THELOGICALINDIAN - A new Digital Asset Framework opens up the achievability to affair and bandy assets on the IOTA network
IOTA is abacus abutment for tokenized assets through a new framework based on black coins.
IOTA Aims for Tokenization
IOTA is authoritative a move appear NFTs and added tokenized assets.
Known as the Digital Assets Framework, IOTA’s new affection hopes to accredit developers to affair new tokens. The team’s announcement of the amend fabricated specific advertence to NFTs.
The new framework will accredit tokens via an addition accepted as black coins–a adjustment of embedding abstracts with bill on a UTXO-based blockchain.
Colored coins were aboriginal alien for Bitcoin abounding years ago for arising real-world assets on top of the blockchain.
For IOTA, the UTXO archetypal accomplished in the Chrysalis Phase 2 Update fabricated this affection possible. The aggregation said:
“With IOTA Digital Assets, we lay the background for cross-network asset swapping with IOTA acting as a feeless arch currency”
IOTA additionally aggregate the amend on Twitter, authoritative advertence to “the better advancement in IOTA’s history.”
The aggregation says that application the agenda assets framework of arising assets via black bill would additionally accredit a arch with added cryptocurrencies.
Furthermore, black bill on IOTA would beforehand the adeptness to actualize non-fungible tokens (NFTs) on the network. In one GitHub post, IOTA wrote:
“A blush is a globally different acreage of a minted token, therefore, if there is alone one badge anytime minted with that accurate color, it becomes an NFT”
The aggregation will onboard the framework during the Chrysalis migration in March, the best busy advancement in the project’s history.
The move appear tokenized assets like NFTs was absolutely aggressive by one of crypto’s arch projects, Ethereum. In accession to facilitating the NFT boom, the second-ranked blockchain is additionally the arch acute affairs platform. IOTA has alone afresh amorphous to embrace smart contracts and oracles.
The activity has fatigued much criticism over the years, decidedly afterwards a major wallet hack in February 2020. Detractors acicular to the abridgement of aegis and addition on the Tangle.
Questions accept additionally been aloft over whether IOTA has sufficient funds to abide operation; it was one of abounding to ache during the abiding post-2017 crypto buck market. In December, the activity announced that the IOTA Foundation would be agreeable with its architect David Sønstebø, citation “actions [that] were not accumbent with what the Foundation stands for.”
Disclosure: The columnist did not authority crypto mentioned in this commodity at the time of press.
