The organization, Assembly, managed to raise investment of the value of US$ 100 Million. The organization announced this development on Friday. Assembly happens to be a network. The network has a decentralized layer one smart contract infrastructure. The funds raised came from private investors. Some of these private investors were HyperChain Capital, LD Capital, and Huobi Ventures.
According to Assembly, they will utilize the finances to quicken the development of DeFi (decentralized finance) protocols. Other uses of the funds are to invest in nonfungible tokens (NFTs) and also play-to-earn gaming products. ,
Comments from Iota
The Internet of Things (IoT) organization IOTA is a blockchain. The organization engineered this blockchain for allowing internet-of-things transactions. This innovation is proprietary and includes a system of graphs that can integrate into various vectors. The graphs are acyclic. Due to this, the block can do validation of two other blocks on the first block is new. This leads to transactions being self-sustainable in terms of verification. It also purportedly leads to the end of transaction fees. Another reported advantage of this infrastructure is that it uses minimal energy to work.
Assembly mainnet will commence next year. The Assembly mainnet will really focus on the community. At present, the network keeps 70% of the network’s native ASMB tokens for incentivizing developers. The organization also keeps the tokens for community-governed DAOs (decentralized autonomous organizations) and grant programs.
Comments from IOTA co-founder
The co-founder of the IOTA Foundation, Dominik Schiener informed Cointelegraph that he thinks there are currently too many Ethereum virtual Machines. He added that eventually all of these machines would encounter issues with fees, interoperability, and scalability. He added that since most of them lacked a unique element, they would ultimately fail.
The IOTA Foundation founder stated that developers can customize each smart contract chain for their specific project’s needs. This was in response to what the uniqueness of the Assembly blockchain was. He added that the Assembly is fully compatible with Ethereum Virtual Machines. Schiener also confirmed that it can already support WebAssembly, TypeScript, Go, and Rust.
Comments from Investor
HyperChain Capital’s founder, Stelian Balta stated that the crypto market has always needed a feeless network that is highly scalable. He added that Assembly has led the way into new frontiers regarding crypto ecosystem advancements for as far back as 2015. He added that he was confident that Assembly’s experience is worth their confidence.
More about Assembly
Assembly is essentially a multi-chain network that is permissionless. The network allows one to build, connect and install smart contracts. Anyone can create sharded smart contract chains on the protocol. There is a level of flexibility that one can enjoy. Designers of contracts can choose what is important in terms of parameters, validation requirements, and virtual machines. What is worth noting is that each smart contract chain is engineered on Assembly is a completely sharded network. The network is limited only by throughput. The network benefits from the shared trustless interoperability and shared security of the international network.
According to Assembly’s Wiki, the protocol is still in development. Specifications that are available in its wiki are pure to illustrate a research prototype and may change. Users are encouraged to check the documentation for the most up-to-date versions of the documentation for build purposes.
Why Assembly uses Smart Contracts
Sometimes mediators are required to handle deals. Traditionally, outside of tech, people and organizations in various fields would engage them to make sure deals happen smoothly. These would be in all types of sectors including art, finance, and even trade. Smart contracts are the new age of this. They allow a number of validators that are independent to process the contract. This allows that no concerned party can manipulate the result. The arbitration in smart contracts, however, is fully automated.