Breaking IOTA Announces Competitive Smart Contract Alpha

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In Brief
  • IOTA is bringing smart contracts to its blockchain.

  • This will only be an alpha release, however, the move is expected to compete with other leading smart-contract platforms.

  • The dev team has also handed the Firefly wallet over to auditors.

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The IOTA dev team has published their monthly update, and some key developments are on the cards.



Chief among the changes are the final touches to be added to the smart contract alpha. The alpha stage in software development refers to the early programming and design stages and typically has many bugs. Smart contracts are vital for IOTA tangle technology, necessary to compete with other leading blockchains like Ethereum (ETH) and Polkadot (DOT).

The latest update outlines several areas of the cryptocurrency that are starting to take shape. The team deployed phase 1 of Chrysalis, the mainnet’s intermediate stage, in August 2020, and is now developing Phase 2.



“In December, we made the Chrysalis testnet open to the public. This allows us to test all the Chrysalis components in the open, as well as add the remaining capabilities and products to the mix.”

IOTA Wallet Handed Over to Auditors

The team is also fast-tracking other areas of development, including Pollen, Bee, and Hornet. Bee is based on the Rust programming language, and the team has included instructions on how to run your own Bee node.

The Pollen team relates to IOTA’s tangle technology, while Hornet focuses on memory usage. Users can set up Hornet on the Chrysalis public testnet. As for the latest wallet solution, IOTA confirms that “Firefly,” as it’s dubbed, has been handed over to auditors.

“The auditing takes on an interactive style where the auditors consult and report findings to the development team over a period of 10 days. In this way, the Firefly team can already start remediating any findings as and when they are made.”

Lessons from the Past

IOTA has suffered some issues in the past and it appears the team is preparing to mitigate any major problems a second time around.

In December 2020, IOTA founder David Sønstebø stepped down from the project. But more importantly, in Feb of 2020, there was a major attack on the project’s Trinity wallet.

Nevertheless, it appears to be making good progress. For example, on Thur. Feb 11, IOTA announced a much-anticipated oracle collaboration with Dell.

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