On Friday, Assembly, a decentralized layer one smart contract network built within the Iota ecosystem, announced it had raised $100 million from private investors, including LD Capital, HyperChain Capital and Huobi Ventures.

The project stated that the funds will be used to accelerate the development of decentralized finance protocols, nonfungible tokens (NFTs) and play-to-earn crypto games.

Iota is a blockchain designed for facilitating Internet-of-Things transactions. Its proprietary technology consists of a system of decentralized acyclic graphs that can connect to one another in multiple vectors as opposed to in-series as with a regular blockchain. As a result, one new block can validate two other blocks, leading to self-sustainable transaction verification. This allegedly leads to the complete elimination of transaction fees and minimal energy costs.

The Assembly mainnet is currently scheduled to launch 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.

In a statement to Cointelegraph, Dominik Schiener, co-founder and chairman of the Iota Foundation, claimed that there are too many Ethereum Virtual Machine, or EVM, blockchains stating:


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