IOTA enters Web3 race against Ethereum and Cardano with zero-fee smart contracts

  • IOTA recently launched its smart contract beta that makes Ethereum's ERC-20 tokens interoperable with its network.
  • IOTA's smart contracts offer an alternative to Ethereum and Cardano focused on making blockchain applications mainstream.
  • DeFi, Web3, NFT applications on IOTA are focused on the internet of things and machine-to-machine communications.
  • While Ethereum is yet to introduce sharding, IOTA has the capacity to process transactions in parallel with blocks, chains or miners.

IOTA Foundation has launched feeless, programmable and scalable smart contracts. Developers can develop smart contracts on the IOTA blockchain and deploy them on the Ethereum blockchain. 

IOTA launched its smart contract beta, includes support for Ethereum virtual machine

IOTA announced the launch of its smart-contract beta, compatible with the Ethereum blockchain. IOTA users can now take advantage of the network's high-speed zero-fee smart contracts. 

The open-source cryptocurrency ledger is now testing its new features that offer an alternative to Ethereum and Cardano. The network supports interoperability with ERC-20 tokens. 

Dominic Schiener, CEO of IOTA Foundation, has explained IOTA's smart-contract launch, 

Our objective is to become a leader alongside Ethereum and make sure that our future will be decentralized. We want to help advance our young industry towards mainstream adoption and establish trust as a free public good for all societies to benefit from.

Schiener shared that it is exciting for him to realize the crypto vision of a multi-chain future with IOTA. 

IOTA tackles sharding and scalability (Two problems that the Ethereum network faces currently). 

The Ethereum network has announced the Altair upgrade to prepare the blockchain for sharding. IOTA inherently possesses the capacity to process parallel transactions with blocks, chains or miners. 

The arrival of smart contracts on IOTA has intensified the network's competition with key players Ethereum and Cardano.

IOTA makes it possible for smart-contract chain developers to define their tokenomics and zero transaction fees. Protocols can reward validators with their native tokens and reduce entry barriers that plague the decentralized application ecosystem. 

With these developments, IOTA plans to drastically scale up support for decentralized application builders and focus on making blockchain applications mainstream. 

Pseudonymous cryptocurrency analyst, @eliz883, has a bullish outlook on IOTA. The analyst has set a target of $2.08 for the IOTA price. 


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Chainlink price to provide buy opportunity before LINK surges 35%

Chainlink price is preparing for a move lower as its bullish momentum begins to wane. This downtrend, albeit bearish in the short term, will provide investors with an opportunity to accumulate LINK at a discount. It will also allow them to position themselves for a quick run-up to set higher highs.

More Chainlink news

Why MATIC price could soon see a meteoric rise toward the round level of $4

MATIC price appears to be ready for a major upswing toward $3.84 as Polygon presented a bullish chart pattern on the daily chart. The governing technical pattern suggests that the layer-2 token is preparing for a 62% climb. MATIC price has formed an ascending triangle on the daily chart.

More Polygon news

EOS community votes to fire and cut off payments to

The EOS community has decided to halt ongoing payments to the company behind the blockchain’s network, Through a super-majority consensus, the community claims that the firm is no longer acting in the network’s best interests.

More EOS news

Uniswap price recovers slowly as UNI eyes a 30% upswing

Uniswap price has been on a slow uptrend for quite some time. This move comes as the crypto markets are starting to recover from the brutal sell-off witnessed on December 4. The recent run-up shows that UNI is ready for a quick retracement ...

More UniSwab news

The bull and the bear case for BTC

Bitcoin price saw a recent bullish impulse that faced massive headwinds before it tagged a crucial psychological barrier. With directional bias and choppy price action, BTC is likely to experience massive volatility as the situation resolves over time. 

Read full analysis