IOTA, one of the largest cryptocurrency ecosystems in the world, is launching Assembly, a new decentralized layer-1 network for smart contracts with a native ASMB token and with the possibility of zero fees, sharding, and support for multiple virtual machines.
This open network will be fully controlled and governed by its community, and the Assembly token will provide the economic fuel of the decentralized network’s security, governance and reward participation.
As the protocol wars heat up, many layer-1 crypto projects are pouring billions into developer incentives to accelerate adoption and become the new standard across the Metaverse, DeFi, and Web 3.0. VCs are vying for controlling stakes in these projects and the decentralized future with billion-dollar mega funding rounds.
It has even upended the strategy of industry behemoths like Meta (formerly Facebook), which rebranded and announced plans to pour upwards of $10 billion into building and ultimately controlling the Metaverse and any value creation therein.
With the launch of Assembly, the team behind IOTA has taken a radically different approach. Rather than just throw heaps of money into the Metaverse, it’s investing in its most dedicated users.
Developers, creators and early contributors of the Assembly ecosystem will be rewarded with nearly 70% of the entire token supply. With this move, Assembly will distribute the power to its creators and reward those who contribute the most, building an open Metaverse for anyone to participate and benefit from.
Apart from its fair token distribution and governance, Assembly offers a unique smart contract architecture aimed at solving problems with transaction fees, scalability and interoperability. Developers are empowered with the flexibility to build dApps tailored to their needs with the freedom to define transaction fees – potentially even no fees at all.
Unlike traditional Blockchains, Assembly already offers sharding to scale the network to thousands of transactions per second. The real power of this architecture is that all smart contracts are still fully connected, and can interact with each other without any transaction fees or security risk.
Instead of creating a walled garden where a few projects (or just one Meta) control the internet’s decentralized future, Assembly is helping to undo the mistakes that were made with Web 2.0 by distributing power and ownership to its community. Assembly is taking Web 3.0 and the Metaverse mainstream by building an open, community-governed network.