IOTA Touts Enterprise-Level Smart Contract Apps With New Platform

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 the new release will demonstrate the IOTA network’s ability to deliver enterprise-level smart contract applications.

The new platform does not have all ISCP features enabled yet. It is a proof-of-concept (PoC) application that aims to demonstrate the possibilities of wise contracts on IOTA’s distributed Directed Acyclic Graph (DAG) ledger.

ISCP Pre-Alpha 101

Compared to a blockchain, IOTA believes that ISCP’s dispersed DAG ledger offers a unique opportunity to implement large scale smart contracts at an unprecedented level. This is because according to the IOTA Foundation, the feeless nature of this setup along with its flexibility makes it very scalable for enterprise-level applications and real-world implementations.

The Pre-Alpha release comes pre-loaded with three demo dApps to demonstrate the capacity of the platform. These are TokenRegistry, FairAuction, and DonateWithFeedback.

Demo dApp Features

DonateWithFeedback showcases ISCP’s ability to take care of end-to-end donation plus comment management for websites. This dApp, the foundation says, is the simplest of the three demo contracts and best illustrates the capacity of the system to handle most smart contracts at a high volume.

TokenRegistry lets ISCP users to simultaneously mint and assign metadata to IOTA-colored tokens inside a single transaction, which saves time and hence lends itself to enterprise-style speed and efficiency. This dApp stores data such as tokens and token metadata immutably, alongside cryptographic proof of who minted them and how many were minted.

FairAuction, the last demo dApp in the Pre-Alpha release, provides a intelligent contract environment for IOTA colored tokens to be auctioned trustlessly. According to IOTA, it is possible for anyone to put the bridal party up for auction or bid for a token being auctioned. As a smart contract, it is fully decentralized and auditable, which solves a trust issue.

Speaking to BeinCrypto shortly after the launch, IOTA Co-Founder Dominik Schiener said:

“Today we’re really excited to be able to share an early version of the IOTA Smart Contract Process with the world. We’ve rearchitected the idea of smart contracts from the ground up in a way that can support IoT devices, machines, and a host of use cases that were generally perceived to be off limits from traditional clever contracts. We expect more corporate partners and developers to explore and build on our functionality as we mature the technology, and we encourage others to come and collaborate with us. ”

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