- IOTA advances towards the mainnet launch of the Rebased Protocol with a strategic on-chain campaign dubbed “The Return of IOTA”.
- The team has also announced the introduction of layer 1 Move smart contracts to the ecosystem to unlock programmability.
In a recent update, we covered the significant effort of the IOTA team to transition its much-anticipated upgrade, Rebased Protocol, to the mainnet. According to the report, IOTA has introduced Layer 1 Move smart contracts to the ecosystem to seamlessly unlock programmability in its Layer 1 to support the Ethereum Virtual Machine (EVM) in Layer 2.
Soon after that integration, an on-chain campaign called “The Return of IOTA” was unveiled to prepare the grounds for the official launch of the Rebased. As part of this effort, more than 3 million IOTA tokens, currently worth around $867,000, have been allocated for airdrop.
What is the IOTA Rebased
As indicated in our earlier discussion, the IOTA Rebased is one of the major steps of the IOTA community to improve scalability, programmability, and decentralization of the network. According to that post, IOTA would build this protocol on top of an existing infrastructure to significantly increase the transaction speed processing model to 50,000 Transactions Per Second (TPS).
In an earlier report detailing this initiative, IOTA disclosed that its Smart Contracts team was working with the IOTA 2.0 core team to ensure that the requirements and specifications to integrate the MoveEVM are streamlined. Fascinatingly, MoveVM was originally developed by Mysten Labs for the SUI network.
Their initial assessment concluded that, while technically feasible, implementing MoveVM into IOTA 2.0 would be a multi-year effort to deliver a safe and tested protocol to the mainnet. Moreover, this approach would require two consecutive breaking protocol changes: first for IOTA 2.0, and later for the L1 Move upgrade.
What to Expect from the Protocol
In a previous article, we discussed some of the expected features and upgrades after the full implementation of the Rebased Protocol. According to the report, there would be a complete transformation of the Trade and Logistics Information Pipeline (TLIP). This implies that IOTA would be able to tokenize value chains which include the physical assets and financial tools.
The mainnet transition of the Rebased Protocol would also ensure that the Digital Product Passport (DPP) is tokenized with the Non-Fungible Tokens (NFTs). In this case, the DPP would be used as proof of origin or certificate and collateral on collateral-backed lending platforms.
Additionally, staking opportunities would be unlocked, coupled with the creation of Liquid Staking Tokens (LSTs) to sustain and facilitate growth. As we indicated earlier, this massive upgrade was largely inspired by the Sui network.
Thanks to significant investment by Facebook (now Meta) into the technology (where it originated), they have delivered one of the most promising new smart contract paradigms with Move. We want IOTA to be part of the Move ecosystem and advance the adoption of Move in Web3 and across industries.
At press time, IOTA was trading at $0.289 after declining by 2.9% in the last 24 hours.
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