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Iota intends to build a decentralised smart contract platform to develop the Web3 ecosystem

3 min reading

The Assembly mainnet, which is intended to launch in 2022, has agreed to distribute 70% of its endemic ASMB token supply to a diverse range of community participants.

Iota has unveiled the launch of Assembly, a decentralised layer-one smart contract network, and the ASMB token, in an attempt to expedite the adoption of smart contracts across a wide range of industries, including decentralised finance (DeFi) and nonfungible tokens (NFTs).

Assembly makes use of the current architecture of the Iota network, most significantly the directed acyclic graph structure, to function adjacently as a compatible, self-sovereign overpass the benefits of scalability and effective security, among other things.

Developers of decentralised applications, or DApps, have established their smart contract chains and set individual parameters for low-cost execution charges, a feature that also allows service providers to issue on-chain stable coin assets to incentivise validators.

In addition, the platform is fully interoperable with the Ethereum Virtual Machine (EVM) and supports smart contract languages Solidity, Rust, Go, and TypeScript, with more to be introduced shortly.

Dominik Schiener, co-founder and chairman of the Iota Foundation, mentioned in conservation how Assembly aligns with Iota's unifying vision of creating a decentralised ecosystem, but also how the project's infrastructure could provide a perfect environment for project construction, stating:

“Assembly is fully configurable and can bridge across any smart contract chain running whatever type and flavor its builder desires. Every network built using the protocol will benefit from the shared security, interoperability and token infrastructure provided by the Assembly network.”

The Iota Foundation released beta smart contracts with EVM functionality in October to increase network scalability, interoperability, and substantially cut transactional fees.

The token's distribution model gives 40% of ASMB assets to a community decentralised autonomous organisation, 20% to Iota stakeholders (as incentives dispersed over the next two years), 10% to early participants and ecosystem developers, and the remaining 20% to the Iota Foundation.

By implementing this community-centric governance approach, Assembly intends to establish an environment for creators, developers, and community advocates that will allow the Iota ecosystem to expand into a variety of Web3 sectors, including the Metaverse.

Schiener emphasised the need of creating and sustaining open, transparent, self-governing metaverse models despite the parabolic financial gains of metaverse tokens MANA and LAND, and also the growing mainstream debate about the effect of new metaverse worlds:

“Its underpinnings must be able to support and bridge any type of technical architecture its builders desire, uninhibited by gatekeepers, costly auctions, or rigid architectures limited to certain programming languages, virtual machines, or smart contract types.”

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