Dominik Schiener, co-creator of the Iota network, told Reuters that some of the major Asian venture capital firms and cryptocurrency hedge funds would finance $100 million to further make applications on a new blockchain dubbed Assembly, which is part of the Iota network.
Iota is a blockchain-like distributed ledger network. Mr. Schiener stated that the Assembly would focus on decentralized finance, non-fungible tokens, and cryptocurrency games.
Two of the fastest-growing crypto industries are DeFi projects, which provide crypto-denominated financing outside of traditional banking, and NFTs, which are digital assets confirmed to be unique and not interchangeable. Many blockchain companies have shifted their focus to this area to accommodate rising demand.
Assembly, a smart contract network akin to the Ethereum blockchain created in the previous month by Berlin-based research and engineering firm Iota Foundation, will provide the foundation for DeFi, NFT, and gaming applications. Smart contracts are self-executing transactions that rely on pre-programmed inputs to produce their results.
Mr. Schiener stated that Asian investment firms, including LD Capital, Signum Capital, Huobi Ventures, UOB Venture Management, HyperChain Capital, and Du Capital, had committed $100 million to the Assembly network’s expansion. In addition, he said that GSR, a cryptocurrency exchange, would also contribute to the $100 million investment.
These companies also contributed to Assembly’s seed fundraising round, which raised $18 million earlier this year.
Assembly is now its network, built on top of Iota, that allows anyone to establish a blockchain network. And, thanks to Iota, this blockchain network is regarded as secure, Mr. Schiener explained.
He explained, “You can think of Assembly as being a network of networks, where there are many blockchains that are now being secured and connected through the same architecture.”
Assembly’s programmers, creators, and early contributors will be paid with over 70% of the token supply.