A new upcoming ICO believes that its proposition is about to bring a whole new level of value to the IOTA project by creating a “plug-in” to facilitate the incorporation of smart contracts.
IOTA, a protocol designed as a facilitator of transactions between smart machines in the conjectured machine economy of the near-future – does not incorporate any native mechanisms which allow for the execution of smart-contracts.
The team behind Toqen are seeking to create, therefore, what they refer to as a “third layer” technology that provides a user front-end for the creation of smart contracts. The first two layers are IOTA itself and Qubic, built on top of IOTA which provides a set of definitions to serve as a protocol for smart contract technology. It appears that Toqen is among one of the first projects to leverage the Qubic protocol.
Smart Machine Economy
It is not clear from the Toqen communiqué whether the proposed technology has already been specked out and is in development or simply conceptual at this stage. However, the project team do make reference to a minimum viable product which, it is claimed, can already perform P2P payments (which in itself, it should be noted, adds no value in and of itself to the IOTA network).
However, were such a front-end to be created, it would effectively promote IOTA’s capabilities – on a conceptual level at least – from being simply the currency of machine economies to a platform that allows for a whole new world of possibilities.
The Toqen team point out that their technology will function as a blockchain, which may call into question its ability to scale – one of the pain points of blockchain tech which IOTA itself was conceived to solve.