- IOTA’s development team has successfully implemented account support and mana, marking significant progress in the blockchain project.
- The introduction of staking rewards and a feeless network economy represents a groundbreaking step towards a decentralized system with nearly zero entry barriers.
The blockchain world is abuzz with the recent developments in IOTA, a project that has embarked on a journey to revolutionize the network economy. The implementation of accounts, mana, and staking rewards indicate IOTA’s commitment to constructing a democratic and efficient system that poses almost no entry barriers for token holders.
GM 🌅 #IOTA FAM 🤖
our coins are green this week and the outlook for crypto is looking better lately but trust me nothing gets me more excited than checking the iotaledger Github. Let me tell you why. Let's have a look on the latest developments in #IOTAcore.2️⃣-8️⃣ 👇 pic.twitter.com/lskLWPoxlM
— ID.iota (@id_iota) June 24, 2023
The first breakthrough came in the form of account support. Last week, the IOTA development team was engrossed in enhancing the Accounts feature and exploring ways to incorporate Mana into the system. Their efforts bore fruit when they accomplished their mission as shown in pull request #435 on their Github repository. The changes aimed at replacing AliasOutput with AccountOutput in transactions have not only been successfully reviewed but also merged into the codebase, marking a significant leap in the IOTA project.
Mana, an essential aspect of IOTA’s advancement, represents the project’s solution to control network congestion without imposing fees. It strives to build a fair network economy that is accessible to all, addressing one of the blockchain’s significant challenges—high transaction costs. With this breakthrough, IOTA establishes a strong foundation for a network economy that is both feeless for token holders and equitably structured.
But the IOTA team didn’t stop at this point. They went ahead and added staking rewards to the blockchain. Following the groundwork on accounts and mana, the next step was the implementation of a staking feature.
As seen in pull request #437, the project introduced the ability for an AccountOutput to register a validator and a DelegationOutput that enables the delegation of funds to a registered validator. This inclusion heralds an era of incentivization in the IOTA network, rewarding users for their engagement in the blockchain’s security and operations.
These innovations by the IOTA team underscore the exciting potential of blockchain technology. They lay the groundwork for a network economy that empowers token holders with a feeless and fair system, paving the way for a more democratic and accessible blockchain space.
