- IOTA’s Stardust Update goes live, introducing native NFTs on the Layer 1 Tangle, allowing feeless transactions and unique wallet functionalities.
- Significant progress towards decentralization as IOTA replaces the Coordinator with distributed validators.
Stardust: Ushering in a New Era for IOTA
The blockchain world is abuzz with the release of IOTA‘s long-anticipated Stardust Update on its Mainnet. This significant leap follows extensive testing on Shimmer, IOTA’s test network, for over a year. Let’s delve into the groundbreaking features this update brings.
Native NFTs: A Game-Changer for IOTA
Non-Fungible Tokens (NFTs), unique digital assets representing ownership of a particular item or piece of content on the blockchain, have found a new home on IOTA‘s platform. With Stardust’s rollout, NFTs are now supported natively on the Layer 1 Tangle. This integration means users can mint and transact NFTs without incurring any fees. However, a storage deposit is essential while the NFT resides in one’s wallet.
What sets IOTA‘s approach apart is that every NFT functions akin to a wallet. This design allows an NFT to “own” another NFT, hold a Digital Identity, or even possess tokens.
Custom Token Creation and State Commitment Anchoring
The Stardust Update equips users with the capability to mint their unique tokens on the Layer 1 Tangle. This tokenization process is streamlined, requiring just a storage deposit when a wallet holds the token.
Additionally, the update introduces the concept of State Commitments. In blockchain parlance, this means Layer 2’s data can be securely anchored or “committed” to the Layer 1 Tangle. This significant development positions IOTA as a foundational layer in a Multi-Layer Environment, enabling it to interact seamlessly with multiple Layer 2 protocols.
Output Features and A Step towards Real Decentralization
Incorporating Output Features adds a layer of programmability to the Unspent Transaction Output (UTXO). One of the most innovative features is the
“Expiration Unlock Condition.”
It allows tokens to be transferred from one wallet to another with an expiry clause. If the receiving wallet doesn’t claim these tokens within the stipulated timeframe, they automatically revert to the sender.
Lastly, the Stardust Update marks a monumental shift in IOTA‘s approach to decentralization. By launching DeCoo, IOTA has phased out its reliance on a single centralized failure point, the Coordinator. In its stead, a network of distributed validators has been introduced, significantly amplifying the network’s decentralization and setting the stage for the much-anticipated IOTA 2.0.
🚀#IOTA 2.0 has arrived: A groundbreaking development in Distributed Ledger Technology, offering unprecedented digital independence to everyone! Let me give you an overview of the most important changes/updates/features:
Introduction and Update Launch
— Collin Brown (@CollinBrownXRP) October 5, 2023