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Asian VCs to Pour $100 Million into IOTA's Smart Contracts Network

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Fri, 12/10/2021 - 16:02
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Alex Dovbnya
IOTA's smart contracts network has attracted big money from Asia
Asian VCs to Pour $100 Million into IOTA's Smart Contracts Network
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Assembly, IOTA's yet-to-be-launched smart contracts platform, is set to receive a $100 million injection from deep-pocketed Asian venture capitalists such as Du Capital, LD Capital and Signum Capital, Reuters reports.

The Layer 1 network, which is compatible with various smart contracts languages, was announced earlier this month, setting the stage for IOTA's entry into the Web3 space.

In March, IOTA launched an alpha version of its smart contracts, which was followed by its beta release in October.

Assembly will have its mainnet launch next year, but its beta is already up and running. The network will operate together with the native ASMB token.

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Most recently, Schiener told Reuters that IOTA would serve as a linchpin that connects a multitude of blockchains created on top of the Assembly network and ensure their interoperability:

Assembly is now its own network that's built on top of IOTA and enables anybody to create their own blockchain network. And this blockchain network is deemed secure and connected through IOTA.

The platform's architecture is dramatically different from existing smart contracts players because of its acyclic graph structure, but it is Ethereum Virtual Machine-compatible.

In an exclusive interview with U.Today, IOTA co-founder Dominik Schiener described smart contracts as "the main source of innovation" in crypto.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.