IOTA Smart Contracts Beta Launches | Zero Fees Set To Be Gamechanger for 2022

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Are you fed up with high gas fees? Then, you need to know that IOTA coin offers a solution with ZERO fees. The next-generation Smart Contracts solution is here and it focuses on accessibility, flexibility, and interoperability. The IOTA Foundation is a non-profit open-source distributed ledger technology that aims to start a new digital economy.

The beta release of IOTA Smart Contracts will change just about everything. The new smart contract solution (IOTA Smart Contracts Beta launches with Zero Fees) provides plenty of new features that will help resolve current transaction fee and scalability issues while also providing more features that have not been seen in the crypto space as of yet. This is great news for everyone.

Anyone who uses the IOTA Smart Contracts Beta will be able to create and execute custom smart contracts using a feeless network for the very first time. In addition to this, it also offers Ethereum Virtual Machine (EVM) support which is the industry standard. What developers can achieve from the new smart contact solution is the ability to write Solidity smart contracts inside the EVM chain which resembles the IOTA Tangle. Several programming languages are supported by the feature such as Rust, Solidity, and Go. The choice is in accordance with the commitment of the IOTA Foundation towards standardization and interoperability which are two cornerstone principles that are necessary for the new digital economy.

Greater Scalability of IOTA Smart Contracts

IOTA Smart Contracts allow developers to set their execution fees, unlike Ethereum. Such dynamic pricing provides an incentive for driving fees down as different chains need to compete for the execution of a smart contract. A unique and powerful feature of the IOTA Smart Contracts is its interoperability and scalability. As the network provides full sharding, it is possible to scale smart contracts beyond the limits of other networks. All of the Smart Contacts can wrap assets onto the base layer by taking advantage of the IOTA Ledge. This ensures that all the smart contacts and digital assets made on the IOTA are interoperable without requiring trusted bridges or relays. It enables powerful new composability and new possibilities for app developers and users alike.

The IOTA Smart Contracts Scheme tool enables users to input functionalities into the smart contracts as desired. Thus, the system is able to automatically generate and test appropriate boilerplate code. Some of the defining features of the IOTA have been integrated into this smart contact solution for providing a new generation. It is expected to become the industry standard upon its release.  The Beta version can be easily tested on the IOTA 2.0 Dev Net. Moreover, the IOTA Foundation is trying to bring the solution to the main net to allow users to enjoy all the new functionalities. To stay updated about the latest crypto news, you need to check out Crypto University. It is the perform platform to read up on what is new to the industry. Hence, you should definitely pay it a visit.