The Iota Foundation has reportedly disclosed details regarding its beta version smart contract feature rollout, with a goal to address market issues of scalability limitations and high transaction fees. 

Specifically, Iota’s nonprofit foundation will reportedly be primarily concentrated on open-source research and development projects, to amp up adoption across the distributed ledger technology sphere, together with its native platform, the Tangle.

The smart contract feature will reportedly help streamline interoperability and standardization, via integrating Ethereum Virtual Machine; multi-capacity for developers to write program languages with Tiny Go, Rust, and Ethereum’s Solidity, alongside making it possible for developers to mark unique execution fees, among different functionalities.

The latter is reportedly a distinctive feature that is different from the Ethereum blockchain, which has the potential to enable major fee reduction throughout the network, as the pool of competitors aiming to complete the validation of the smart contract inclines.

In March, the platform reportedly revealed details of the introduction for its Alpha Iota Smart Contracts Protocol, built to achieve the goal of encouraging developers to design smart contracts, apart from decentralized finance (DeFi) and nonfungible token (NFT) applications.

Dominik Schiener, co-founder and chairman of the Iota Foundation, reportedly remarked that by including a smart contract feature will “add a vital component to the Iota ecosystem. They allow anyone to build composable and complex dApps using industry standard Ethereum tooling while relying on a feeless base layer and predictable, low execution fees.”