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IOTA:smart contracts are the future

2020.06.24

Same goes for smart contracts, despite all the hype around smart contracts over the past ~5 years, most use cases do not need complex Turing Complete functionality at all. For the next 2-3 years, basic smart contract functionality is more than sufficient, and that’s precisely why we chose to deliver this. We want to build solutions to problems that there is a demand for.

Foundation has abandoned one of its most anticipated projects, Qubic, which was supposed to add smart contracts, oracles and outsourced calculations to IOTA. JacQ that’s a good enough summary of where the Qubic project was headed, but now we are pivoting to focus on IOTA Smart Contracts which are less exotic and easier to bring adoption to.

As for Qubic, a blog post and a proof of concept will be published today, and the GitHub repositories will be made public. This will (for now) put an end to the development of Qubic, according to Sønstebø:IOTA Foundation has no plans to continue developing Qubic, no. If it happens that someone picks up on the work we have done and deliver, we will certainly look into collaborating, but at the moment it’s not a priority. It will start with the PoC and blog post on Monday. Everything IF has built of Qubic will be opened for curious CS enthusiasts.

As Sønstebø also noted, outsourced calculations, oracles and conditional transactions/smart contracts are still part of the roadmap. “The main difference is essentially a clearer path both during development and later adaptation,” as Sønstebø stated. IOTA smart contracts, unlike Qubic, will be timely and immediately applicable in the “real world”, as the IOTA co-founder said:Currently, we are building a more traditional Smart Contract architecture that conforms to standards that are a lot more battle-tested and already has a lot of users (think WebAssembly).

Author : Jake Simmons