Iota set to launch decentralized smart contract platform to expand Web3 ecosystem

The Assembly mainnet, which is expected to launch in 2022, has pledged to distribute 70% of its native ASMB token supply to an array of community participants. Read the full article by: Tom Farren

Key Points:

• With Blockchain being the face of cryptocurrency technology it does have it competitors such as IOTA. IOTA is a DAG which means basically that each user has their own “chain” allowing for faster and fee-less transactions.

• Today IOTA announced that they have released their decentralized layer-1 smart contract network called Assembly. The token symbol is ASMB. Adding smart contracts will allow the network to be capable of having Defi applications as well as NFTs.

• “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.”

• This is an effort by IOTA to make their network more scalable and also brings a community-centric governance model to the platform. This has been an increasingly popular trend as projects are continuing to implement a DAO structure to further decentralize the network.