IOTA launches its own multi-chain smart contract platform Assembly

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Dec 3, 2021
  • IOTA revealed the launch of a new, smart contract-oriented platform within its ecosystem.
  • Called Assembly, the platform will be multi-chain, fast, and scalable, and it will rely on sharding.
  • Despite the platform having a long list of features, many believe it to be unnecessary.

According to IOTA’s recent blog post, the project is just about to reveal a new smart contract platform known as Assembly. The platform will be offering very competitive fees, it will feature highly composable chains, and its goal is to help accelerate the adoption of Web 3.0. Not only that, but users will also be able to use the platform for staking IOTA (MIOTA/USD) and earn rewards for doing it, this time in ASMB tokens.

What is Assembly all about?

As explained in the blog post, which was actually launched on Assembly’s own site and then retweeted by IOTA, the Assembly platform is going to be a scalable, multi-chain network for sharded, composable smart contracts. As some may know already, sharding is a popular method for achieving scaling, as it reduces validation time by creating smaller groups of nodes meant to validate transactions, instead of having the entire network doing it.

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The project will allow anyone using the protocol to create their own sharded smart contract chain, and even let them define it by using their own parameters. Furthermore, it adds that all smart contract chains built on the network are fully shared networks, limited only by their own throughput.

However, Assembly also stresses that it will be the open network for building and connecting open worlds. This is something that Ethereum (ETH/USD) has been attempting to achieve for a long time now, but it was too limited by its own technology to do it. This is why Vitalk Buterin, the project’s co-founder, proposed Ethereum sharding, alongside several other solutions that would be able to reduce the cost of transactions.

Assembly now managed to do it on its own, and it will distribute up to 70% of its native ASMB crypto to the community.

One thing to note is that the announcement has disappointed many, despite the long list of features that the platform will offer. The reason for this is the fact that IOTA launched smart contracts on its main net only a month ago, which is why a lot of people now feel that an entirely new network is unnecessary.

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