TL;DR
IOTA has launched a crucial vote to decide on the implementation of the Rebased protocol, aimed at improving the network’s scalability, decentralization, and efficiency.
Rebased introduces Move-based smart contracts, a dPoS model with 150 validators, and the Mysticeti protocol capable of processing 50,000 TPS.
IOTA’s price has experienced exponential growth, rising 62% in the last 24 hours and 422% over the last 30 days.
The IOTA network has commenced an important voting process to determine the future of its protocol. Starting this Monday, December 2, 2024, token holders can participate in a proposal to implement the new Rebased protocol, designed to enhance the network’s scalability, decentralization, and efficiency. This upgrade is set to be a crucial step in the development of IOTA’s blockchain technology, introducing notable changes to its technical infrastructure.
Rebased Protocol
The Rebased protocol introduces a series of innovative upgrades. One of its most significant features is the integration of Move-based smart contracts on a parallel DAG ledger, promising superior performance and expanded capabilities for developers and users alike.
Additionally, the consensus system will adopt a Delegated Proof of Stake (dPoS) model, allowing 150 independent validators to secure the network in a fully decentralized manner. These improvements are complemented by the use of the Mysticeti protocol, which is designed to handle over 50,000 transactions per second with near-instant confirmation times.
The user experience will also be significantly enhanced with the introduction of adaptive transaction fees and the option for sponsored transactions, eliminating direct costs for end users. Moreover, the upgrade proposes a staking reward system offering an estimated annual yield of 10% to 15%, supported by an initial inflation target of 6-7%. This change in tokenomics aims to incentivize both validators and stakers while ensuring the ecosystem’s sustainability.
Major Impact of the Vote on IOTA’s Price
Following the start of the voting process and amid heightened expectations, IOTA has experienced an astronomical surge. The token has risen by 62% in the last 24 hours, currently trading at $0.5614. This has been accompanied by a 190% increase in trading volume, surpassing one billion dollars. Notably, IOTA has had an exceptionally successful month, recording a 163% weekly increase and an incredible 422% growth over the past 30 days.
The voting process will last 14 days, divided into two phases. The first phase, open until December 9, will allow users to cast their votes via the Firefly or Bloom wallets. Subsequently, the counting phase will take place until December 16. If the proposal is rejected, the IOTA network will continue operating under the current protocol, leaving the Foundation to determine the next steps for its development
