The IOTA Foundation has proposed a significant upgrade to the IOTA L1 Mainnet, transitioning to the Rebased protocol. This proposed upgrade aims to introduce several key features, including move-based smart contracts, full decentralization, and high scalability.
[Governance] 🚨#IOTA Rebased vote is now open! 🚨 Vote until Dec 16th to shape the future of the network. Should we adopt the new L1 protocol with Move-based smart contracts, full decentralization, staking & enhanced tokenomics? Let your voice be heard! 🗳️ https://t.co/5tby6mWFfb pic.twitter.com/O1PmSVt4mz
— IOTA (@iota) December 2, 2024
Key Features of the Rebased Protocol:
- Move-based Smart Contracts: Enables developers to build complex decentralized applications on the IOTA network.
- Full Decentralization: Shifts the network towards a fully decentralized model with 150 permissionless validator slots.
- High Scalability and Low Latency: Utilizes the Mysticeti protocol to achieve impressive transaction speeds and near-instant finality.
- Low Transaction Fees: Implements an adaptive fee burn mechanism to keep transaction costs minimal.
- Sponsored Transactions: Abstracts transaction fees from users, improving the user experience.
- Staking Rewards: Enables token holders to earn IOTA tokens by staking their holdings.
Community Vote and Timeline:
IOTA token holders are invited to participate in a governance vote to decide on the future of the network. The voting process will take place over a two-week period:
- Voting Open Phase: Starts on December 2nd and lasts for seven days.
- Counting Phase: Begins on December 9th and concludes on December 16th.
If the proposal is approved, the IOTA network will undergo a significant transformation, potentially unlocking new opportunities and driving innovation in the blockchain space. However, if the proposal is rejected, the network will continue to operate as it currently does.
The outcome of this governance vote will have a profound impact on the future of the IOTA network. It’s crucial for token holders to actively participate in the decision-making process and consider the potential benefits and risks associated with the proposed upgrade.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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