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Iota network announced the launch of its EVM. EVM allows developers to build applications with smart contracts. These programs run on the IOTA network.
Iota launched its Layer 2 Ethereum Virtual Machine (EVM) network, focusing on real-world asset usage and introducing new functionality to the Iota ecosystem.
The Layer 2 network focuses on bringing real-world assets on-chain, with a special focus on physical asset tokenization, and has built-in protections against transaction ordering and MEV.
Blockchain network IOTA has launched its Ethereum Virtual Machine (EVM) layer 2 network, focusing on real-world asset usage, according to Digital Currency. The developers have shared with CoinDesk via email.
Tuesday’s launch introduced capabilities such as smart contracts, cross-chain capabilities, parallel processing, and security against Maximum Minable Value (MEV) to the IOTA ecosystem, strengthening the foundations of the IOTA token. Data from CoinGeko shows that the token has advanced 6% in the last 24 hours. While the Coinbase20 (CD20) index, which is a measure of the broader digital currency market, rose less than 2 percent.
Dominic Shiner, one of the founders of IOTA, said in a Telegram message: Layer 2 will have a special focus on decentralized finance (DeFi) applications and the use of real assets (RWA). RWA refers to a segment of the cryptocurrency market that focuses on tokenizing tangible assets in the physical world.
“We’re putting IOTA on the chain to bring the real world to Web3 and help bring trillions of assets and institutional investors,” Shiner said. With the establishment of the IOTA Ecosystem DLT Foundation as the first DLT Foundation under the Abu Dhabi Global Market (ADGM) Regulation, IOTA is uniquely positioned as a leader in the tokenization of real assets (RWA).
“We have tailored our technology stack specifically to accommodate the needs of institutional investors, including our KYC chain project to identify investors and enable institutional DeFi trading pools, and our MEV-resistant network to protect investors and comply with regulatory regulations. We have adapted. ” he added.
MEV is a predatory method for network validators to extract fees by reordering transactions waiting to be added to the blockchain. IOTA EVM claims to have a built-in transaction order blocking feature that helps prevent value extraction from the fees users pay to use the network.
Parallel processing involves sending multiple network transactions simultaneously instead of sequentially. This blockchain scale enables lower gas costs and higher transaction processing speed.
