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IOTA team starts assembly network for smart contracts

The team behind the proven IOTA project has revealed a network called Assembly (ASMB) that aims to shake up the smart contracts space in 2022.

By using advanced sharding techniques embedded in the IOTA blockchain – known as directed acyclic graphs – that effectively bypass the work of processing unimportant data components, the network can be scaled horizontally without sacrificing structural serenity.

The idea behind Assembly is simple: create a validator marketplace environment that allows smart contract chains to compete on their features and fee schedule offerings.

But it’s also about ensuring that the environment is expanded to the bottom billion – and for that, smooth smart contract functionality is crucial, explained Dominik Schiener – co-founder and chairman of the IOTA Foundation.

“Assembly is a key component of our mission to build the decentralized economy,” he said.

“It’s a perfect example of democratic, inclusive, interoperable technology that harnesses the power of the decentralized, permissionless, and callous tangle to deliver unmatched performance and advance an entire ecosystem.

“With a spirit of inclusion, cooperation and empowerment, we are transforming another facet of digital life and inviting as many people as possible to join us.”

Validators at the heart of the IOTA assembly

Congregation validators are stimulated by reward structures, but these are unique in their own right, as plans for fixed fee payments in stablecoins and a role for validators in creative token distributions have been announced.

It will be possible to individually define fixed fees as low as $ 0 – that opens the door to the callous execution of smart contracts – something that could be very convincing as it removes the barriers to entry for the bottom billion and could help to encourage real mass adoption.

In the wake of Ethereum’s market share, Assembly introduced full EVM compatibility to enable all Solidarity smart contracts to be instantly ported to the ASMB chain.

Read more: IOTA launches Shimmer preproduction environment for developers

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