IOTA Launches Smart Contracts: Another One Fighting For A Slice Of Ethereum's Cake?

Even though it is still in beta, Iota (CRYPTO: MIOTA) now supports smart contracts with the addition of this feature expected to greatly increase IOTA's utility in the long-term, possibly allowing it to compete with Ethereum (CRYPTO: ETH).

What Happened: According to a Thursday announcement by the Iota Foundation, the firm just released the beta version of advanced smart contracts: the innovation introduced by Ethereum that resulted in the birth of booming decentralized finance (DeFi) and non-fungible token (NFT) ecosystems. The firm aims to not only solve the scalability limitations and prohibitively high transactions fees but also to introduce wholly new innovations in the space.

The Iota Foundation is a non-profit focused on open-source research and development dedicated to the Iota network. It is willing to make the system interoperable with the Ethereum Virtual Machine. This means that smart contract programmers that learned to develop for Ethereum will be able to nearly seamlessly transition to building on Iota, and possibly also move or clone their projects on the network.

Other than Ethereum Virtual Machine's Solidity, Iota smart contract programmers will also be able to deploy contracts written in programming languages such as Tiny Go and Rust.

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