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IOTA Introduces Smart Contracts – Competition Between Ethereum and Solana?

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The use of smart contracts is still the most important factor driving change in the cryptocurrency space. Smart contracts lead to decentralization of digital assets and prevent third parties from intervening in cryptocurrency transactions.

IOTA’s new smart contract

Distributed Ledger and Open Source Cryptocurrency IOTA has launched a new smart contract beta. This latest move offers users a fast and free trading platform.

IOTA was born during the ICO boom in 2017. Digital assets are developed for the Internet of Things, connecting physical objects with the Internet and the digital world. Nevertheless, as people’s interest dwindled in 2018, this cryptocurrency became meaningless.

Earlier this year, the CEO reorganized the network. The project needs to be upgraded by introducing significant new upgrades.

IOTA UPGRADE BENEFITS

According to reports, the beta version includes the Ethereum Virtual Machine (EVM). Therefore, ERC-20 tokens are now interoperable within the network. Additionally, you can now write smart contracts in Solidity (Ether’s programming language).

Network shards have also been added to the project. This achieves a high level of operability through smart contracts that contain a base layer of native tokens. It is worth noting that the creators of smart contracts can set their own execution fees, thus realizing competition between chains.

MIOTA is currently facing a decline | Source: IOTAUSD on TradingView

Compared to other networks such as Ethereum, some consider the implementation of smart contracts on this network delayed. However, IOTA CEO Dominik Schiener disagreed.

According to Schiener, it takes time to develop smart contract solutions to compensate for the shortcomings of other competing chains. He uses Cardano’s smart contracts as an example. Throughput is limited and IOTA’s smart contracts offer unlimited scalability.

When it comes to the platform’s zero cost, the CEO stressed that this is a significant competitive advantage. He explained: This opens up many possibilities.

This includes partnerships with multinational corporations and government agencies, as well as the interests of small businesses, startups and cryptocurrency operators. According to Schiener, volatility in fees can affect business models and prevent large-scale economic changes.

IOTA has the advantage of promoting ecosystem growth and developing decentralized applications through project financing. MIOTA is making progress gradually, but its current price is still far from its former glory.

However, the European Commission selected the token for its blockchain infrastructure project last month, despite its low status. This choice represents possible actions that may pave the way for the future development of MIOTA.

Text Proof: Newsbtc

Cryptocurrency is a very volatile and unregulated investment product. Your funds are at risk.

Source of information: Compiled with 0x information from COINCIERGE. The copyright belongs to the author, and unauthorized reproduction is prohibited.

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