IOTA has launched the IOTA Rebased Protocol to extend its adoption further and become one of the pioneers in the Layer 1 (L1) blockchain space. This new protocol also brings new approaches to facilitate the developer’s and user’s scalability, speed, and access.
Today we unveil IOTA Rebased The biggest upgrade in #IOTA's history to leapfrog us on our mission to bring the real world to Web3:Parallelized MoveVM & EVMFull decentralization50k+ TPS & <500ms finality10-15% $IOTA staking APYMore https://t.co/k1r4EUzMzc pic.twitter.com/znrEZrrjS8
— IOTA (@iota) November 18, 2024
Why IOTA Rebased?
About two years ago, IOTA integrated the Move Virtual Machine (MoveVM) from the Sui blockchain into its platform. This decision was based on the shared architecture and design of the company’s DAG (Directed Acyclic Graph) ledger with the Sui infrastructure. To sum up, by adopting the MoveVM, the approach has been parallelized, bringing about network enlargement and effectiveness.
Key Features of IOTA Rebased
Decentralization:
The protocol also forms 150 validators to be considered relatively decentralized and safe.
High Performance:
The parallelized DAG-based ledger achieves the following:
Above 50000 TPS (Transaction per second)
Transaction finality takes less than 500 ms for near-instant settlement.
Dual Virtual Machine Support:
Integrating MoveVM and EVM (Ethereum Virtual Machine) will make it the only L1 network of this kind.
ExpressVM is currently designed to work best on the L1 ledger.
The compatibility of EVM on L2 shall make it easier for Ethereum-based dApps.
Cost Efficiency:
Highly competitive transaction fees with a fee-burning mechanism raise the value and sustainability levels within the network.
Incentives for Staking:
They also provide 10-15% staking APY for IOTA token holders and validators, available at IOTA Rebased.
Implications for Developers and Enterprises
The MoveVM and EVM support makes it easy for developers to deploy decentralized applications (dApps), lowering the entry barrier. This creates the opportunity for builders, enterprises, and the government to use the platform for various applications.
Vision for the Future
As cited by the platform itself, Rebased is only the beginning, and much more is expected to be unveiled soon. At the R&D level, protocols are being worked on to make the network even more scalable and reliable and to support a wide array of applications.
This is a new wave for the platform as it brings the full-fledged DAG-based ledger and breakthrough technologies to solidify its position among the top-tier, most advanced, and highly scalable blockchain platforms.
