- IOTA-core’s developments in June were primarily focused on the implementation of Congestion Control, Mana Accounts, and Staking.
- These developments represent the inception of the so-called Mana economy, which aims to combat network congestion and spamming, and may influence IOTA’s token value.
In the realm of IOTA, June was marked by significant progress towards establishing the Mana economy – an intricate system designed to handle network congestion via Congestion Control, Mana Accounts, and Staking. The culmination of these innovative features may hold far-reaching implications for IOTA’s token value.
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Congestion Control and the Birth of the Mana Economy
In an effort to deter potential spam attacks and ensure equitable bandwidth allocation, IOTA has introduced a secondary resource, Mana. This resource becomes mandatory for network use during periods of congestion. How does one acquire Mana, you might wonder? The answer lies in the practice of staking IOTA tokens.
By staking your tokens, you are rewarded with Mana, which is subsequently tracked via an individual Mana Account linked to your IOTA Wallet. This ingenious system is pivotal for maintaining seamless network operation and could potentially influence token value, underscoring the significance of a functioning Mana economy.
Progress Report: Mana Accounts, Congestion Control, and Staking
In the context of this emerging Mana economy, let’s assess the progress made in each crucial area:
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- Mana and Mana Accounts: The establishment of Mana and associated accounts has been a primary focus in the iota.go repository, specifically PR#435. The protocol now effectively monitors the Mana balances of each wallet, paving the way for Congestion Control mechanisms.
- Congestion Control: The development of Congestion Control, visible in the iota-core repository in PR#130, stands as a critical element in this equation. Acting as the ‘gatekeeper’ for the block scheduler, it ensures only blocks with sufficient Mana reserves are processed. While the completion of this feature is still in the works, progress is steady, hinting at potential integration in the upcoming weeks.
- Staking: This essential piece of the puzzle allows IOTA token holders to generate Mana through staking. By delegating funds to a registered validator for staking, users can earn Mana rewards based on the staking duration and number of tokens staked. Although the feature is currently under development in PR #143 within the iota-core repository, its completion seems imminent, likely aligning with the finalization of Congestion Control.
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Aside from these central developments, seamless protocol updates are also in the pipeline, ensuring decentralization and continuity of the protocol whenever new updates are implemented. Though this feature carries substantial changes and might require a longer development period, its completion is anticipated in time for the next monthly update.
Reflecting on the developments and the team’s productivity, the current rapid pace of feature implementation will eventually pivot towards an in-depth review, testing, and bug fixing phase – the “hardening phase.” This phase will ensure the robustness and reliability of the code base before its ultimate launch. And while we eagerly await the fruition of these exciting developments, the promise of a more efficient and secure IOTA network is on the horizon.
