On the 2nd of October 2020, IOTA announced the release of the IOTA smart contract protocol (ISCP). IOTA foundation in a press release stated that the pre-alpha smart contracts are the first scalable and fee-free of smart contracts, especially in a DAG built on a UTXO ledger.
The statement noted that the ISCP got released in its pre-alpha state, and users are now free to test it. A full version of the protocol will get released in the coming months.
IOTA foundation believes that the ISCP is just a foundation for the growth of a rich ecosystem. The anticipated ecosystem will have various extensions and building blocks. IOTA’S statement also pointed out that the design of ISCP’s allows them to work by creating committees that verify smart contracts. In this case, smart contracts are constant in the IOTA distributed ledger. The ISCP design also makes it ideal for business adoption and real-world applications.
Features Available in the Pre-Alpha Smart Contracts
The first feature is the Wasp node software version 0.0.1, the early version of the alpha release. The Wasp node runs ISCP in the Wasp nodes network, a layer on top of the Goshimmer nodes network. This version provides Goshimmer node plugin WaspConn. The WaspConn enables a Wasp node to connect with and run on the experimental pollen network of Goshimmer nodes.
The second feature is the three demo dApps, PoC smart contracts. These include Token Registry, Fair Auction, and Donate With Feedback. The dApps include the smart contract programs hard coded as Go modules in the Wasp node; every PoC has demo instances of smart contracts on the pollen network, web dashboards, and wallets.
The third feature is the CLI Wallet w-wallet. The Wasp wallet enables the user to send and receive digital assets in the pollen network. The w-wallet also allows users to request functions of the PoC smart contracts. Minting of virtual assets while simultaneously registering them in the same transaction is possible with w-wallet. Users can also sell minted digital assets by creating an auction in the Fair Auction smart contract. They can then invite others to bid in that auction from any participating network.
Wasm VM and Rust Programming Ecosystem Unavailable IOTA ISCP
In this current release of the ISCP, Wasm VM and a programming ecosystem in the Rust programming language are unavailable. Additionally, some features in the pre-alpha smart contracts got disabled. These features include the reward function and the access function. Therefore, the transactions are currently fee-free.
IOTA Foundation plans to put into effect the Wasm VM and Rust programming ecosystem by the end of 2020. Additionally, they will enhance the consensus, node rewards, security, and logic of smart contracts.
As for now, the IOTA foundation invites cryptocurrency enthusiasts to test their demo PoCs. IOTA believes that ISCP will trigger a large and vibrant ecosystem of dApps on the IOTA network.