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Alpha Hosting Id – The launch of the IOTA Smart Contracts Protocol (ISCP) Alpha marks a major milestone in the development of ISCP. The scale and nature of the improvements to the previous pre-Alpha version are significant and we are now confident in the current state to release the Alpha version.

The fundamental and most important change for ISCP since the pre-Alpha release is the integration of the multichain environment, which is secured by the Tangle, Layer 1: Subnets (consisting of Wasp nodes) are called “committees” and can run many . blockchains alongside the above without losing the perspective of the environment that secures the IOTA digital asset, Tangle. Each of these chains, as the functional equivalent of an Ethereum blockchain, can be multiple smart contracts.

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The IOTA Foundation’s approach to smart contracts represents a change from the existing architecture and overcomes inadequacies such as the inability to run parallel and scalable, the inability to open “foreign” smart contracts on different virtual machines, and is hampered by instability and sometimes. Prohibitive fees, just to name a few.

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With the IOTA Smart Contracts protocol, developers and companies are free to define their own flexible environment that suits their requirements (smart contract language/virtual machine) as well as the size of the validation committee that matches the level of decentralization and security that need or want The IOTA Smart Contract Protocol allows them to open a chain of smart contracts that allow e.g. are validated by the nodal committee itself or determine the nodal committee among the consortium partners. ISCP has also been built with the goal of being open “permissionless”, meaning that a validator committee can be elected in an open market of validators. All smart contract chains – whether public or private – benefit from the security and interoperability that underpins smart contract states and results in IOTA’s underlying layer.

But it allows for a more flexible and logical definition that meets the requirements of the smart contract holder, which will drastically reduce the cost and energy involved, while increasing flexibility and not having to compromise on individual security and composability and interoperability requirements that required by decentralized applications (dApps). ).

This is the first major release that allows developers to start using the flexibility and scalability of DAG-based distributed ledgers for smart contracts. While much will change as the protocol matures, this is an important opportunity to showcase creative applications on the IOTA network, such as native digital assets, decentralized exchanges (AMMs), NFT markets, liquidity platforms, and smart contracts using IOTA Oracles.

The most anticipated aspect of the Alpha release is that developers can now create IOTA-based smart contracts and dApps, develop smart contract chains managed by Wasp nodes, and deploy smart contracts on-chain. After finalizing the integration of the current Mana module into the Coordicide testnet in the current Pollen stage, IOTA Smart Contracts will be able to be distributed using Wasp nodes. The current integration of the Mana module into Pollen represents the main building block of the future leaderless consensus algorithm of the IOTA protocol. Therefore, the ISCP team decided to focus on the ability to deploy smart contracts on Wasp nodes until the integration of the Mana module is completed in the coming weeks.

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Note that the current ISCP implementation is based on GoShimmer nodes (Pollen version, current Coordicide testnet) from Tangle. The implementation should be considered experimental: Due to the work and integration of the remaining aspects, the Wasp node and other ISCP software will see significant improvements and changes until the production release with Coordicide (IOTA 2.0).

With the Alpha version, the IOTA Smart Contract Protocol is finally visible. Our short-term goal, in the coming months, is to be more aligned with the development of GoShimmer, the Coordicide protocol, and the Chrysalis mainnet upgrade. We will also further develop demonstration and demonstration networks, including smart contracts and native assets. In fact, we’ve started doing it together with the community.

The next Rust development environment and tools, including platform-neutral data schema definitions and a new functional language for programming smart contracts: with verification properties.

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Explore the Virtual Machine (VM) agnostic nature of ISCP and integrate the Ethereum Virtual Machine (EVM) into the ISCP sandbox, which we call “Virtual Ethereum”. The goal is binary compatibility with the Ethereum ecosystem, including the ability to use smart contract tools and languages ​​like Solidity on the IOTA network.

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A framework for alternating atomic exchanges with native and external blockchains such as Ethereum as well as well-known decentralized finance (DeFi) use cases such as AMM and DeX (such as Uniswap), ERC-20-based on-chain tokenization and other .

A modified and improved consensus algorithm based on the classical BFT to replace the exclusive one implemented for current testing purposes, as well as the Merkle proof in the chain state, to ensure the independence of instances at the core level.

Layer 1 and Layer 2 support for betting and switching commissions, as well as basic contracts for the market infrastructure. Please note that this work is still under active research and will be expanded upon in future updates.

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