IOTA to Bring 'Zero Fees' Smart Contracts | Beta Version Finally Released

Urian B., Tech Times 21 October 2021, 11:10 am

IOTA is now bringing "zero fees" smart contracts. The beta version has finally been released! IOTA was reportedly designed to rethink blockchain and even achieve mainstream adoption. Although it might have taken a few wrong turns, it now seems like it is finally back on track.

IOTA Beta Version

According to the story by ZDNet, after its launch back in March, IOTA is finally releasing its beta version of its smart contracts implementation. This is with a few notable features along with zero fees. Aside from its zero fees, it also includes Ethereum interoperability as well as compatibility.

Smart contracts are reportedly stored on a blockchain that is said to run when predetermined conditions are now met. This can be thought of as code along with crypto guarantees and security. They also power some of the blockchain's most advanced functionality, including DAOs and DeFi.

IOTA CEO Dominik Schiener

ZDNet reportedly caught up with the IOTA Foundation co-founder and CEO known as Dominik Schiener to discuss the rollout, as was the progress made since March 2021. Schiener now described the transition to Chrysalis, IOTA's own network upgrade, as "a huge success."

IOTA currently has a completely new protocol, implementation, and even cryptography. All token holders, however, were on the old network. This meant that an interoperability solution needed to be developed to enable token holders to transfer from one network to another. Schiener called this a "bridge."

Learn More About IOTA

Over 75% of the total IOTA supply was bridged from the legacy network towards Chrysalis. This is reportedly over $3 billion worth of tokens which were successfully and securely migrated to the new network being no small feat. The demand for smart contract platforms has increased as more and more people have started using blockchain technology in the past few months.

The new network is reportedly running smoothly as transactions are confirmed to take less than 10 seconds, while the Firefly wallet has been noted as a huge success. With 75% of the total tokens remaining in circulation now transitioning to the new network in the span of 6 months sounding good, what about the rest?

Cryptocurrency Tokens Transition to Chrysalis

Schiener noted that a network currency like IOTA is reportedly deflationary. This means users might lose access to their own keys or otherwise lose access to their own tokens. Schiener's estimations show a total of 85% of the tokens will now transition towards Chrysalis. For those that have forgotten their crypto passwords, a father and son duo are now teaming up to help owners retrieve them for a finder's fee.

Token holders will now get to decide what happens as people will vote not just on the matter but also on all other governance decisions through the Firefly wallet. Each token gets one vote, which is the simplest, fairest, and most secure way to do this.

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Written by Urian B.