IOTA will launch Assembly, a decentralized layer-one smart contract network by 2022 and will distribute 70% of the native ASMB token supply to its users. In our latest IOTA news today, we find out more about this amazing new project.
IOTA will launch Assembly and its ASMB token in order to accelerate the expansion of smart contracts across sectors including NFTs and DeFi. Assembly utilizes the IOTA network and its architecture but mostly the directed acyclic graph structure to operate adjacently as a self-sovereign bridge and interoperable network that will bring scalability, security, and more. Decentralized applications or Dapps developers have the ability to create their own smart contract chains and set parameters for low-cost execution fees which is a function that enables service providers to issue the on-chain stablecoin assets and to incentivize validators.
Stakers get not just 1 token but 2💵! And after the @shimmernet and @assembly_net network launch, you can receive even more rewards when securing both networks by staking $SMR and $ASMB.
Visit: https://t.co/gx9ucphSR2#IOTA pic.twitter.com/VjV77gPK5Q
— IOTA (@iota) December 2, 2021
The platform is fully compatible with Ethereum’s virtual machine as well as supporting smart contract languages like Rust, Go, TypeScript and Solidity with more being expected to be added in the near future. Dominik Schiener, the co-founder of the IOTA Foundation revealed how Assembly aligns with the overreaching vision of IOTA to create a decentralized ecosystem as well as how the infrastructure could provide a better environment for the construction of other projects:
“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.”
In October, the IOTA Foundation launched beta smart contracts with EVM Functionality in its efforts to expand scalability, reduce transaction fees and improve interoperability on the network. The distribution model of the network allocates 40% of the ASMB assets to the community decentralized autonomous organization, 20% granted to the IOTA stakers, and another 10% to early participants and developers leaving the final 20% to the Foundation. By adopting the community-centric governance model, Assembly is looking to foster an environment for creators, community advocates, and developers that facilitate the expansion of the IOTA ecosystem in the Web3 sectors like the Metaverse.
We've really just started the journey with Assembly. There's a lot more that will be shared about our Builders Program and the support we will give to teams building on #Assembly and #IOTA. (Hint: It involves a lot of financial support)
— Dominik Schiener (@DomSchiener) December 2, 2021
Amid the parabolic financial gains of MANA and LAND tokens, in addition to the enhancing mainstream debate around the impact of the metaverse worlds, Schiener expressed the importance of establishing a transparent, self-governing, and open metaverse mode:
“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.”
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