On Friday, Assembly, a decentralized network of layer one smart contracts built within the Iota ecosystem, announced that it had raised $ 100 million from private investors, including LD Capital, HyperChain Capital, and Huobi Ventures.
The project stated that the funds will be used to accelerate the development of decentralized financial protocols, non-fungible tokens (NFTs), and play-to-earn crypto games.
Iota is a blockchain designed to facilitate Internet of Things transactions. Its proprietary technology consists of a decentralized acyclic graphics system that can be connected to each other in multiple vectors rather than serially as with a regular blockchain.. As a result, a new block can validate two other blocks, leading to self-sustaining transaction verification. This supposedly leads to the complete elimination of transaction fees and minimal energy costs.
The Assembly’s mainnet is scheduled to launch in early 2022 with a large community focus. Seventy percent of its native ASMB tokens are reserved for developer incentives, autonomous decentralized community-governed organizations, and grant programs.
Meet $ ASMB, a token to fuel innovation and growth. The vast majority of tokens are designated to ignite #Assembly‘s ecosystem growth and to reward the @iota community.
Visit: https://t.co/ULLTR84ZKN pic.twitter.com/fycCeywW94
– Assembly (@assembly_net) December 9, 2021
In a statement to Cointelegraph, Dominik Schiener, co-founder and president of the Iota Foundation, claimed that there are too many Ethereum Virtual Machine, or EVM blockchains:
“Ultimately, everyone will face the same pricing, scalability, and interoperability issues. Most of them will fail in the long run as they don’t offer anything unique. “
When asked about the uniqueness of Assembly’s blockchain, Scheiner feels like it all comes down to flexibility:
“Each chain of smart contracts can be fully customized according to the needs of the project. Also, Assembly is already fully EVM compliant and has WASM support [WebAssembly]as well as Go, Rust and TypeScript as optional smart contract languages. “
Billionaire investor Stelian Balta, founder of HyperChain Capital, said:
“We have always needed a free and highly scalable network for developers to build highly scalable applications in the crypto ecosystem. Assembly does. They have been pioneers in the crypto ecosystem since 2015, and we are confident in their experience and vision for the next decade.” .
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