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ISC Protocol Overview

TL;DR;​

  • Smart Contracts: Digital programs on a blockchain, written in various programming languages, compiled into bytecode and executed by virtual machines.
  • Virtual Machines: Essential engines that run smart contracts, process inputs, and enforce rules, with IOTA supporting EVM and WASM VM.
  • Validators: Key network components operating virtual machines, managing blockchain state and history, and facilitating smart contract execution.
  • State: The dynamic data interacted with and altered by smart contracts, forming the blockchain's historical record.
  • Blockchains: Structures of linked blocks containing state updates, representing the chain’s history and enabling parallel smart contract execution.

Smart Contracts​

Smart contracts are like digital programs on a blockchain, consisting of functions that either view or update the blockchain's state based on given inputs. They are versatile, written in languages like Solidity, Rust, or Go, and are compiled into bytecode. This bytecode is then executed by a virtual machine, acting as the blockchain's engine to process these contracts.

Virtual Machines​

Virtual machines, operated by Validators, are the execution engines of smart contracts that understand smart contract bytecode and are able compute state changes. They take the current state of the blockchain and the inputs from users, execute the smart contract's bytecode, and produce a new state. These machines also set rules and restrictions for smart contracts, ensuring secure and orderly operation. The IOTA architecture currently supports two types of virtual machines:

  • The production-ready EVM (Ethereum Virtual Machine)
  • The experimental WASM VM (WebAssembly Virtual Machine).

Validators​

Validators are critical components in a blockchain network. They operate the virtual machines and are responsible for storing the state and history of the blockchain. Validators process requests to run smart contracts, achieve consensus on state updates, and create a blockchain that represents the history of said state updates.

State​

The state in a blockchain is a key-value store that smart contracts interact with and modify. It's a result of smart contract execution, committed in blocks, forming a blockchain representing the history of state updates leading to the current state.

Blockchains​

Blockchains in IOTA are structures composed of blocks linked cryptographically, containing state updates. They chronicle the history of all updates leading to the current state. Chain owners own these blockchains which are produced by validators. These blockchains are anchored in the IOTA ledger, allowing for parallel anchoring of chains and enabling simultaneous execution of smart contracts across different chains.

Dive Deeper

You can gain a deeper understanding of validators and access nodes in the IOTA Smart Contracts documentation.