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IOTA smart contracts

2020.06.18

We have been at it for Qubic for over 2 years, but could not get the consensus layer to work easily because the protocol was not supporting us. And CfB was constantly fighting any changes we asked for to the base protocol. Now that we have the chance to add some stuff to the basic protocol we’re moving forward at huge speed. Evaldas did an awesome job iterating through several revisions of ideas to pinpoint exactly what we needed to make SCs happen in a simple and elegant way. Eric Hop, senior developer at the IOTA Foundation responsible for the development of Qubic and the new , recently gave some interesting insights into the progress of the project. Hop also informed about the advantages of the IOTA smart contracts in comparison to Ethereum for example.

The protocol allows for specification of the VM that will have to be used to correctly process the SC code. This opens up the possibility to use other programming languages, different VMs, and even different SC protocols in parallel with the basic ISCP. This means that we are able to provide a very flexible path for future changes and extensions.Furthermore, IOTA smart contracts are more flexible in the area of how the consensus is reached. Ethereum smart contracts are validated on the blockchain during the consensus building process. This implies that the truth they confirm must be recoverable from a previous transaction. IOTA smart contracts do not have this limitation.

IOTA makes use of so-called committees, a selection of nodes that jointly find a consensus and send the results to the Tangle. The size is determined by the issuer and operator of the smart contract. Hop wrote that this is a significant advantage, because depending on the application, smart contract creators can opt for very small committees or for larger committees if the trust and reliability of the smart contracts is of high importance.

Author : Jake Simmons