Smart contracts are all of the hype in the blockchain industry today. IOTA is set to receive such functionality in the very near future, as progress continues to be made.
Most blockchain ecosystems can benefit from smart contracts.
Smart Contracts Will Come to IOTA Soon
It enhances the native functions and solutions one can access by leveraging DLT.
Not all ecosystems provide this functionality natively, however.
IOTA, for example, provides no access to smart contract technology at this time.
However, the developers have been actively working on a way to circumvent that aspect altogether.
For months now, progress is being made to introduce two different sets of smart contracts on IOTA.
The first option pertains to on-chain contracts, which are the type most people are familiar with today.
Secondly, there are off-chain contracts capable of being executed outside of the core protocol.
So far, it appears that IOTA users will gain access to both types, although that has yet to be confirmed.
One may wonder why this ecosystem would need such technology.
Given IOTA’s approach to the internet of Things, it is only normal to explore every available option.
There are many different use cases to be explored in the near future, assuming smart contracts can be provided accordingly.