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IOTA to Roll Out Smart Contracts Protocol Alpha to Bring IOTA into DeFi World

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Thu, 03/04/2021 - 13:00
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Yuri Molchan
IOTA is about to inch closer to the DeFi sphere with the upcoming release of Smart Contracts Protocol alpha, dapps and colored coins
IOTA to Roll Out Smart Contracts Protocol Alpha to Bring IOTA into DeFi World
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The IOTA Foundation has reached another milestone as it is about to roll out the IOTA Smart Contracts Protocol (ISCP).

This will allow Tangle to enter the world of decentralized finance applications with feeless smart contracts.

Tangle takes another step towards entering DeFi

IOTA has marked a major milestone in developing the ISCP as it is about to release its alpha version. Unlike the previous “pre-alpha” version of the protocol for smart contracts, alpha has integrated a permissionless multi-chain environment based on Tangle.

IOTA smart contracts have shifted from the current smart contract architectures with their flaws, including the inability to offer many things to users such as a lack of scalable and parallel execution, integration with smart contracts built on other chains and virtual machines and high, volatile fees.

IOTA-based smart contracts and dapps

ISCP will enable developers to run a “permissioned” chain of smart contracts that will be validated by their own nodes. IOTA will offer feeless smart contracts. Based on that, developers and enterprises will be able to set their own flexible fees for users.

Thanks to the flexible system of nodes, smart contracts based on IOTA will be flexible, energy-saving and secure.

The system will see further changes as it develops, and it will enable developers to start experimenting with native digital assets, dexes, liquidity platforms and smart contracts that can integrate IOTA Oracles.

The most anticipated aspect of the upcoming release is that developers will now be able to launch dapps and smart contracts on IOTA. They will also be able to develop chains of smart contracts that will be run via Wasp nodes - and build smart contracts on them too.

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IOTA Rises 10% as Digital Assets Framework to Launch Soon

Plans for the near future

After the alpha version is rolled out, smart contracts on IOTA will finally kick off with plenty of room for development, improvement and experiments.

Within the next several months, IOTA plans to keep working on deploying Goshimmer and Coordicide protocols. Dev teams will also create more showcases and will work on smart contracts and colored coins.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.