IOTA Has Introduced New Smart Contracts To Overcome Flaws In the Network

The utilization of smart contracts counts as the chief improvement factor related to the space of cryptocurrency. Smart contracts have played a vital role in enhancing digital assets’ decentralization as well as the elimination of third-party interventions hindering crypto transactions. In the field of open-source and distributed ledger crypto, IOTA has newly introduced the latest beta version of smart contracts. The respective move provides its consumers with a platform to acquire zero-fee charging transactions with having a high speed.

IOTA was developed during the ICO explosion of 2017. The digital asset commenced with assisting the Internet of Things (by which the physical things are synchronized into the digital world and internet. However, crypto soared to irrelevance because the attention in it breathed its last during 2018. In the earlier part of this year, a renovation of the network was carried out by the CEO thereof. Being determined for this, the CEO made it certain not to yield the project through announcing a critical latest upgrade.

The latest upgrade of IOTA

A report disclosed that the respective beta version incorporates the EVM (Ethereum Virtual Mechanism). In this way, ERC-20 tokens can be interoperated across the network. In addition to this, the writing of these smart contracts is presently encrypted in Solidity (the Ether’s programming language) interwoven with the network’s language. Moreover, a network sharing option is also available in the project. The option permits for high-level operability through smart contracts enfolding the local tokens’ base layer. Extraordinarily, smart contracts developers can specify the executions fees thereof which will allow drive-down races between various chains.

The move and the other networks

As compared to other networks such as Ethereum, many people consider that the network’s smart contract implementation is behind schedule. Nonetheless, the CEO of IOTA, Dominik Schiener, has a different viewpoint regarding this. Schiener elaborated that they utilized their time to construct a smart-contract solution to be effective in bridging the shortcomings experienced by the other chains. He referred to the smart contract of Cardano for having a limited amount, whereas the provision of scalability is unlimited under IOTA. Talking about the zero-fee charge of the venue, its CEO stated that it counts to be a comprehensive competitive advantage. As per him, the network’s feeless nature provides a doorway towards numerous forthcoming opportunities.