Iota’s Assembly mainnet will be launched in 2022 as the company seeks the development of Web3 ecosystem. The company will also launch the Assembly’s native token, ASMB token. ASMB will be used for performing transactions on the mainnet. Iota said that it would distribute at least 70% of the tokens to certain community members.
Assembly is a decentralized smart contract network that will be launched on Iota. Assembly won’t require permission as a layer-1 mainnet. It represents the rise of new trustless networks and protocols that serve as bridges to facilitate cross-chain operability. Assembly permits developers to deploy smart contracts based on IOTA’s security protocol.
Its novel architecture offers parallel smart contracts that can interact with each other, bringing massive scalability to IOTA and at the same time preserving its security and integrity. According to information provided by IOTA, Assembly will have a near-zero network fee because smart contracts process transactions individually. Fees are fixed.
According to Dominik Schiener, Assembly will provide developers with the right motivation as it removes certain barriers that complicate DeFi development. Schiener is the co-founder of IOTA. he said that Assembly is designed to advance the development of the Web3 ecosystem.
Assembly supports several programming languages and virtual programs. The mainnet will serve as the bridge for smart contracts in the Web3 ecosystem. Assembly will also support NFTs smart contracts. IOTA’s robust security will play a huge role in keeping Assembly safe for developers and consumers.
Growing DeFi Ecosystems
IOTA Foundation recently launched a network on which developers could stage projects and earn reward tokens. The project was commissioned and launched with the aim of stimulating the development of DeFi. Now, Assembly will support Ethereum Virtual Machine (EVM) that has been instrumental to a large number of DeFi projects.
Decentralized finance has grown in popularity and use since the first project was deployed on Ethereum. Because the Bitcoin network had no smart contract feature, early DeFi projects were developed on Ethereum. However, Bitcoin can now support DeFi after receiving its Taproot network upgrade.
Ethereum is also now facing competition from newer blockchain networks that offer more in speed and network fees. But mainnets such as Assembly that are built and deployed on Ethereum help it to retain some advantage over others. The most attractive feature of Assembly would be its fixed, yet negligible network fees.
DeFi, Web3, and the metaverse have dominated discussions in crypto spaces this year. It is no coincidence, therefore, that IOTA is positioning its network among the networks that may rise to prominence in the metaverse era.
The so-called metaverse tokens such as SAND and MANA have recorded massive profits in the last two months following increased metaverse activities. IOTA’s ASMB token might be toeing the same path if its parent network gains popularity.
Other blockchains will assuredly roll out features and products in the new year as the demand for a more beneficial crypto ecosystem increases. Interesting times are here for the crypto community.