IOTA Rebased: The Next-Generation Layer 1 (L1) Protocol Update

The IOTA Network (MIOTA) as a leading crypto platform, began to show off by launching a comprehensive report regarding the Layer 1 (L1) protocol update called IOTA Rebased on November 18, 2024. This update aims to significantly increase the scalability, decentralization, and programmability of the network.

The IOTA Network (MIOTA) continues to showcase its strengths with the recent announcement of a comprehensive report on the Layer 1 (L1) protocol update, IOTA Rebased, scheduled for November 18, 2024. This update is set to significantly enhance the network's scalability, decentralization, and programmability.

Since its inception in 2015, IOTA has been dedicated to addressing the limitations of traditional blockchains, including high energy consumption, reliance on miners, and hefty transaction fees. By utilizing a unique architecture that does away with proof-of-work consensus, IOTA boasts a more efficient network. Over the past years, IOTA has forged strategic alliances with government entities, leading enterprises, and prestigious global research institutes.

Advantages of IOTA Rebased

IOTA Rebased offers exceptional benefits, particularly in the realm of scalability, boasting the capacity to handle over 50,000 transactions per second (TPS). This technology leverages the Mysticeti consensus protocol, which is meticulously engineered to deliver high performance with minimal latency, enabling the processing of vast transactions within seconds.

A key innovation in IOTA Rebased is the integration of first-class Move-based smart contracts into the L1 protocol. This opens up the possibility for the development of decentralized applications (dDapps) with diverse use cases, ranging from tokenized trade finance and stablecoin adoption to the advancement of the decentralized finance (DeFi) sector.

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