IOTA releases Assembly network, community gets 70% of token supply

IOTA has released Assembly, a new decentralized layer-1 smart contract network with a native ASMB token, Invezz learned from a press release. The Assembly mainnet will be launched as a permissionless network next year. It is the first network of its kind, where more than two-thirds of the native tokens will be given to developers, creators, early participants and DAOs of the Assembly ecosystem.

Novel architecture based on IOTA smart contract framework

Assembly’s unique architecture of Assembly is based on IOTA’s Smart Contracts framework, which leverages IOTA as a trustless bridge for feeless interoperability between smart contracts. On Assembly, developers can create and launch their own smart contract chains against the backdrop of the network’s share security.

Parallel execution of smart contracts

IOTA’s directed acyclic graph structure makes it possible to execute smart contracts in parallel, transforming Assembly into a sharded network that can scale while maintaining composability, interoperability, and security.

Feeless network

Assembly’s network has fixed fees as low as zero because it makes it possible to define execution fees for smart contracts individually. These and other novelties help builders on Assembly eliminate existing barriers to entry.

Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation, commented:

Assembly is a key component of our mission to build the decentralized economy. It is a perfect illustration of democratic, inclusive, interoperable technology that harnesses the power of the decentralized, permissionless, and feeless Tangle to deliver unmatched performance and to move a whole ecosystem forward. With a spirit of inclusion, cooperation, and empowerment, we are transforming one more facet of digital life and inviting as many people as possible to join us.

Navin Ramachandran, Member of the Board of Directors of the IOTA Foundation, added:

In an environment that is fairly competitive and proprietary, we consciously aimed to make Assembly as inclusive and interoperable as possible. No single smart contract solution currently has the scalability and security that would enable mass adoption and innovation. With Assembly, we are bringing technology that supports a multitude of use cases, programming languages, and virtual machines, a solution that unifies a hitherto disjointed landscape. We are doing this out of a conviction that in the new digital economy, several cutting-edge technologies will coexist side-by-side, and IOTA with Assembly will serve as a vital bridge in the smart contracts space.

Multiple programming languages supported

Assembly can spawn interoperable virtual machines, beginning with EMV and smart contracts written in either Solidity or TinyGo. Its creators have addressed many of the current bottlenecks of other networks, such as MEV (Miner Extractable Value), which the network does not enable.  

The post IOTA releases Assembly network, community gets 70% of token supply appeared first on Invezz.