Assembly, a decentralized layer one smart contract network built within the Iota ecosystem, has raised $100 million from private investors, including LD Capital, HyperChain Capital, and Huobi Ventures.
It has been reported that the project stated that the funds will be used to accelerate the development of decentralized finance protocols, nonfungible tokens (NFTs), and play-to-earn crypto games. Iota is a blockchain designed for facilitating Internet-of-Things transactions. Its proprietary technology consists of a system of decentralized acyclic graphs that can connect to one another in multiple vectors as opposed to in-series as with a regular blockchain.
However, one new block can validate two other blocks, leading to self-sustainable transaction verification. This allegedly leads to the complete elimination of transaction fees and minimal energy costs. The Assembly mainnet is currently scheduled to launch in early 2022 with a large community focus. Seventy percent of its native ASMB tokens are reserved for developer incentives, community-governed decentralized autonomous organizations, and grant programs.
Dominik Schiener, the Co-founder and Chairman of the Iota Foundation, said:
"Ultimately, all of them will face the same problems with fees, scalability and interoperability. Most of them will fail in the long term as they offer nothing unique."
"Each smart contract chain can be fully customized to the project's needs. In addition, Assembly is already fully EVM-compatible, and has support for WASM [WebAssembly], plus Go, Rust and TypeScript as optional smart contract languages."
Thus, billionaire investor Stelian Balta, founder of HyperChain Capital, said:
"We always needed a feeless, highly scalable network for developers to build highly scalable apps in the crypto ecosystem. Assembly does that. They have been pioneers in the crypto ecosystem since 2015, and we are confident in their experience and their vision for the next decade."