world use cases. The foundation also added:

“We also believe IOTA Smart Contracts Protocol lays the foundation for a rich ecosystem to be developed, with a large variety of the extensions and building blocks that we anticipate will be created by the community.”

https://www.youtube.com/watch?v=iOkI4UHOMqY&feature=emb_title

The smart contract protocol deployed by IOTA includes a version of the 0.0.1 WASP software in the alpha version. The node runs the protocol on the GoShimmer network node layer and the ISCP includes 2 Dapps in the Demo version as a proof of concept for the smart contracts. The deployed protocols have a version of the IOTA wallet called WWAllet and with it, the users can send and receive tokens on the Pollen network and register tokens with a transaction. The users will be able to create an auction to sell the tokens as well:

 “(…) as a part of wwallet we provide a simple admin tool to deploy your own instances of one of the three PoC smart contracts with committees of Wasp nodes and a web server for PoC smart contract dashboards.”

The foundation revealed further that some functions were disabled for the current launch including the reward function and the access function. The ISCP still lacks the Wasm virtual machine that is based on Rust:

“The Wasp node implements an abstract VM sandbox interface, so anyone interested can get acquainted with it and, if brave enough, even try it by forking the repository and writing your own hard coded smart contracts right into the Wasp!”