The German one IOTA Foundation, a non-profit organization based in Berlin, has unveiled an ambitious plan to fundamentally transform its blockchain infrastructure through a protocol called “IOTA Rebased”. The proposed approach marks a crucial turning point in the ten-year history of the German technology project and aims to significantly increase the performance and applicability of the network.
Technical innovation from Germany
As one of the leading German blockchain research institutions, the IOTA Foundation has pursued an internationally respected approach since its founding. With a 140-strong team of researchers and developers, the organization has established itself as one of the most academically respected players in the blockchain ecosystem.
The proposed approach provides for complete decentralization and programmability of the first network level (Layer 1). The core elements of the new protocol are the integration of the Move Virtual Machine (MoveVM) and a delegate Proof of Stake-Consensus mechanism designed to enable transaction speeds of over 50,000 per second.
“We want to make IOTA faster, more usable and more attractive for developers and companies,” explained a spokesman for the IOTA Foundation.
Instead of spending years working on the existing IOTA 2.0 infrastructure, the organization proposes combining and optimizing proven technologies.
Concrete improvements for users and developers
Planned improvements include very low transaction fees, an adaptive Burn-Mechanism for tokens and the possibility of generating attractive returns through staking. The initial staking rewards should be between 10-15% per year.
Particularly interesting for developers: The new protocol supports both Move-based smart contracts on Layer 1 as well as the Ethereum (ETH) Virtual Machine (EVM) on Layer 2. This is intended to offer developers and companies more flexibility and development opportunities.
The technology aims to enable real-world use cases across various industries. Examples include:
- Digitization of retail chains
- Tokenization of assets
- Development of decentralized financial products
- Creation of digital product passports
The decision lies with the community
The decision about implementation now rests with the community. A governance vote will take place on December 2nd where IOTA token holders can choose between two options: either the upgrade is accepted or the existing network remains unchanged.
Important prerequisites for the launch of the new mainnet are:
- At least two month test phase
- Comprehensive security audits
- Integration by major crypto exchanges
The IOTA Foundation has already released a functional testnet prototype, giving developers and interested parties the opportunity to explore and test the new features.
The organization is optimistic that the new approach will significantly increase the competitiveness of the project and open up new application possibilities in the digital economy. With the News on IOTA Rebased, the company positions itself as an innovative player in the fast-moving blockchain ecosystem and underlines its claim to push technological boundaries.
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