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Cryptocurrency News Articles
IOTA Fast Forwards with IOTA Rebased: High Scalability, Full Decentralization, and Advanced Programmability
Nov 21, 2024 at 06:39 pm
IOTA, an open-source distributed ledger, is preparing for a major upgrade named “Rebased” to handle over 50,000 transactions per second (TPS)
Breaking: Major Upgrade for IOTA Coming Soon
Prepare yourself for an exciting new era in blockchain technology as IOTA announces a significant protocol update, codenamed "Rebased." This cutting-edge protocol is set to propel IOTA to new heights, enabling it to handle over 50,000 transactions per second (TPS) while maintaining its renowned decentralization.
But that's not all! The IOTA Foundation is pulling out all the stops to ensure that IOTA remains at the forefront of innovation. Get ready for a complete protocol overhaul, bringing Layer 1 programmability with MoveVM and EVM support, and introducing $IOTA staking to the masses. This upgrade is designed to accelerate the transition to a new mainnet, offering greater scalability and utility.
As we integrate MoveVM and EVM, developers will gain the ability to create a diverse range of applications on IOTA. Together with the DPoS consensus andڡfee-burning mechanism, we're laying the foundation for a programmable, scalable, and secure network.
But the choice ultimately lies with the community. A vote will be held to decide whether to adopt the new system or continue operating the current network. If the vote favors the new main network, extensive testing, security checks, and exchange connections will follow before it goes live.
This move will enable more advanced programming to better meet industry needs and support the growth of the IOTA ecosystem. Stay tuned for further updates on this highly anticipated development.
Nearly nine years after setting out on this incredible journey, IOTA has consistently aimed to offer an alternative to traditional blockchains, removing the need for miners, slashing energy use, and keeping fees low. But our foundation's mission goes beyond building a better blockchain; we want to be the trusted base for digitizing the global economy.
IOTA is driven by a singular vision: to connect the real world with no digital barriers. We empower people all over the world to actively participate and profit from the digital economy. Together, let's create a future where everyone belongs.
IOTA Pioneers Real-World Blockchain Applications
IOTA's technical foundation is built on a scalable parallelized ledger, setting it apart from other Layer 1 blockchains. The Foundation has led the creation of innovative use cases across mobility, trade, logistics, energy, and finance. Collaborations with enterprises, institutions, and governments have resulted in several real products and ecosystems, driving millions of transactions and tokenized assets to the IOTA mainnet.
Key adoption milestones include being a finalist in the European Blockchain Service Infrastructure (EBSI) Pre-Commercial Procurement by the European Commission, selection for the European Blockchain Sandbox with a tokenized on-chain KYC solution, and becoming the first DLT foundation registered with the Abu Dhabi Global Market. Additionally, IOTA has co-founded a governing entity to digitize trade infrastructure alongside organizations.
The Foundation's reputation for trustworthiness, backed by its regulated non-profit status in Germany, Switzerland, and the UAE, has made it a preferred partner for industry leaders. The commitment to creating a connected and trusted world has earned IOTA long-standing partnerships and a strong position in the blockchain ecosystem.
What Makes IOTA Rebased Stand Out?
In today's blockchain landscape, merely having fast transaction speeds and low fees is no longer enough. Users demand reliable infrastructure that supports robust ecosystems and practical applications. Recognizing this, the IOTA Foundation aims to accelerate adoption by introducing IOTA Rebased, a protocol that combines high scalability with full decentralization and advanced programmability.
IOTA Rebased leverages nearly a decade of experience to deliver a scalable and programmable network within a significantly shortened timeframe. This protocol integrates the Move Virtual Machine (MoveVM) and Ethereum Virtual Machine (EVM) support, enabling developers to create a wide range of applications. The new protocol also incorporates a Delegated Proof of Stake (DPoS) consensus mechanism, enhancing security and network efficiency.
One of the standout features of IOTA Rebased is the introduction of staking. Token holders can now secure the network and earn rewards, with initial target inflation rates set between 6-7% per year, yielding 10-15% APY in staking rewards. Additionally, the protocol includes a fee-burning mechanism similar to Ethereum and Solana, ensuring a flexible and sustainable economic model.
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