IOTA developers will release an update this year called IOTA Rebased, which seeks to revolutionize the scalability and speed of transactions on the network, with the goal of driving Web3 adoption.
Since its inception, the IOTA network has been proposed as a solution for the digital economy, seeking to overcome the limitations of traditional blockchains. With the launch of IOTA Rebased, a renewal of its Layer 1 protocol is proposed, which promises a more robust and efficient infrastructureWith this update, developers are not only looking to optimize transaction speeds, but also to integrate features that facilitate the creation of decentralized applications, thus opening new avenues for mass adoption of Web3.
The update, which was approved by a community vote, represents a significant evolution in IOTA's architecture. The IOTA Foundation, responsible for this development, has dedicated years to researching and developing alternatives to existing models, seeking a solution that adapts to the needs of the industry and users. IOTA Rebased emerges as a protocol that combines proven innovations in the distributed ledger (DLT) space with the experience accumulated over a decade of work.
BUY IOTAWith the upcoming release of this update, IOTA is pursuing a transformation that aligns with the demands of partners and enterprises seeking a scalable and programmable blockchain infrastructure for their applications. The goal is to offer a network that is not only fast and reliable, but also enables the creation of a vibrant and diverse ecosystem.
Reinventing Scalability: IOTA's New Protocol
IOTA Rebased represents a paradigm shift in the design of the IOTA protocol, seeking to establish a milestone in the evolution of DLT technology. The main objective of this initiative is accelerate the adoption and utility of IOTA, offering a faster and more efficient solution for Web3 needs. As we know, Web3 is the third generation of the Internet, focused on decentralization, transparency, and user control over their data. This new iteration of the IOTA protocol builds on the original vision of a fee-free, scalable, and fully decentralized distributed ledger, but with a pragmatic focus on programmability and practical utility.
The creation of IOTA Rebased arose in response to the growing demand for smart contracts on the protocol's Layer 1. Rather than continuing with the adaptation of MoveVM, a virtual machine designed for the secure and efficient execution of smart contracts, to IOTA 2.0, a process that could take years, IOTA Rebased seeks to integrate proven and robust solutions from the current market. This strategic decision allows the IOTA network to offer advanced functionalities more quickly, driving the creation of new applications and use cases in various sectors. Therefore, IOTA Rebased not only promises to improve scalability and speed, but also catalyze mass adoption of IOTA in the Web3 ecosystem.
INVITE AND WINSince its inception, IOTA has sought to differentiate itself from traditional blockchains through the use of Tangle technology, a directed acyclic graph (DAG). This technology, unlike a blockchain, allows transactions to be processed in parallel, theoretically offering greater scalability and speed. However, fully implementing decentralization and programmability at Layer 1 has presented significant technical challenges. IOTA Rebased is the answer to these challenges, adopting an innovative approach that combines the best of existing technologies with IOTA's original vision.
Overall, the introduction of smart contracts on L1, along with a new ledger architecture and improved consensus mechanism, will position IOTA Rebased as a key competitor in the Web3 space.
Key features of IOTA Rebased for scalability
The IOTA Rebased update introduces a number of technical features designed to improve the user experience and attract developers. These include: support for multiple virtual machines (MultiVM), which would allow smart contracts based on Move, the Ethereum Virtual Machine (EVM), and potentially other virtual machines to run on the same network. This flexibility would facilitate the creation of interoperable applications and the migration of projects from other ecosystems.
BUY IOTA HEREOn the other hand, the new protocol also seeks to improve the efficiency and sustainability of the network. The adoption of a adaptive pricing model, Together with token burning mechanism, aims to regulate the supply and demand of IOTA, promoting long-term stability and growth. Furthermore, the move to a Delegated Proof of Stake (DPoS) consensus mechanism called Mysticetti seeks to reduce the energy consumption associated with transaction validation, making IOTA a more environmentally friendly option.
Mysticeti, in particular, is known for its high scalability and low latency, which will allow IOTA Rebased to achieve a throughput of up to 50.000 transactions per second (TPS) with a finality of less than a second. This finality refers to the time it takes for a transaction to be considered irreversible within the network, so it represents a radical improvement in speed and processing capacity, which is crucial for supporting complex, high-performance Web3 applications.
The implementation of IOTA Rebased also promises simplify governance of the network. The new voting model will allow token holders to participate in important protocol decisions without having to lock up their tokens long-term. This increased flexibility is expected to encourage more active participation and more decentralized decision-making.
GO TO BIT2ME LIFEFurthermore, the update IOTA Rebased contemplates the integration of solutions that allow data verification with technology of zero knowledge (ZK), opening up new possibilities for privacy and security in decentralized applications. This could position IOTA as a leading platform for creating applications that require a high degree of confidentiality and regulatory compliance.
A more intuitive and versatile development environment
The improved speed in IOTA Rebased is not just a technicality, but a key factor that unlocks a number of tangible benefits for users and developers. One of the most obvious benefits is the drastic reduction in confirmation times of transactions. On slower blockchains, users often have to wait minutes, or even hours, for their transactions to be confirmed. With IOTA Rebased, this time is reduced to less than a second, providing a much smoother and more efficient user experience.
The speed has also been improved facilitates the creation of real-time applications that require an immediate response. For example, decentralized games in the Web3 ecosystem, high-frequency trading platforms, and instant payment systems can leverage IOTA Rebased's low latency to deliver a superior user experience. Additionally, the improved speed enables greater efficiency in the execution of complex smart contracts, which is especially important in decentralized finance (DeFi) applications that require fast and accurate transaction processing.
Finally, the improved speed in IOTA Rebased contributes to a greater overall scalability of the Web3 ecosystem, since by processing more transactions per second, the network can support a greater number of users and applications without experiencing congestion or delays. This is essential for the mass adoption of blockchain technology and its integration into everyday life.
A bold bet by the IOTA Foundation for the future of Web3
IOTA Rebased not only represents a technical improvement, but also a catalyst for innovation and adoption in the Web3 ecosystem. With its focus on scalability, speed, and programmability, IOTA Rebased is well positioned to power a new wave of applications and use cases that will transform the way we interact with technology, such as the tokenization of real-world assets (RWA).
In addition, IOTA Rebased will facilitate the creation of innovative solutions in the field of digital identity and data management, allowing users to manage their own identities and control what information they share with third parties. The update, expected in 2025, will provide an ideal platform for the development of DID solutions that empower users and protect their privacy.
In short, IOTA Rebased promises to accelerate the adoption of blockchain technology and its integration into everyday life, opening up new opportunities for innovation and economic growth. The launch of the IOTA Rebased testnet in 2024 is the first important step in this direction, and the community eagerly awaits the full implementation of this new protocol and its impact on the future of Web3.
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