IOTA: Companies will soon be able to start developing digital assets

  • Enterprises and developers will soon be able to use the GoShimmer testnet and a framework to create digital assets that are portable to the Coordicide mainnet.
  • In the coming weeks, there will be another alpha release for GoShimmer. 

In yesterday’s AMA, Dominik Schiener talked about one of IOTA‘s main focuses in the coming months: smart contracts and digital assets. The co-founder of the IOTA Foundation stated that it is now “getting serious about digital assets.” Thus, the foundation recently wrote and is continuously updating the RFC to support smart contracts with the new digital assets framework, as well as NFTs. On the current status, Schiener revealed:

I think the RFC will be updated over the next few days. The goal then, with there with the progression of NFTs and digital assets more broadly is to launch them on the GoShimmer network. That means that what is on the GoShimmer network will be exactly the same as on the IOTA mainnet. So if you want to build a NFT marketplace, a bootstrap network for launching tokens, build a token foundry, you can start building that now.

GoShimmer will be merging into Nectar, Coordicide’s incentivized testnet. When the RFC is eventually ported to the mainnet, assets can be easily ported “at the click of a button.”

IOTA Smart Contracts

Regarding the progress on IOTA smart contracts, Schiener reported that they are being refactored after the recent update to GoShimmer so that smart contracts can be written on the testnet for Coordicide. In addition, a technical roadmap has been developed to move forward with the integration of the Ethereum Virtual Machine (EVM) and other VMs.

The ultimate goal of IOTA Smart Contracts is to be “an agnostic execution framework” so developers can leverage the IOTA framework and its feeless nature, scalability, and interoperability. The smart contract protocol was also designed with flexibility in mind. Thus, companies and developers can define their smart contract committees based on a consortium, or based on their own choice, or based on a permissioned network on top of IOTA.

As Schiener noted, many companies are building permissioned networks. “Now we can have the best of both worlds. Ultimately, the goal with smart contracts is an open marketplace where anyone can set up a validator node, where every smart contract is backed by this open permissionless network, similar to Ethereum.”

In the coming weeks, there will be another alpha release for GoShimmer, with “everything coming together for the release of Nectar.” One of the main focuses right now is porting the Ethereum virtual machine.

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