IOTA’s smart contract network has attracted a lot of money from Asia
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 contract languages, was announced earlier this month, paving the way 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 launch on the mainnet next year, but its beta is already up and running. The network will operate with the native ASMB token.
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 IOTA-based network and allows anyone to create their own blockchain network. And this blockchain network is deemed secure and connected via 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 cryptography.
