Blockchain

Assembly Announces Raising $100 Million in Funds, Complimented by Dominik Schiener, Co-Founder of IOTA

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On Friday, Assembly, a decentralized first-tier smart contract network built in the IOTA ecosystem, announced that it has raised $100 million from private investors, including LD Capital, HyperChain Capital assembly, and Huobi Ventures.

The project stated that these funds will be used to accelerate the development of decentralized financial protocols, irreplaceable tokens, and crypto games that make money by playing games.

IOTA is a blockchain designed to facilitate transactions in the Internet of Things.Its proprietary technology includes a system Scattered acyclic graph You can connect to each other in multiple vectors instead of connecting them in series like regular blockchains. Therefore, a new block can verify the other two blocks, thus realizing self-sustainable transaction verification.Allegedly, this will lead to complete elimination transaction fee And the lowest energy cost.

Currently, the Assembly mainnet is planned to be launched in early 2022 with a focus on large communities. 70% of its native ASMB tokens are reserved for developer incentives, community-managed decentralized autonomous organizations and grant programs.

In a statement to Cointelegraph, Dominik Schiener, co-founder and chairman of the IOTA Foundation, claimed that there are too many Ethereum virtual machines or EVM blockchains. He said:

“Ultimately, all of them will face the same cost, scalability and interoperability issues. In the long run, most of them will fail because they have nothing unique.”

When asked about the uniqueness of the Assembly blockchain, Scheiner believed that it all boils down to flexibility:

“Each smart contract chain can be fully customized according to project requirements. In addition, Assembly is fully compatible with EVM and supports WASM [WebAssembly], Plus Go, Rust and TypeScript as optional smart contract languages. “

Stelian Balta, founder of HyperChain Capital and billionaire investor, said:

We always need a free, highly scalable network for developers to build highly scalable applications in the crypto ecosystem. This is what the General Assembly did. They have been pioneers in the crypto ecosystem since 2015, and we are confident in their experience and vision for the next ten years.