IOTA’s first smart contract on Qubic lite, a quorum consensus framework, and TOQEN, a qApp on Qubic Lite, has gone live. The smart contract, despite being built on IOTA’s core protocol will not be able to use IOTA directly. As a result, the smart contract is placed on the TOQEN protocol.
MicroHash- IOTA’s first live smart contract
MicroHash, the primary smart contract on IOTA’s Tangle, is functional at this moment. It is the earliest smart contract which is created and deployed on the 4th layer of IOTA’s complex smart contract system.
Tangle is the word used to explain IOTA’s directed acyclic graph (DAG) based transaction settlement and data integrity layer focused on the Internet-of-Things (IoT).
According to IOTA’s medium post, the four layers on which the smart contract is placed are as follows:
- 1st Layer: IOTA (data transmission, data integrity, data persistence)
- 2nd Layer: Qubic Lite (quorum consensus framework on top of IOTA)
- 3rd Layer: TOQEN (qApp on Qubic Lite; simulates a token blockchain)
- 4th Layer: MicroHash (smart contract on TOQEN protocol)
The IOTA Foundation has said that Qubic will facilitate smart contracts, but has not yet indicated how this will be accomplished technically. All we know presently is the execution concept for decentralized computing. Unfortunately, for smart contracts you cannot simply employ the IOTA token straightaway because it would necessitate changes to the IOTA main protocol that accept us to freeze IOTAs.
So, having a first smart contract operational on the Tangle is not insignificant at all — and the rationale for building three extra layers on top of IOTA is to enable this happen.
IOTA’s smart contract structure based on Qubic and TOQEN
The layer structure of IOTA smart contract almost resembles as shown in the image below:
These layers are one of the several parts in IOTA’s roadmap as IOTA was not basically designed to support smart contracts. The IOTA Foundation has openly expressed that smart contracts will not receive a place in IOTA core, but will be offered as a layer on top.
For the latest cryptocurrency news, join our Telegram!