IOTA’s new platform boasts intelligent enterprise-wide contract applications

IN BRIEF

  • The IOTA Foundation’s new Pre-Alpha platform is designed to familiarise developers with the functionality of the project’s Intelligent Contracts.
  • IOTA hopes that the intelligent contract protocol will lend itself well to enterprise-wide applications.
  • The platform aims to present the possibilities of smart contracts on IOTA’s distributed DAG registry.

IOTA has announced the launch of the Pre-Alpha IOTA Smart Contract Protocol (ISCP) platform.

In an announcement, the IOTA Foundation stated that it hopes that this new version will demonstrate the ability of the IOTA network to deliver enterprise-level smart contract applications.

The new platform does not yet have full ISCP functionality. It is a Proof of Concept (PoC) application that aims to demonstrate smart contracting possibilities on IOTA’s distributed Directed Acyclic Graph (DAG) registry.

The Pre-Alpha CSI

Compared to a blockchain, IOTA believes that the ISCP Distributed DAG Registry offers a unique opportunity to implement intelligent contracts on a large scale at an unprecedented level. Indeed, according to the IOTA Foundation, the sensitive nature of this configuration as well as its flexibility makes it highly scalable for enterprise applications and real-world implementations.

The Pre-Alpha version is pre-loaded with three demo dApps to demonstrate the platform’s capability. These are TokenRegistry, FairAuction and DonateWithFeedback.

Demonstration of the functionalities of IOTA dApps

DonateWithFeedback demonstrates CSPI’s ability to take end-to-end responsibility for managing donations and feedback for websites. According to the foundation, this dApp is the simplest of the three demonstration contracts and best illustrates the system’s ability to handle most smart contracts at a high volume.

TokenRegistry allows ISCP users to simultaneously issue and assign metadata to IOTA range tokens in a single transaction. This saves time and therefore lends itself to entrepreneurial speed and efficiency. This dApp stores data such as tokens and token metadata immutably, as well as cryptographic proof of the identity of the person responsible for issuing the tokens and the number of tokens issued.

FairAuction, the latest dApp demo within the Pre-Alpha version, provides an intelligent contract environment for IOTA range tokens to be auctioned with confidence. According to IOTA, it is possible for anyone to put the tokens up for auction or to bid on an auctioned token. As an intelligent contract, it is fully decentralised and controllable, which solves the problem of trust.

Dominik Schiener, co-founder of IOTA, spoke to BeinCrypto shortly after the launch :

Today, we are very pleased to be able to share a first version of the IOTA Intelligent Contract Protocol with the world. We have reorganised the basic idea of Smart Contracts so that they can support IoT devices, appliances and a whole range of use cases that were generally perceived as out of bounds compared to traditional Smart Contracts. We expect more corporate partners and developers to explore and develop our functionality as we mature the technology, and we encourage people to collaborate with us.