- IOTA Foundation announces IOTA 2.0: A complete rebuild and a step closer to genuine decentralization.
- The ShimmerEVM Testnet: Successfully processes over 15 million transactions, showcasing IOTA’s robustness and scalability.
From Concept to Reality: The Dawn of IOTA 2.0
Last week’s ShimmerEVM update set the stage for an even more significant leap forward. Introducing IOTA 2.0 – a monumental shift envisioned by the IOTA Foundation. Rooted in extensive research and innovative prototyping, IOTA 2.0 encapsulates a transformative vision of ensuring digital autonomy for all.
WOW @iotabee just increased @shimmernet TVL by $600k. That is a 4x! 🚀🚀. We are now close to overtaking bull market sweethearts Kadena and Theta.
Not bad for the 'staging network' of #IOTA. All in the space of a week. pic.twitter.com/kKKxbfmMn0
— IOTAPoet ✨ (@IotaPoet) October 5, 2023
The overhaul of IOTA‘s design wasn’t a mere tweak but a ground-up reconstruction. This strategic revamp not only signals the commencement of the coordinator’s phase-out but also heralds a new era of unadulterated decentralization.
Distinct from traditional DLTs, IOTA 2.0 promises a plethora of features that make it public, decentralized, democratic, and sustainable. At the heart of this evolution lies the Tangle – IOTA’s unique Directed Acyclic Graph (DAG) structure. Differing from the linear constraints of conventional blockchains, Tangle’s architecture will introduce:
- An avant-garde accounts system
- Zero fees for its token holders
- Collaborative Nakamoto-based consensus that operates asynchronously
- A pragmatic approach to conflict resolution
To guide enthusiasts and the wider community, the IOTA Foundation is set to roll out a series of resources detailing the intricacies of the IOTA 2.0 protocol.
Milestones and Collaborations: IOTA’s Journey to Decentralization
Earlier this year, evidence of IOTA Foundation’s commitment shone brightly through their tireless endeavors. Collaborating closely with the Shimmer teams, they embarked on enhancing functionalities, exploring novel avenues, and establishing deeper community connections.
One of 2023’s significant milestones was the ShimmerEVM Testnet launch in March, accentuated by the ‘Treasures of Shimmer Testnet’ campaign. Such initiatives weren’t merely for show; they bore impressive stats. Without encountering major hiccups, the Testnet impressively churned out over 3 million blocks, processing 15 million transactions.
The campaign further spiked the activity, with a remarkable 10 million transactions, all fueled by 16 projects vying for a hefty $SMR token bounty.
These developments resonate with the essence of distributed ledger technology, underlining the IOTA ecosystem’s unwavering dedication to driving innovation and fostering inclusivity.
As we witness these advancements, it’s evident that feedback integration and refining strategies for the ShimmerEVM’s impending launch on Shimmer remain at the forefront. The journey has begun, and the decentralized digital future beckons.
Connect with Collin Brown on X (Twitter) for valuable market insights, frequent updates, and a touch of humor!Â
