Assembly Announces $ 100 Million Fundraising and Receives Praise from IOTA Co-Founder Domi
“The build removes the limitations of existing scaling solutions by using a robust IOTA baseline as a permanent anchor of trust and a reliable bridge to interoperability,” Shiner said.
Assembly, a Tier 1 decentralized smart contract network built into the IOTA ecosystem, announced on Friday that it has raised $ 100 million from private investors including LD Money, HyperChain Money Assembly and Huobi Ventures Has.
The project says the funds will be used to accelerate the development of decentralized financial protocols, immutable tokens and crypto games for money.
IOTA is a blockchain that was designed to facilitate transactions on the Internet of Things. Its proprietary technology consists of a system of decentralized alternating graphs that can be linked together in vectors, rather than in chains as in the traditional blockchain. Thus, a new block can validate two other blocks, resulting in a self-sustaining validation of the transaction. This should result in the complete elimination of transaction fees and minimal energy costs.
The launch of the main build network is currently slated for early 2022, with a lot of community focus. 70% of native ASMB tokens are for developer rewards, community-driven decentralized autonomous organizations and sponsorship programs.
Meet $ ASMB, a symbol of innovation and growth. Most tokens are intended to be burned #Meetecosystem development and rewards @Jota Community.
Access: https://t.co/ULLTR84ZKN pic.twitter.com/fycCeywW94
– assembly (@assembly_web) December 9, 2021
In a statement to Cointelegraph, Dominic Schiner, co-founder and president of IOTA Basis, stated that there are too many Ethereum virtual hardware or EVM blockchains, saying:
“Ultimately, they will all face the same billing, scalability and compatibility issues. Most of them will eventually fail because there is nothing unique about them. ”
When asked about the uniqueness of the build blockchain, Shiner said that flexibility is what matters:
“Each chain of smart contracts can be fully customized to meet the needs of the project. In addition, the assembly is fully EVM compliant and supports WASM. [WebAssembly], plus Go, Rust and TypeScript as additional smart contract languages. ”
Billionaire investor Stelian Balta, founder of HyperChain Capital, said:
We’ve always needed a highly scalable, dispassionate network to enable developers to build scalable applications in the crypto ecosystem. Society does it. They have been pioneers in the crypto ecosystem since 2015 and we believe in their experience and vision for the next decade.