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IOTA aims to flip Web3 on its head with Assembly

IOTA's side project Assembly has big ambitions.

By Finst News
• 3 min read
IOTA aims to flip Web3 on its head with Assembly

IOTA's side project Assembly has big ambitions. Assembly is set to become the backbone for smart-contract dapps focused on high scalability and interoperability.

Stardust and Assembly

A year ago, the IOTA team introduced a new project: Assembly - a layer 1 network for smart contracts, ASMB tokens, low costs, and scalability. IOTA opens the door to DeFi, Web3, NFTs, and the Metaverse. There’s also Shimmer, IOTA's mainnet launch platform, which is testing smart contracts within the IOTA community. There’s also the Stardust protocol, tied to the mainnet.

IOTA co-founder Dominik Schiener clarifies: "The Stardust protocol upgrade and Assembly share similarities, but they’re also quite different." The Stardust upgrade "with its tokenization framework can be seen as a prep for smart contracts," Schiener says.

Stardust "enables smart contracts to anchor a verifiable state in the ledger, and to own and manage assets from Layer 1." This allows smart contracts "to communicate with each other by exchanging value in a highly interoperable and cost-free way." The Stardust protocol upgrade is thus "the precursor that makes the concept of a multi-chain smart contract network possible as we roll out Assembly."

Assembly: Node for Smart Contracts?

Assembly is meant to create a diverse smart-contract ecosystem spanning DeFi, DAOs, and Web3 to the metaverse. Applications should benefit from high scalability: smart contracts run in parallel, and transactions are processed almost in real time. The goal is to maximize synergies among decentralized apps and, with Assembly, create an "open and interoperable decentralized economy."

The launch was originally slated for 2022, but it’s not completed yet. IOTA has not yet clarified when Assembly will launch. In early November, the fourth and final deployment round for the ASMB token began — the project could be nearing the finish line.

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