IOTA wants to do the same with Facebook and Co. and advance into the Metaverse. The foundation stone has now been laid for this with the launch of a new project.
Since Meta-CEO Mark Zuckerberg recently announced the prestigious “Metaverse” project in the media, there has been a real hype about the virtual parallel world. Since then, more and more players from a wide variety of economic sectors have followed suit and have pushed their own steps into the digital space. This also includes IOTA, which is launching a new, decentralized Layer 1 network for smart contracts with its own token (ASMB) with its latest “Assembly” project. 70 percent of the token supply should go to developers, creators and early contributors. What happens to the remaining 30 percent is not yet known. Distribution will begin “shortly”.
The new ecosystem will be “completely controlled and designed by the community,” it says in one Press release. The network comes with a sharding function as well as support for virtual machines and also offers the option of completely waiving fees. According to IOTA, developers can set the “transaction fees” themselves in the smart contracts and adapt them to their needs.
“Assembly will connect open worlds”
IOTA is pushing assembly further in the direction of Web 3.0 and promises “not to repeat the same mistakes that were made in Web 2.0”. To do this, power and ownership will be handed over to the community via the network. IOTA founder Dominik Schiener revealed the overriding goal:
Assembly unlocks the full potential of IOTA with new possibilities for DeFi, NFTs and DAOs. Assembly’s vision is to build and connect open worlds – including the Metaverse.
Most recently, IOTA came into the media focus when the crypto project presented the “Shimmer” network. The implemented staking function was seen as a kind of dress rehearsal for smart contracts, sharding functions and a coordinator-free multi-asset ledger.