Distributed ledger protocol IOTA has today revealed a new framework that aims to transform its mainnet protocol to a multi-asset ledger with smart contract capabilities and cross-chain asset transfers.
The specifications covered by the framework include the introduction of feeless native tokens to the protocol alongside non-fungible tokens (NFT) and smart contract support across the network.
According to IOTA, the tokens will live inside the ‘Tangle’ – a system of nodes that confirm transactions for the network – where users can freely mint their own native tokens and assets.
These assets can then “flow seamlessly and trust-lessly between smart contract chains and user accounts” across the IOTA ecosystem and also be wrapped or unwrapped without needing to use a centralised bridge.
Help shape the future of IOTA smart contracts and native tokens. https://t.co/0SSGVlGtbq
— IOTA (@iota) November 4, 2021
The framework also goes deeper into the transformation of IOTA from a single-asset (IOTA) ledger to a multi-asset variant.
To facilitate this change, IOTA “redesigned and extended the Unspent Transaction Output (UTXO) model” to turn it into a “fully-fledged Multi-Asset Ledger”, meaning that any account in the ledger is capable of holding and transferring created native tokens.
This is done through a ‘token foundry’, which allows any user to become an issuer, start minting their own tokens and choose the right specifications for their tokens.
NFT and smart contract support is also integral to the tokenisation framework. NFT’s will be utilised in the same manner as assets on other chains in the form of digital artwork or collectables and built to fully leverage the smart contract functionality of IOTA.
Smart contracts on IOTA are to be built to “scale horizontally via parallel chains” and will rely on the ‘Tangle’ and the ‘Tokenisation Framework’ to handle cross-chain transfers and contract calls on a feeless basis.
IOTA announced full smart contract capabilities for the network two weeks ago, with a focus on zero-fees and low emissions on all transactions throughout the ecosystem.
The next major milestone for IOTA is beta testing of the framework via a “Hornet-based testnet”. In the meantime, the network is continuing its work on integrating Smart Contracts into the protocol.
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