IOTA announces new decentralized smart contract network Assembly for Web 3 and Metaverse

• The new Assembly platform by IOTA will offer developers the flexibility to customize and launch their own smart contracts chains.
• Assembly will offer developers, creators, early participants and DAOs of the Assembly ecosystem a staggering 70 percent of the total ASMB token supply.

One of the largest cryptocurrency platforms IOTA has recently introduced a new decentralized layer-1 smart contract network, Assembly. As per the official announcement, the Assembly mainnet will launch in 2022 as a permissionless network governed by the IOTA community. The Assembly smart contract network will also have its native cryptocurrency ASMB token.

The open distribution of the ASMB tokens shall begin very soon with the first airdrop going to the IOTA token holders. In an unprecedented decision, developers, creators, early participants and DAOs of the Assembly ecosystem will receive a staggering 70 percent of the total ASMB token supply.

Assembly aims to become one of the biggest crypto ecosystems by providing limitless opportunities and unique technical features for dApp developers. By building an open and community-governed network, Assembly also aims to take Web 3.0 and Metaverse mainstream. Speaking of this development, Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation stated:

Assembly is a key component of our mission to build the decentralized economy. It is a perfect illustration of democratic, inclusive, interoperable technology that harnesses the power of the decentralized, permissionless, and feeless Tangle to deliver unmatched performance and to move a whole ecosystem forward. With a spirit of inclusion, cooperation, and empowerment, we are transforming one more facet of digital life and inviting as many people as possible to join us.

Understanding the architecture and functioning of Assembly

The new decentralized smart contracts platform Assembly boasts a novel architecture based on the framework of the smart contracts of IOTA. It also leverages the IOTA network as an immutable trust anchor and a trustless bridge for interoperability between smart contracts.

Related: Its finally here! IOTA Foundation launches Smart Contracts Beta

Besides, Assembly will also offer developers the flexibility to customize and launch their own smart contracts chain. Thus, developers can benefit from the shared security of the entire network. Furthermore, IOTA’s directed acyclic graph structure will facilitate smart contracts execution in parallel. This assures horizontal scaling of the Assembly platform while maintaining the network’s interoperability, composability, and security.

Assembly will also introduce a decentralized validator marketplace. Here, the smart contract chains will economically compete with each other via their properties and fee schedules. Assembly will also employ a unique rewards structure for incentivizing validators. This will include fixed-fee payments in stablecoins along with creative token distribution of the ASMB tokens.

With these innovative features, Assembly provides powerful toolsets to all the stakeholders thereby eliminating the existing barriers of crypto adoption. The announcement notes:

Assembly’s combined characteristics will supercharge smart contract development in its various forms, including DeFi and NFTs, and create an open and interoperable decentralized economy.

However, Assembly shouldn’t be identified as an Ethereum-killer. Rather, it itself is a platform that can co-exist with Ethereum. Developers who prefer the Ethereum Virtual Machine (EVM) for smart contracts can enjoy full compatibility with the Assembly infrastructure.