The iota smart contracts release date is a beta launch of the iota smart contracts. The new platform will allow for free transactions, interoperability with other blockchain networks, and compatibility with Ethereum Virtual Machine (EVM).
In a press statement published with, the IOTA Foundation, a non-profit pushing open-source distributed ledger technology for a future digital economy, announced the beta release of IOTA Smart Contracts.
The fully functioning smart contract solution includes a number of new features targeted at addressing existing scalability and transaction cost problems, as well as new capabilities that are presently unmatched in the cryptocurrency industry.
For the first time, the IOTA Smart Contracts Beta allows users to design and execute bespoke smart contracts over a feeless network. It also has Ethereum Virtual Machine (EVM) compatibility, which is the industry standard at the moment. Developers may now create Solidity smart contracts inside an EVM chain based on the IOTA Tangle.
Several programming languages are supported, including Go, Rust, and Ethereum’s Solidity. The IOTA Foundation’s dedication to interoperability and standardization, two cornerstone concepts of the emerging digital economy, is reflected in this decision.
It’s time to join Web3 and bring a new layer of usefulness to #IOTA. Smart Contracts Beta is now available! 🚀 #EVM supports #SmartContracts sharded chains in Solidity, Go (TinyGo), or Rust, with complete interoperability. Define token incentives and fees (or use the hashtag #feeless) https://t.co/srEehlWyMn pic.twitter.com/tXJN0oehMh https://t.co/srEehlWyMn
October 21, 2021 — IOTA (@iota)
IOTA smart contracts will have more scalability.
IOTA Smart Contracts, unlike Ethereum, let developers to define their own execution costs. Because various chains may compete for the task of executing a smart contract, this dynamic pricing provides an incentive to push costs down.
Scalability and interoperability are the most powerful and distinctive features of IOTA Smart Contracts. Full sharding is currently available on the network, allowing smart contracts to grow beyond the existing limits of other networks.
All Smart Contracts may wrap assets onto the basic layer by using native tokenization on the IOTA Ledger. This eliminates the need for trusted relays or bridges, making all smart contracts and digital assets developed on IOTA completely interoperable. This will provide dApp developers with a strong new level of composability, as well as new ways for consumers to participate in the ecosystem.
Users may utilize the IOTA Smart Contracts Schema tool to enter the functionality they want to include in their smart contract and have the system create and test the boilerplate code for them.
“We’ve combined some of IOTA’s defining characteristics – interoperability, flexibility, and feeless transactions – into a smart contract solution for a new generation that we think will become industry standard once it’s deployed on the IOTA mainnet,” says the company. “We encourage as many people as possible to participate in the current Smart Contracts Beta and experience for themselves how powerful this release is,” stated Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation.
The IOTA Smart Contracts Beta is available on the IOTA 2.0 DevNet for testing. The IOTA Foundation is now working to deploy its smart contract solution on the IOTA mainnet, allowing users to take use of all Smart Contract features even before IOTA 2.0 is released.
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The evm compatible blockchains is a new beta launch of IOTA’s smart contracts. It includes zero fees, interoperability, and EVM compatibility.
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