New IOTA platform prides itself on enterprise-scale smart contract applications
The IOTA Foundation’s new Pre-Alpha platform is designed for developers to familiarize themselves with the functionality of the project’s smart contracts.
IOTA hopes that the smart contract protocol will lend itself well to entrepreneurial-scale applications
The platform aims to showcase the possibilities of smart contracts on IOTA’s distributed DAG ledger.
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IOTA announced the launch of the Pre-Alpha IOTA Smart Contract Protocol (ISCP) platform.
In an announcement , the IOTA Foundation said it hopes this new version will demonstrate the ability of the IOTA network to deliver enterprise-level smart contract applications .
The new platform does not yet have all the ISCP functionalities. This is a proof of concept (PoC) application that aims to demonstrate the possibilities of smart contracts on the distributed DAG (Directed Acyclic Graph) ledger of IOTA.
A new step taken! We are proud to launch #IOTASmartContracts Pre-Alpha, our platform for scalable, flexible and easy-to-use smart contracts for business applications and real-world use cases. Start exploring the first features of the platform today!
In comparison to a blockchain, IOTA believes that ISCP’s distributed DAG ledger offers a unique opportunity to implement large-scale smart contracts at an unprecedented level. Indeed, according to the IOTA Foundation, the sensitive nature of this configuration as well as its flexibility make it highly scalable for business applications and implementations in the real world.
The Pre-Alpha version comes preloaded with three demo dApps to demonstrate the platform’s capability. These are TokenRegistry, FairAuction and DonateWithFeedback.
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IOTA dApp functionality demonstration
DonateWithFeedback demonstrates ISCP’s ability to support end-to-end donation and comment management for websites. According to the foundation, this dApp is the simplest of the three demo contracts and best illustrates the system’s ability to process most smart contracts at high volume.
TokenRegistry allows ISCP users to simultaneously issue and assign metadata to IOTA range tokens as part of a single transaction. This saves time and therefore lends itself to entrepreneurial-type speed and efficiency. This dApp stores data such as tokens and token metadata in an immutable manner, as well as cryptographic proof of the identity of the person responsible for issuing the tokens and the number of tokens issued.