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IOTA co-founder praises Ethereum, says communities with shared purpose will succeed

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IOTA co-founder Dominik Schiener recently stated, “nothing can compare to Ethereum today,” while responding to Ethereum’s Eric Conner who called the platform a “cultural movement.” Schiener said,

“Only communities with shared purpose & values will succeed in crypto. It’s not just about making apes rich. We want change.”

Notably, his statement came soon after IOTA made two major token announcements. Firstly, IOTA announced Assembly, which is a permissionless multi-chain network for smart contracts on IOTA’s base layer. Second, IOTA launched an incentivized staging network under Shimmer.

With this, IOTA is also stepping into the Metaverse. The platform stated that it is also positioning itself “to fuel innovation from Web3 builders.” This can be possible through the easy flow of Assembly tokens into both the Assembly and IOTA ecosystem. Which in turn, should encourage Web3 applications.

Meanwhile, the Assembly twitter account also faced a temporary hurdle on Twitter. The social media site flagged it for a few hours before it went back online. However, Schiener wondered if the restriction was a result of steep traffic on the page.

Moreover, it is noteworthy that IOTA has big plans for Assembly to “create a unique digital experience.” Schiener explained,

“What I find most interesting about IOTA+Assembly is how we really enable the ‘mutation,’ interoperability, and composability of assets through our unique structure.”

He further added that while NFTs will sit on Layer 1(IOTA), a wide variety of smart chains like Assembly will be able to mutate the asset in its own unique way. Stating,

“This level of interoperability and composability is not possible anywhere else.”

Assembly further, stated in its blog post that apart from zero-fee smart contracts, developers will get the flexibility to customize validator requirements, smart contract language and define incentives and fee structures. While Assembly aims to address the existing limitations of scaling solutions, it has also laid down native token rules.

“70% of the entire token supply of Assembly will be reserved for developer incentives, community-governed DAOs, and grants. “

Following the announcement, MIOTA touched its seven-day high of $1.55 in the last 24 hours. Overall, the token has shown strong performance with an ROI of 1817.6% on CoinGecko.

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Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios

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