Recently, the project launched smart contracts that will help developers in setting individual parameters for execution fees. It’s expected that this feature will lower the transaction fees to almost zero.
The Objective Is to Solve Challenges of Scalability
The Iota Foundation announced the release of the beta version of the smart contract that will provide, so far, unseen solutions in this space. Iota’s nonprofit organization is also focused on research and development initiatives that boost the adoption of distributed ledger technology.
How Will the Smart Contract Work
The smart contracts will operate with the integration of the Ethereum Virtual Machine. This will allow developers to write programs with Tiny Go, Rust, and Ethereum Solidity, bringing in the low fees as well.
In March, the Iota foundation released the alpha Iota Smart Contracts protocol designed to help developers build smart contracts related to decentralized finance and NFT applications.
The Iota co-founder, Dominik Schiener, believes that this addition of smart contract functionality will be vital to the Iota ecosystem. It will allow anyone to build complex dApps without having to pay high fees to do so.
The Iota project is a cryptocurrency project designed to be used together with various Internet of Things solutions.