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Dominik Schiener, the co-founder of IOTA, applauds Assembly on its $100 million capital raise

3 min reading

“Assembly addresses the limitations of current scaling solutions by using the feeless base layer of IOTA as an immutable trust anchor and as a trustless bridge for feeless interoperability of smart contracts,” Schiener stated.

Assembly, a decentralised layer one smart contract network formed within the IOTA ecosystem, announced on Friday that it has raised $100 million from private investors which include LD Capital, HyperChain Capital, and Huobi Ventures.

The funds will be used to expedite the development of decentralised finance protocols, nonfungible tokens, and play-to-earn crypto games, according to the project.

IOTA is a blockchain that enables internet-of-things transactions. Its trademarked technology comprises a network of decentralised acyclic graphs that can link to one another in numerous vectors instead of in-series as with a standard blockchain. As a consequence, one new block can verify two existing blocks, resulting in self-sustaining transaction verification. This is said to lead to the removal of all transaction fees and a reduction in energy costs.

The Assembly mainnet is set to begin in early 2022, with a strong community focus.

70% of ASMB tokens are allocated for developer incentives, community-governed decentralised self-sufficient organisations, and grant projects.

According to Dominik Schiener, co-founder and chairman of the IOTA Foundation, there are too many Ethereum Virtual Machine, or EVM, blockchains:

“Ultimately, all of them will face the same problems with fees, scalability, and interoperability. Most of them will fail in the long term as they offer nothing unique.”

When it comes to the Assembly blockchain's distinctiveness, Scheiner believes it boils down to flexibility:

“Each smart contract chain can be fully customized to the project's needs. In addition, Assembly is already fully EVM-compatible, and has support for WASM [WebAssembly], plus Go, Rust and TypeScript as optional smart contract languages.”

Stelian Balta, the founder of HyperChain Capital and a billionaire investor, stated:

“We always needed a feeless, highly scalable network for developers to build highly scalable apps in the crypto ecosystem. Assembly does that. They have been pioneers in the crypto ecosystem since 2015, and we are confident in their experience and their vision for the next decade.”

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