{"id":202385,"date":"2021-10-22T11:00:59","date_gmt":"2021-10-22T10:00:59","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=202385"},"modified":"2021-10-24T04:23:20","modified_gmt":"2021-10-24T03:23:20","slug":"iota-smart-contracts-beta-launches-with-zero-fees-interoperability-and-evm-compatibility","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/iota-smart-contracts-beta-launches-with-zero-fees-interoperability-and-evm-compatibility\/","title":{"rendered":"IOTA Smart Contracts Beta launches with zerofees, interoperability, and EVM compatibility"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The <\/span><a href=\"https:\/\/cryptoslate.com\/coins\/iota\/\"><span style=\"font-weight: 400;\">IOTA Foundation<\/span><\/a><span style=\"font-weight: 400;\">, the non-profit driving open-source distributed ledger technology for a new digital economy, announced the beta release of IOTA Smart Contracts in a release shared with <\/span><i><span style=\"font-weight: 400;\">CryptoSlate<\/span><\/i><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The fully functional smart contract solution offers a number of new features aimed at resolving current scalability and transaction fee issues while offering new features currently unmatched in the crypto space.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The IOTA Smart Contracts Beta enables users to create and execute custom smart contracts on a feeless network for the first time. It also comes with Ethereum Virtual Machine (EVM) support, the current industry standard. Developers can now write Solidity smart contracts inside an EVM chain that is anchored on the feels IOTA Tangle.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The feature supports several programming languages, including Go, Rust, and Ethereum\u2019s Solidity. This choice is in line with the IOTA Foundation\u2019s commitment to interoperability and standardization, two cornerstone principles of the new digital economy.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It\u2019s time to add a new layer of utility to <a href=\"https:\/\/twitter.com\/hashtag\/IOTA?src=hash&ref_src=twsrc%5Etfw\">#IOTA<\/a> and enter Web3. Smart Contracts Beta is out!?<br \/>\u2714\ufe0f<a href=\"https:\/\/twitter.com\/hashtag\/EVM?src=hash&ref_src=twsrc%5Etfw\">#EVM<\/a> support<br \/>\u2714\ufe0fSolidity, Go (TinyGo) or Rust <a href=\"https:\/\/twitter.com\/hashtag\/SmartContracts?src=hash&ref_src=twsrc%5Etfw\">#SmartContracts<\/a><br \/>\u2714\ufe0fSharded chains, w\/ full interoperability <br \/>\u2714\ufe0fDefine token incentives and fees (or go <a href=\"https:\/\/twitter.com\/hashtag\/feeless?src=hash&ref_src=twsrc%5Etfw\">#feeless<\/a>)<a href=\"https:\/\/t.co\/srEehlWyMn\">https:\/\/t.co\/srEehlWyMn<\/a> <a href=\"https:\/\/t.co\/tXJN0oehMh\">pic.twitter.com\/tXJN0oehMh<\/a><\/p>\n<p>&mdash; IOTA (@iota) <a href=\"https:\/\/twitter.com\/iota\/status\/1451171969760641025?ref_src=twsrc%5Etfw\">October 21, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><b>More scalability on IOTA smart contracts<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Unlike Ethereum, IOTA Smart Contracts enable developers to set their own execution fees. This dynamic pricing creates an incentive to drive fees down since different chains can compete for the work of executing a smart contract.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The most powerful and unique feature of IOTA Smart Contracts is its scalability and interoperability. The network already offers full sharding, making it possible to scale smart contracts beyond the current limitations on other networks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By leveraging native tokenization on the IOTA Ledger, all Smart Contracts are able to wrap assets onto the base layer. This makes all smart contracts and any digital asset created on IOTA fully interoperable without the need for trusted relays or bridges. This will enable powerful new composability for dApp developers and new possibilities for users to engage in the ecosystem.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the IOTA Smart Contracts Schema tool, users can input the functionalities they wish to include into the smart contract they are writing and have the system automatically generate and test the appropriate boilerplate code.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe have integrated some of the defining features of IOTA \u2013 interoperability, flexibility, feeless transactions \u2013 into a smart contract solution for a new generation that we believe will become industry standard once it is released on the IOTA mainnet. We invite as many users as possible to try out the current Smart Contracts Beta and to see for themselves how much potential this release has,\u201d said Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The IOTA Smart Contracts Beta can be tested on the IOTA 2.0 DevNet. The IOTA Foundation is now working to bring its smart contract solution to the IOTA mainnet so that users can enjoy the entirety of Smart Contract functionalities even prior to the IOTA 2.0 release.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IOTA Foundation, the non-profit driving open-source distributed ledger technology for a new digital economy, announced the beta release of IOTA Smart Contracts in a release shared with CryptoSlate. The fully functional smart contract solution offers a number of new features aimed at resolving current scalability and transaction fee issues while offering new features currently [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":202220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37],"tags":[77060],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IOTA Smart Contracts Beta launches with zerofees, interoperability, and EVM compatibility<\/title>\n<meta name=\"description\" content=\"The IOTA Foundation, the non-profit driving open-source distributed ledger technology for a new digital economy.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/iota-smart-contracts-beta-launches-with-zero-fees-interoperability-and-evm-compatibility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IOTA Smart Contracts Beta launches with zerofees, interoperability, and EVM compatibility\" \/>\n<meta property=\"og:description\" content=\"The IOTA Foundation, the non-profit driving open-source distributed ledger technology for a new digital economy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/iota-smart-contracts-beta-launches-with-zero-fees-interoperability-and-evm-compatibility\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-22T10:00:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-24T03:23:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/10\/iota-smart-contract.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/iota-smart-contracts-beta-launches-with-zero-fees-interoperability-and-evm-compatibility\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/iota-smart-contracts-beta-launches-with-zero-fees-interoperability-and-evm-compatibility\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.","url":"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/202385"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=202385"}],"version-history":[{"count":4,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/202385\/revisions"}],"predecessor-version":[{"id":202537,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/202385\/revisions\/202537"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/202220"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=202385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=202385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=202385"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=202385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}