Second largest cryptocurrency by total market capitalization Ethereum (ETH), By launching smart contracts, it actually gained serious popularity after the leading cryptocurrency Bitcoin.
Smart contracts, which Bitcoin does not have, also opened the doors of the decentralized finance world that everyone is talking about right now.
However, it is claimed that this system of Ethereum also has vulnerabilities, and the number of projects claiming this is increasing day by day. While Solana, Cardano and Cosmos are some of them, one of the most established cryptocurrencies in the industry is now preparing to enter among them.
Ethereum and IOTA Race Accelerates
The IOTA Foundation has officially pushed the button for transaction free, easily programmable and scalable smart contracts on the IOTA blockchain network.
The IOTA blockchain network may have smart contract support once this project is complete. In the statement made by the IOTA team, it was emphasized that this will be the IOTA 2.0 DevNet and smart contracts will come with it.
With this major development, IOTA developers will now be able to develop decentralized applications on the network without any transaction fees and be included in the world of DeFi.
In his statement on the subject, IOTA Foundation CEO Dominic Schiener stated that this network will not be an Ethereum competitor or killer, it will actually be a step that will increase the use of the blockchain network.
Although this shows that there will be no rivalry to Ethereum, it can be said that all projects are actually competitors to ETH when the smart contract comes into play.
Because high transaction fees are one of the reasons that make the search for an alternative to the Ethereum network. Free transactions on the IOTA network can be a great alternative for the ETH network.