IOTA Foundation Unveils the IOTA Rebased Proposal
The IOTA Foundation has recently announced an ambitious initiative titled IOTA Rebased, aimed at transforming its blockchain network significantly. As detailed in a blog post dated November 18, 2024, the proposal is currently undergoing a token vote and promises to “completely reshape the IOTA technology stack.” The core of this transformation involves transitioning the IOTA Layer 1 (L1) to a Move-based object ledger.
Enhanced Programmability and Network Performance
The introduction of a new object ledger is set to enhance the programmability of IOTA’s Layer 1, enabling developers to create a diverse array of decentralized applications (DApps). This upgrade is not just about programmability; it also aims to elevate network performance remarkably. The IOTA Foundation anticipates that the upgraded network will handle “tens of thousands of transactions per second” with confirmation times under one second, moving IOTA closer to competing with other high-performance blockchains.
Aiming for Decentralization and Scalability
In a notable strategic move, IOTA has become the first Layer-1 blockchain to implement the Move Virtual Machine (MoveVM). This decision aligns IOTA with other modern blockchain platforms like Sui and Aptos. The foundation asserts that IOTA Rebased will evolve the network into “a fully decentralized, high-performance, and production-ready protocol.” This transition will facilitate various real-world applications, including supply chain management, asset tokenization, and digital identity solutions directly on the IOTA mainnet.
Delegated Proof-of-Stake Mechanism
To ensure full decentralization, the IOTA Foundation proposes a delegated proof-of-stake (PoS) mechanism involving 150 permissionless validators. This will mark a significant shift in the architecture of the network, leading to the discontinuation of the development of IOTA 2.0. Instead, the focus will shift to implementing an object-based ledger architecture utilizing a Directed Acyclic Graph (DAG). With the integration of the Move programming language into this setup, smart contract capability will be established directly on the Layer 1 ledger.
Leadership Insights and Future Goals
Expressing enthusiasm for the project, Dominik Schiener, a key figure at IOTA, emphasized the importance of expediting time to market. He stated that instead of spending the next two years trying to reach a competitive status similar to other Layer 1s, the IOTA Rebased initiative allows for immediate advancements. “Our 140+ person team can now invest resources into scaling the network, adding exciting new features and innovations, supporting builders, and growing the ecosystem,” Schiener remarked. He highlighted the primary objective of increasing IOTA’s market share and establishing it as a leading Layer 1 blockchain.
Launch of the IOTA Rebased Testnet
To facilitate a seamless transition, the IOTA Foundation has launched a Move-based testnet that is currently live. This testnet provides an opportunity for developers and community members to engage with the new features being implemented. In addition to the testnet, new tools have been introduced, including a browser wallet extension, an explorer, software development kits (SDKs), and updated documentation to assist users during this transition.
Community Engagement and Voting
Voting on the network update is scheduled to commence on December 2, 2024. Preliminary surveys suggest overwhelming community support for the proposal, showing an impressive approval rate of 95% in favor. As IOTA embarks on this transformative journey, the anticipation among developers and users alike is palpable, promising a new era of growth and innovation within the IOTA ecosystem.