The IOTA Foundation has announced a new proposal, known as IOTA Rebased, to transform its blockchain network.
According to IOTA’s blog post from Nov. 18, the proposal, which is currently undergoing a token vote, “would completely reshape the IOTA technology stack” by switching the IOTA Layer 1 (L1) to a Move-based object ledger.
The new ledger will introduce programmability to IOTA Layer 1, allowing developers to build a wide range of decentralized applications (DApps). The upgrade is also expected to improve network performance, enabling “tens of thousands of transactions per second and sub-second confirmation times.”
Today we unveil IOTA Rebased
The biggest upgrade in #IOTA's history to leapfrog us on our mission to bring the real world to Web3:Parallelized MoveVM & EVM
Morehttps://t.co/k1r4EUzMzc pic.twitter.com/znrEZrrjS8
— IOTA (@iota) November 18, 2024
IOTA Aims for Full Decentralization and Scalability
IOTA is the first Layer-1 blockchain to adopt the Move Virtual Machine (MoveVM), joining other blockchains like Sui and Aptos.
The IOTA Foundation claims in its announcement that the update will transform the IOTA network into “a fully decentralized, high-performance, and production-ready protocol.” This upgrade will also enable the deployment of various real-world applications, including supply chain tracking, asset tokenization, and digital identity solutions, on the IOTA mainnet.
To achieve full decentralization, IOTA proposes a delegated proof-of-stake (PoS) mechanism with 150 permissionless validators. This will involve discontinuing the development of IOTA 2.0 and implementing an object-based ledger architecture on a DAG.
The Move programming language will be integrated into this architecture, enabling smart contract functionality directly on the Layer 1 ledger.
“Time to market is everything. Instead of investing the next 2 years trying to get to a similar state as other L1s today, with IOTA Rebased we are able to leapfrog IOTA and become competitive now,” said Dominik Schiener in his X post. “Our 140+ person team can now invest resources into scaling the network, adding exciting new features and innovations, support builders and grow the ecosystem.”
Schiener added that all he cares about right now is the growing adoption and utility of IOTA:
“I want to gain market share and make IOTA a leading L1. With IOTA Rebased, we are finally able to accelerate our adoption efforts and bring real applications, real value and real users on-chain.”
IOTA Rebased Testnet Now Live
To ensure a smooth transition, the IOTA Foundation developed a Move-based testnet that is now live, allowing developers and community members to experiment with the new features.
This testnet is accompanied by a number of new tools, including a browser wallet extension, explorer, SDKs, and updated documentation.
Voting on the network update will begin on Dec. 2. A preliminary survey already indicates a community approval of 95 to 5 %.
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