IOTA Touts Enterprise-Level Smart Contract Apps With New Platform

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In Brief
  • IOTA's newly launched pre-alpha platform is designed to familiarize developers with the project's smart contract functionality.

  • IOTA hopes that the smart contract protocol will lend itself well to enterprise-level applications.

  • The platform aims to showcase the possibilities of smart contracts on IOTA's distributed DAG ledger.

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IOTA has announced the launch of the Pre-Alpha IOTA Smart Contract Protocol (ISCP) platform.



In an announcement, the IOTA Foundation stated that it hopes that the new release will demonstrate the IOTA network’s ability to deliver enterprise-level smart contract applications.

The new platform does not have all ISCP features enabled yet. It is a proof-of-concept (PoC) application that aims to demonstrate the possibilities of smart contracts on IOTA’s distributed Directed Acyclic Graph (DAG) ledger.



ISCP Pre-Alpha 101

Compared 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. This is because according to the IOTA Foundation, the feeless nature of this setup along with its flexibility makes it very scalable for enterprise-level applications and real-world implementations.

The Pre-Alpha release comes pre-loaded with three demo dApps to demonstrate the capacity of the platform. These are TokenRegistry, FairAuction, and DonateWithFeedback. 

Demo dApp Features

DonateWithFeedback showcases ISCP’s ability to take care of end-to-end donation and comment management for websites. This dApp, the foundation says, is the simplest of the three demo contracts and best illustrates the capacity of the system to handle most smart contracts at a high volume.

TokenRegistry lets ISCP users to simultaneously mint and assign metadata to IOTA-colored tokens inside a single transaction, which saves time and hence lends itself to enterprise-style speed and efficiency. This dApp stores data such as tokens and token metadata immutably, alongside cryptographic proof of who minted them and how many were minted.

FairAuction, the last demo dApp in the Pre-Alpha release, provides a smart contract environment for IOTA colored tokens to be auctioned trustlessly. According to IOTA, it is possible for anyone to put the tokens up for auction or bid for a token being auctioned. As a smart contract, it is fully decentralized and auditable, which solves a trust issue.

Speaking to BeinCrypto shortly after the launch, IOTA Co-Founder Dominik Schiener said:

“Today we’re really excited to be able to share an early version of the IOTA Smart Contract Protocol with the world. We’ve rearchitected the idea of smart contracts from the ground up in a way that can support IoT devices, machines, and a host of use cases that were generally perceived to be off limits from traditional smart contracts. We expect more corporate partners and developers to explore and build on our functionality as we mature the technology, and we encourage others to come and collaborate with us.”

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David is a journalist, writer and broadcaster whose work has appeared on CNN, The Africa Report, The New Yorker Magazine and The Washington Post. His work as a satirist on 'The Other News,' Nigeria's answer to The Daily Show has featured in the New Yorker Magazine and in the Netflix documentary 'Larry Charles' Dangerous World of Comedy.' In 2018, he was nominated by the US State Department for the 2019 Edward Murrow program for journalists under the International Visitors Leadership Program (IVLP). He tweets at @DavidHundeyin

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