IOTA is setting standards with these major updates despite stagnating prices
IOTA, the distributed ledger and open source cryptocurrency, now has some major updates. The first update is about Multi-Asset-Multiverse-Fusion, while the second update is about IOTA 2.0 DevNet.
IOTA has developed a brand new “leaderless consensus mechanism” that uses virtually parallel ledger states and on tangle votes (also known as “multiverse consensus”). It enables each node to have its own opinion about the order of transactions in the network.
There are multiple versions of the IOTA ledger at any given time. A “reality” for each knot. These realities can conflict with one another.
“Token Framework”Ization will introduce countless new functions, including SimpleOutputs, ExtendedOutputs, Token Foundation, Aliases and NFT Outputs. Further details on each aspect were covered in the report. “
Token updateIzation also comes with a second update called “Dust Protection”. It will combine almost any activity that uses the IOTA network with the IOTA token and still charge no fees.
However, this “no fee” approach creates a problem. Especially when someone using IOTA’s toll-free protocol simply takes 1 MIOTA (1 million IOTA, currently valued at about $ 1.3) and sends each IOTA to 1 million individual UTXOs on Tangle.
“The result will be a database explosion that the nodes cannot handle. Furthermore, this damage will be permanent as no one can get all this very small amount (called “dust”) out of the UTXOs. “
The workaround is to associate database usage with IOTA token ownership. All unused transaction outputs (UTXO) are limited to a certain data size.
“Expenses may only exist in Tangle if they are secured with an IOTA token deposit that is on the same UTXO. The amount of the deposits will be proportional to the space they take up in the common database. “
In the meantime, these two updates will also increase the demand for the IOTA token. The tokenization update will significantly increase the possible use cases, while the “dust protection” update combines each use case with the need for IOTA tokens.
When asked about the time of execution, Naumaan wrote:
“Both the tokenization and dust protection updates are now high-level RFCs (Request for Review and Comment). They need to be further verified before being made available on the IOTA Chrysalis test network for robust and comprehensive testing. “
IOTA 2.0 DevNet
This step is perhaps the most significant milestone for the project since its inception. The IOTA team has tweets about the successful completion of the IOTA 2.0 DevNet upgrade.
“The IOTA 2.0 DevNet upgrade with the first version of On Tangle Voting (OTV – On Tangle Voting) has been completed.
OTV is our groundbreaking new consensus model.
– Almost instant confirmation time.
– Increased strength and expandable.
– Nakamoto consensus on a DAG ”.
Hans Moog, one of the senior technical executives at IOTA, repeat Excitement associated with this important step.
“We have just provided the first prototype of the new IOTA consensus mechanism for DevNet. This is perhaps the most significant milestone for the project since its inception, as it not only proves that our idea works, but also surpasses existing alternatives. “
However, regardless of the above findings, its native token is not showing a positive upward trend. At the time of writing, IOTA is trading at $ 1.34 but is down 2.6% in the past 24 hours.
IOTA 4 Hour Price Chart | Source: Tradingview
Overall, it will be interesting to watch this emerging ecosystem and IOTA price development in the coming days.
On the other hand, the European Commission selected this token for its blockchain infrastructure project last month, despite its low position. This is a possible measure that could pave the way for the future development of MIOTA.
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