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IOTA enters Web3 race against Ethereum and Cardano with zero-fee smart contracts

  • IOTA recently launched its smart contract beta that makes Ethereum’s ERC-20 tokens interoperable with its network.
  • IOTA’s smart contracts offer an alternative to Ethereum and Cardano focused on making blockchain applications mainstream.
  • DeFi, Web3, NFT applications on IOTA are focused on the internet of things and machine-to-machine communications.
  • While Ethereum is yet to introduce sharding, IOTA has the capacity to process transactions in parallel with blocks, chains or miners.

IOTA Foundation has launched feeless, programmable and scalable smart contracts. Developers can develop smart contracts on the IOTA blockchain and deploy them on the Ethereum blockchain. 

IOTA launched its smart contract beta, includes support for Ethereum virtual machine

IOTA announced the launch of its smart-contract beta, compatible with the Ethereum blockchain. IOTA users can now take advantage of the network’s high-speed zero-fee smart contracts. 

The open-source cryptocurrency ledger is now testing its new features that offer an alternative to Ethereum and Cardano. The network supports interoperability with ERC-20 tokens. 

Dominic Schiener, CEO of IOTA Foundation, has explained IOTA’s smart-contract launch, 

Our objective is to become a leader alongside Ethereum and make sure that our future will be decentralized. We want to help advance our young industry towards mainstream adoption and establish trust as a free public good for all societies to benefit from.

Schiener shared that it is exciting for him to realize the crypto vision of a multi-chain future with IOTA. 

IOTA tackles sharding and scalability (Two problems that the Ethereum network faces currently). 

The Ethereum network has announced the Altair upgrade to prepare the blockchain for sharding. IOTA inherently possesses the capacity to process parallel transactions with blocks, chains or miners. 

The arrival of smart contracts on IOTA has intensified the network’s competition with key players Ethereum and Cardano.

IOTA makes it possible for smart-contract chain developers to define their tokenomics and zero transaction fees. Protocols can reward validators with their native tokens and reduce entry barriers that plague the decentralized application ecosystem. 

With these developments, IOTA plans to drastically scale up support for decentralized application builders and focus on making blockchain applications mainstream. 

Pseudonymous cryptocurrency analyst, @eliz883, has a bullish outlook on IOTA. The analyst has set a target of $2.08 for the IOTA price. 

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