Saturday, September 23, 2023

IOTA’s Ready for Major Updates


IOTA, a distributed ledger and open-source cryptocurrency, has received some significant changes recently. The first update discusses the inclusion of a multi-asset multiverse, while the second discusses the IOTA 2.0 DevNet.

IOTA has created a brand-new “leaderless consensus” derived on parallel-reality-based ledger states and on-tangle voting (also known as “multiverse consensus”). It allows each node would have its own perspective on the network’s transaction order.

At any given time, there are numerous copies of the IOTA ledger.Every node has its own “reality.” These realities may be at odds with one another.

In a blog article, Linus Naumaan emphasized the same point. The IOTA Foundation intends to release two updates, as stated in the tweet.

Two IOTA Updates

The Tokenization framework will bring a slew of new features to the table. Among the new features are SimpleOutputs, ExtendedOutputs, Token Foundaries, Aliases, and NFT Outputs. They discussed individual issues in further depth in the aforementioned report.

A second update dubbed “Dust protection” accompanied the tokenization update, which will link practically every IOTA network use to the IOTA token while staying feeless.

This “feeless” approach, however, creates a unique difficulty. Especially when someone utilizes IOTA’s feeless protocol to distribute each IOTA to 1 million separate UTXOs on the Tangle for 1 MIOTA (1 million IOTAs, presently valued roughly $1.30).’

Here’s a solution: link database usage to IOTA token ownership. Consider this: every unspent transaction output (UTXO) limits the amount of storable data.

Only outputs that are backed up by an IOTA token deposit on the same UTXO will be allowed to reside in the Tangle. The deposit size will be proportional to the amount of space they occupy in the shared database.

Demand for IOTA

Meanwhile, these two improvements will increase demand for the IOTA token. So, here’s how they do it. The “dust protection” update will link EVERY use-case to IOTA token demand; whereas the “tokenization” update will dramatically expand the number of potential use-cases.

Both the tokenization and dust protection improvements are currently in the final stages of development (request for comment documents). They will need to be reviewed again before being deployed to the IOTA Chrysalis testnet for extensive testing.

This is, without a doubt, the project’s most significant milestone since its inception. The IOTA team announced the successful completion of the IOTA 2.0 DevNet upgrade on Twitter.

One of the senior technical IOTA executives, Hans Moog, expressed his enthusiasm for this significant breakthrough. Regardless of the foregoing findings, its native token didn’t seem to share the same enthusiasm. It was trading at $1.31 at the time of publication, but had dropped 4% in the previous 24 hours.

Overall, it’ll be interesting to follow the price trajectory of this new ecosystem’s native token in the following days.

Despite its low ranking, the European Commission chose the inclusion of cryptocurrency in its blockchain infrastructure initiative last month. This choice is a potential action that could pave the road for MIOTA’s future growth.

Vincent Sanchez
Vincent Sanchez
Vincent Sanchez currently writes articles for Cryptoconstellation. He completed his Msc in finance and had a successful career as an accountant. Vincent enjoys travelling and working out.

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