IOTA has announced a new smart contract platform called “Assembly” to accelerate the adoption of Web 3. Like IOTA’s staging network – Shimmer – users can put IOTA on assembly to earn rewards, this time sent out in ASMB tokens.
What is the assembly used for?
Assembly revealed itself today in a blog post on its website that was retweeted by IOTA. The platform describes itself as a “scalable multi-chain network for fragmented, composable smart contracts”. Sharding is a scaling technique that reduces validation time by allowing smaller groups of nodes to validate transactions rather than the entire network.
Anyone using the protocol can create their own shard smart contract chain defined by their own parameters. Virtual machine requirements, validation requirements, and incentive / fee structures can be fully compiled by developers.
“Each assembly-based intelligent chain of contracts is a fully shared network that is only limited by its own throughput and at the same time benefits from the shared security and trustless interoperability of the global network.”
Assembly claims it will be the “open network to build and connect open worlds” that uses a smooth and highly scalable base layer to host Defi, NFTs and DAOs. This is a feature Ethereum has tried for years but has been withheld due to base layer congestion and high fees. Hence, Vitalik suggested sharding on Ethereum alongside other Layer 2 scaling solutions to cut costs.
The network’s native token – ASMB – will distribute 70% of its offering to the community. This includes an allocation of 20% that goes to the IOTA stakers. With the recent launch of the foundation’s staking testnet, the network’s stakers are rewarded with even greater rewards. The last 30% goes to early participants and the IOTA Foundation.
Another network for IOTA?
Despite Assembly’s long list of platform capabilities, many were disappointed with the announcement. Considering how IOTA rolled out smart contracts on its main network in October, some felt the whole new network was redundant.
So far, IOTA has played the long game. Despite sleeping prices well below its all-time high in late 2017, it still aims to become an efficient, toll-free human-machine payment network used by billions of people.
“Short-term success in the crypto market is based on speculation and hype; Long-term success is based on ideals, community and culture. Only solutions that follow a clearly defined purpose and preserve their values will ultimately prevail, ”said the assembly’s announcement.
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