IOTA Network Announces New Smart Contract “Assembly”

IOTA’s MIOTA token was a strong performer in the crypto market today, December 3rd, as the team announced a new smart contracts network. The smart contract will be known as Assembly and will be based on IOTA’s current smart contracts framework.

According to IOTA’s announcement, Assembly will “leverage the IOTA network as an immutable trust anchor and bridge for interoperability between smart contracts.” The company expects it will “drive the development of smart contracts in their various forms, including decentralized finance and NFTs.”

Assembly will launch in 2022 and will have its own token ASMB. The token will initially be distributed to existing MIOTA holders via an airdrop that will begin “shortly.” This means that holders could receive the new token within the next few weeks.

Future token distributions will be voted on by the IOTA community, with tokens reserved primarily for developers, early adopters, and DAOs on the network

The new smart contracts network will offer a range of capabilities. The announcement states that it “will come with fixed fees of $0 thanks to the flexibility to set execution fees for smart contracts individually.”

“With these innovations, Assembly offers developers a powerful toolset to remove existing barriers to entry and bring the next billion users to cryptocurrency,” the team said.

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IOTA is seeing a sharp rise in price

According to the Assembly website, users can use MIOTA to earn ASMB tokens. The Firefly wallet is required for users to claim their rewards. The company has not yet announced a date when exactly the new tokens will be available or when staking will begin.

Simultaneously with the news about the new smart contracts network, the price of MIOTA rose sharply. In the process, the token increased by almost 7% to $1.5159 in the last 24 hours. The price has increased by almost 9% in a month and 366% in a year.

The gains for the MIOTA token were significant long before the announcement of the new smart contract. MIOTA started to rise at around 04:00 UTC and has risen more than 13% since then.

MIOTA was the best performing coin among cryptocurrencies by market cap today. It is followed by Uniswap’s UNI token and Cardano’s ADA token, which rose by almost 5% in the same period.

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(Featured image by sergeitokmakov via Pixabay)

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