The Iota Foundation has announced the release of its beta version smart contract performance, with the target to unravel market challenges of scalability limitations and excessive transaction charges, as well as reportedly debuting components not witnessed to date in the house.
The platform will allow developers to set individual parameters for execution fees, a feature expected to suppress the fee prices to near-zero.
Iota’s nonprofit foundation is focused on open-source research and development initiatives to drive adoption within the distributed ledger technology space, alongside its native platform, the Tangle.
The smart contract service will foster interoperability and standardization through the mixing of Ethereum Virtual Machine; multi-capacity for developers to write program languages with Tiny Go, Rust, and Ethereum’s Solidity; as well as enabling developers to mark unique execution charges, amongst different options.
The latter is a prominent difference from the Ethereum blockchain and could drastically foster the reduction of charges throughout the network because the pool of competitors seeking to validate the smart contract increases.
In March, the platform announced the release of its alpha Iota Smart Contracts Protocol, designed to encourage builders to construct smart contracts along with decentralized finance (DeFi) and nonfungible token (NFT) applications.
Dominik Schiener, co-founder and chairman of the Iota Foundation, told that the addition of smart contract performance will “add an important part to the Iota ecosystem. They permit anybody to construct composable and complex dApps using industry standard Ethereum tooling while relying on a feeless base layer and predictable, low execution fees.”
“IOTA Smart Contracts also enable the feeless transfer of assets across chains, which offers the IOTA ecosystem — and anyone else — unprecedented opportunities in terms of utility, composability, and scalability,” Schiener said.
Schiener claimed that Iota smart contracts are unique in that they offer low, predictable, transparent fees, including: “Smart contract chains enjoy permissionless deployment, without setup fees, auctions, or gatekeepers of any kind. The smart contract execution fees are predictable, non-volatile, and entirely as much as the chain owner to set.”
“The possibility for chains to compete for the ‘work’ of executing a smart contract creates an additional incentive to push execution fees to their absolute minimal — including zero. Non-zero fees are payable in whatever kind the chain owner demands, giving additional flexibility. In a nutshell, it is a DeFi operator’s ‘wet dream’.”