During a discord contribution, a senior developer of the IOTA Foundation, Eric Hop, tried to highlight the differences between IOTA and Ethereum Smart Contract. Hop, while highlighted the distinctions between the two and mentioned the area where Ethereum smart contract outperforms IOTA.
Hop discussed this in a Discord channel where he compared Ethereum to IOTA, positing that the Ethereum smart contracts are better for high-value transfers than IOTA.
He further stated that that there are applications where Ethereum smart contracts are more suitable than that of IOTA, as IOTA’s flexibility becomes a disadvantage in such applications.
According to Hop, it is safer to keep a large sum of money for a long time in a contract like Ethereum. He noted that such network allows you to depend on them without fear.
Advantages of IOTA Smart Contracts over blockchain Counterparts
The prominent developer also took his time to point out some major advantages of IOTA smart contracts compared to its other counterparts.
Hop said that the IOTA smart contract protocol (ISCP) is resourceful, efficient, and highly flexible than other blockchain counterparts.
Due to the above fact, IOTA smart contract gives room for cheaper transaction costs compared to what is obtained on other blockchains like Ethereum.
The senior developer also revealed the benefit of the Internet of Things (IoT) used by IOTA to record and execute transactions. While extolling IOTA for its great flexibility, Hop noted that IOTA’s smart contracts does not just have an in-built virtual machine (VM), but also permits accurate processing of SC code. This confirms IOTA would fit into any change or extensions implemented in the future.
Unlike Ethereum, IOTA is not restricted to recovering a previous transaction before ensuring confirmation. He also noted that Ethereum validation is done on the blockchain, Hop said.
The flexibility of IOTA, however, eradicates this form of limitation, as IOTA smart contract adopts the services of nodes collection called committee to jointly find consensus and send it to the tangle.
IOTA allows for selection between small and larger committees nodes that locates a consensus and send the results to the Tangle.