Feeless Smart Contracts: IOTA announces Assembly

The IOTA Foundation announces Assembly and the ASMB Token as platform for feeless smart contracts.

But is it “just” about feeless smart contracts, or much more? As this article (German) suggests , it could be even the gateway to the metaverse. What is this news all about? Let’s find out.

IOTA Smart Contract News within a few weeks

These are exciting times in the crypto scene and most recently the IOTA project has been the talk of the town. At the moment I never get tired of reporting news about IOTA. I hope I won’t bore you with my enthusiasm 🙂

Today’s news adds another piece to the big picture. I just recently reported on the beta release of smart contracts for IOTA, and why this is big news. The announcement of IOTA Assembly marks the next step.

In any case, the claim of Assembly is certainly not too low. It reads “The future of open worlds runs on fast Smart Contracts on a feeless, scalable multi-chain network.”

Let this sink in.

Technical View on Assembly Smart Contract Platform

From a technical perspective there is one thing, that really catches the eye. The smart contracts are feeless.

Feeless.

This is really a game changer, especially looking at insane fees in other crypto projects today. It is such a game changer that it could possibly unlock completely new business fields, like the Machine Economy.

Furthermore, the underlying Distributed Ledger called the Tangle is built to become faster, the more participants there are. It scales up.

These two facts really amaze me and sum up the gigantic potential.

The platform Assembly is fully EVM-compatible and brings support for WebAssembly (Rust, TinyGo, TypeScript) with it.

Assembly introduces it’s own token called $ASMB.

Therefore, in addition to the introduction of the Shimmer Network and the $SMR coin, there will be the possibility to receive rewards for staked $MIOTA. For every 1 $MIOTA staked, users receive 1 $SMR and 4 microASMB every 10s.

Implications of feeless Smart Contracts

So what are the implications of this news?

I honestly find it difficult to understand and realize the full implications.

As I described above, feeless smart contracts are a real unique selling point and should attract a lot of interest for that reason alone.

Beyond that, however, I also see great potential in the direction of new business models and business areas. Machine Economy and Metaverse, for example.

But I would be interested in your opinion. How do you classify this news? Let me know, here or on Twitter.

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About Post Author

Fabian Schmidt

Fabian Schmidt is working as Head of Software Engineering in Manufacturing at SICK AG. He has an extensive IT background and has a faible for lean and agile organizations.

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