IOTA, a public blockchain launched in 2015, has undergone a long journey over nearly ten years, focusing on transaction settlement specifically designed for Web 2. It has established partnerships with governments such as the EU and the UAE, but has also faced crises such as wallet vulnerabilities and chain interruptions. However, the IOTA Rebased project in Q4 2024 will introduce many reforms, with IOTA EVM going live in May 2024, and plans to introduce Mysten Labs' Sui MoveVM in 2025, attempting to transition to MultiVM.
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IOTA will release two major updates, transitioning from EVM to MoveVM.
IOTA stated in the IOTA Rebased project: "In addition to developing IOTA EVM, we also formed an internal team in 2022 to evaluate the prospects and technical feasibility of integrating smart contracts into IOTA L1. The main conclusion is that among all available solutions, MoveVM is the most applicable solution for the IOTA DAG ledger."
The Move ecosystem is mainly divided into Aptos, Sui, and Movement. In this regard, IOTA stated: "Considering the various similarities between our protocols, attributes, and goals, the team concluded that the results of the Sui team (Mysten Labs), its MoveVM, and ledger architecture are the most promising and suitable for adapting IOTA."
In response, IOTA has already transformed its existing architecture by porting Sui's MoveVM to IOTA. As for the transition from MoveVM to IOTA Rebased, it is estimated that IOTA will undergo two updates: one is IOTA 2.0, and the other is the L1 Move upgrade.
Transitioning to altVM, with significant performance improvements.
Specifically, after transitioning to MoveVM, IOTA will have the following characteristics:
Smart contracts based on Move, operating on a parallelized DAG ledger.
Fully decentralized L1 DAG, utilizing a Delegated Proof of Stake (DPoS) mechanism with 150 permissionless nodes.
Up to 50,000+ transactions per second (TPS), achieving sub-second finality with the Mysticeti consensus protocol.
Low transaction fees with a flexible burning mechanism to achieve inflation/deflation balance.
A sponsorship mechanism supporting user-friendly transactions, significantly enhancing user experience.
Offering annualized rewards of 10-15% to IOTA token holders participating in staking.
Designing a more sustainable token economic model, including staking and other yield opportunities.
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This article discusses the old-school public blockchain aimed at the RWA market, where the IOTA Rebased project will introduce Sui MoveVM to improve user experience and performance, first appearing in Chain News ABMedia.
