Should you buy IOTA after the launch of the smart contract beta?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Oct 25, 2021
  • The IOTA Foundation launched the beta of the network’s smart contracts.
  • This beta enables interoperability between IOTA and ERC-20 tokens through the Ethereum Virtual Machine (EVM).
  • All of these transactions have zero fees.

IOTA MIOTA/USD is a distributed ledger that is not a blockchain but uses a proprietary technology known as Tangle, which is a system of nodes that confirm transactions.

It uses a direct acyclic graph to store transactions on its ledger, which is motivated through potentially higher scalability over blockchain-based distributed ledgers.

The launch of the smart contract beta with zero fees as a catalyst for growth

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On October 22, we covered IOTA’s announcement of the launch of the Smart Contracts Beta.

This marked the entrance of IOTA into Web3. 

With this Beta Release of the IOTA Smart Contracts, IOTA now offers programmable smart contracts on the IOTA 2.0 DevNet, which includes early support for the Ethereum Virtual Machine (EVM) and smart contracts that are written in Rust, Go (TinyGo), and Solidity.

The team is currently working on extended EVM support, further optimization, and porting smart contracts to the IOTA mainnet. 

Through the integration of the Tokenization framework, all of this is intended to offer a powerful solution for seamless, trustless, and feeless interoperability as well as composability between smart contracts on IOTA.

This update also empowers developers to set their own IOTA smart contracts execution fees, which enables a dynamic pricing model that incentivizes driving fess down since different chains can compete for the execution of smart contracts.

Additionally, there are other features such as full network sharding, which can enable developers to wrap smart contracts onto the base layer of nativized tokens and enable high degrees of interoperability. 

Should you buy IOTA (MIOTA)?

On October 25, the IOTA (MIOTA) token had a value of $1.3293.

To get a better perspective of what kind of price point this is for the token and how much potential the token has for growth, we will be comparing it to its all-time high value as well as its recent performance in September.

The MIOTA token reached its all-time high value on December 19, 2017, when it had a value of $5.25.

At its all-time high, the token was $3.9207 higher in value or by 294%.

On September 5, the token had its highest point of the month at $1.9916.

Its lowest point of the month was on September 29, when the token dropped to a value of $1.0383. Here we can see that the token dropped in value by $0.9533 or by 47%.

That said, from September 29 to October 25, the token has increased in value by $0.291 or by 28%.

With this in mind, we can expect IOTA (MIOTA) to reach a value of $1.5 by the end of October.

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