First Smart Contract on IOTA Goes Live - IOTA (MIOTA) News. Sunday, September 23
First Smart Contract on IOTA goes live thanks to a four-layered mechanism
It is a great milestone for the whole IOTA community
A smart contract on IOTA’s core protocol has finally been launched, thanks to a clever idea that uses special system of four layers to overcome IOTA’s native incompatibility with enforced decentralized digital contracts. The smart contract is called Microhash, and it was structured in a way that uses quorum consensus framework Qubic Lite and a qApp build on said framework named TOQEN.
According to the Medium post, the group of layers on which the smart contract was built follows a certain hierarchy. The first layer – or Data Integrity layer – is IOTA’s core protocol Tangle, which would serve for data transmission, data integrity, and data persistence.
The second layer, also known as Service Layer, consist of the aforementioned framework called Qubic Lite. This is placed on top of IOTA, and it serves as the basis for running smart contracts. This protocol, referred to as “decentralized computing” per the post, was the answer to the non-native support for smart contracts by the IOTA Foundation, although it is currently unknown how this is going to work at a technical level.
The third layer – or Aplication layer – is TOQEN. As stated before, IOTA does not support smart contracts natively, so these cannot use its token. Because of this, the creator of Microhash came up with the idea of building a qApp that would simulate a blockchain with its own token, thus solving this issue. This app is called TOQEN.
And finally, the fourth layer, is the smart contract called Microhash. According to the post, this contract allows users to send micro-payments via hashes the creator decided to call “microhashes”, stating that it was developed to mimic Bitcoin’s Lightning Network or IOTA’s Flash Channel, but for TOQEN.
The release of Microhash on IOTA could signify the advent of yet more smart contracts to this distributed ledger platform, which also means that Ethereum will begin facing more competition with new ideas on how to attack the idea and utility of smart contracts.
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