Assembly – a decentralized layer one smart contract network developed on the Iota system – reportedly disclosed details of a successfully obtained $100 million from private investors on December 10th. 

Specifically, the project reportedly revealed that the capital injection – which saw the participation of LD Capital, HyperChain Capital and Huobi Ventures into the round – will be channeled towards speeding up the growth of DeFi protocol, non fungible tokens (NFTs) and play-to-earn crypto games.

Iota reportedly functions as a blockchain, developed as a means of supporting infrastructure for Internet-of-Things transactions. Its proprietary tech is made up of a network of decentralized acyclic graphs, which possess the ability to establish connections with each other across numerous vectors, as opposed to in-series as with a standard blockchain.

Consequently, one new block is able to complete the validation of two other blocks, resulting in self-sustainable transaction verification. This allegedly helps remove transaction fees completely, as well as bringing down cost to a minimum. 

The Assembly mainnet commenced to roll out in early 2022, with a large community focus. Seventy percent of its native ASMB tokens are reserved for developer incentives, community-governed decentralized autonomous organizations and grant programs.

Dominik Schiener, co-founder and chairman of the Iota Foundation, reportedly claimed that there is an unnecessary plurality in the number of Ethereum Virtual Machine (EVM). 

“Ultimately, all of them will face the same problems with fees, scalability and interoperability. Most of them will fail in the long term as they offer nothing unique.”

“Each smart contract chain can be fully customized to the project’s needs. In addition, Assembly is already fully EVM-compatible, and has support for WASM [WebAssembly], plus Go, Rust and TypeScript as optional smart contract languages.” Scheiner believes that flexibility plays a major role, regarding the uniqueness of the Assembly blockchain.