On Friday, Assembly, a decentralized layer one smart contract network built within the Iota ecosystem, announced information technology had raised $100 one thousand thousand from private investors, including LD Upper-case letter, HyperChain Capital and Huobi Ventures.

The project stated that the funds volition exist used to accelerate the development of decentralized finance protocols, nonfungible tokens (NFTs) and play-to-earn crypto games.

Iota is a blockchain designed for facilitating Net-of-Things transactions. Its proprietary applied science consists of a system of decentralized acyclic graphs that can connect to one another in multiple vectors as opposed to in-series every bit with a regular blockchain. As a effect, one new block can validate ii other blocks, leading to self-sustainable transaction verification. This allegedly leads to the complete emptying of transaction fees and minimal energy costs.

The Assembly mainnet is currently scheduled to launch in early 2022 with a big community focus. 70 percent of its native ASMB tokens are reserved for developer incentives, community-governed decentralized autonomous organizations and grant programs.

In a statement to Cointelegraph, Dominik Schiener, co-founder and chairman of the Iota Foundation, claimed that there are too many Ethereum Virtual Machine, or EVM, blockchains stating:

"Ultimately, all of them will face the same problems with fees, scalability and interoperability. Most of them volition neglect in the long term as they offer nothing unique."

When asked virtually the uniqueness of the Assembly blockchain, Scheiner feels that it all comes down to flexibility:

"Each smart contract concatenation can be fully customized to the projection's needs. In addition, Assembly is already fully EVM-uniform, and has support for WASM [WebAssembly], plus Go, Rust and TypeScript as optional smart contract languages."

Billionaire investor Stelian Balta, founder of HyperChain Capital, said:

"Nosotros always needed a feeless, highly scalable network for developers to build highly scalable apps in the crypto ecosystem. Associates does that. They have been pioneers in the crypto ecosystem since 2022, and we are confident in their experience and their vision for the next decade."