Very soon, IOTA developers will be able to test the new smart contract platform, which will allow the creation and interaction of this type of tools to enhance the usability of IOTA, the Internet of Things (IoT) blockchain.
IOTA is implementing smart contracts, or smart contracts, for the first time within its network blockchain. Thanks to the work done by developers in recent months, users and developers working on IOTA can now begin to implement smart contracts and their applications in the Alpha version of the IOTA Smart Contract Protocol, known by its acronym in English as ISCP (IOTA Smart Contract Protocol).
El launch This version, recently announced, marks an important milestone in the development and consolidation of this network. IOTA, which is focused on enabling the secure exchange of information and value in the Internet of Things (IoT), also aims to maximize the potential of smart contracts for building and deploying creative applications within the network, such as digital assets. native exchanges, decentralized automated market makers (AMMs), non-fungible token (NFT) markets, liquidity platforms and smart contracts that leverage the power of oracles built on the IOTA network.
The ISCP Alpha release has been expected for some time in the crypto community, as it is a more stable iteration than the first released version, the Pre-Alpha version of the protocol.
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Competition for Near and Polkadot
The new Alpha version of IOTA's ISCP allows developers to create smart contracts based on this blockchain, as well as create decentralized applications (dApps) for various functions. Similarly, developers can also begin to implement smart contract networks run by Wasp nodes and implement smart contracts within those networks or chains.
The work that developers can now create on this blockchain with smart contracts positions IOTA as an important network within the complex and demanding smart contract ecosystem, dominated by projects such as Ethereum, Polkadot y Near-Protocol. Within this version, developers can guarantee greater interoperability between different projects with other blockchains; in addition to solving other current problems, such as the inability of the network to execute protocols in parallel and at scale, or the inability to execute external smart contracts in different virtual machines. Also, the new protocol seeks to reduce the high costs associated with these interactions, such as those seen in Ethereum due to Gas fees.
The ISCP developer team decided to focus on developing the ability to deploy smart contracts on Wasp nodes, while completing the integration of the “Mana” module into the Coordicide testnet, which is in the “Pollen” stage. The integration of this module into the test network is planned for the coming weeks and represents an essential component of the new IOTA consensus algorithm, which eliminates the figure of the Protocol Coordinator; and therefore, offers greater scalability and decentralization.
Coordicide, towards the future of IOTA
Coordicide guides IOTA towards its future and evolution, offering a more scalable and permissionless network. The objective of this implementation is to eliminate the centralized figure of the protocol, called the Coordinator, which controls and monitors that transactions within the network are carried out correctly, and that the nodes act honestly and without cheating. Being a centralized figure controlled by the IOTA Foundation, the Coordinator has some limited functions, which affects the scalability of the network. In addition, this figure has been the subject of strong criticism in the industry for being a single point of failure that could paralyze the network if attacked in a coordinated manner. Also, although the Coordinator cannot retroactively invalidate transactions, it could de facto freeze the deposits of participants in the network.
To solve these problems, the IOTA team is developing in Coordici, one one testnet without coordinators that will allow eliminating the figure of the Network Coordinator, increasing its scalability, and favoring decentralization without compromising it at any time.
Coordicide will allow IOTA transactions to be carried out and confirmed much faster, in just a few seconds, without having to wait for confirmations from external entities. In this way, the network will be able to truly achieve scalability, significantly improving performance in transaction and confirmation times, as well as the usability and reliability of the network, its developers explain.
Although Coordicide is still in development, IOTA is getting closer to consolidating this goal, and creating a network with an unprecedented capacity to perform tasks in parallel, asynchronous, decentralized and secure.
The activation of the Alpha version of ISCP is leading MIOTA, the project's native token, to grow in value. At the close of this edition, MIOTA is listed on the markets with a price of $1,30 USD, showing a growth of more than 15% in the last week.
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