- IOTA recently launched its Smart Contract Beta, which makes Ethereum’s ERC-20 tokens interoperable with its network.
- IOTA’s smart contracts offer an alternative to Ethereum and Cardano that focuses on making blockchain applications mainstream.
- DeFi, Web3 and NFT applications on IOTA focus on the Internet of Things and machine-to-machine communication.
- While Ethereum does not have to introduce sharding yet, IOTA has the capacity to process transactions in parallel with blocks, chains or miners.
The IOTA Foundation has launched non-contact, programmable and scalable smart contracts. Developers can develop smart contracts on the IOTA blockchain and deploy them on the Ethereum blockchain.
IOTA has launched its Smart Contract Beta which includes support for Ethereum’s virtual machine
IOTA announced the launch of its smart contract beta compatible with the Ethereum blockchain. IOTA users can now take advantage of the network’s high-speed, toll-free smart contracts.
The open source cryptocurrency ledger is now testing its new features, which offer an alternative to Ethereum and Cardano. The network supports interoperability with ERC-20 tokens.
Dominic Schiener, CEO of the IOTA Foundation, has explained the introduction of smart contracts from IOTA.
Our goal is to lead alongside Ethereum and ensure that our future is decentralized. We want to help our young industry advance towards mainstream adoption and establish trust as a free public good for all societies.
Schiener announced that it would be exciting for him to realize the crypto vision of a multi-chain future with IOTA.
IOTA is concerned with sharding and scalability (two issues the Ethereum network is currently facing).
All of this is only possible because in 2015 #IOTA invented the Tangle, the first DLT that goes beyond the traditional #blockchain architecture and uses a Directed Acyclic Graph (DAG).
With #IOTA, transactions are processed in parallel with blocks, chains or miners. pic.twitter.com/PCs1NKDflt
– Dominik Schiener (@DomSchiener) October 25, 2021
The Ethereum network has announced the Altair upgrade to prepare the blockchain for sharding. IOTA naturally has the ability to process parallel transactions with blocks, chains or miners.
The introduction of smart contracts on IOTA has intensified the network’s competition with the main players Ethereum and Cardano.
IOTA enables developers of smart contract chains to define their tokenomics and avoid transaction fees. Protocols can reward validators with their native tokens and reduce barriers to entry that plague the decentralized application ecosystem.
With these developments, IOTA plans to drastically increase support for decentralized application developers and focus on making blockchain applications mainstream.
The pseudonymous cryptocurrency analyst @ eliz883 has an optimistic outlook on IOTA. The analyst has set a target price of $ 2.08 for the IOTA price.
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