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.
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.