The IOTA Foundation has just reached a critical milestone and released a development network called “Nectar”. According to the foundation, this is the actual “IOTA network, as it was envisaged when the project was founded in 2015”. This means: decentralized, scalable and free of charge. Will IOTA 2.0 (MIOTA) possibly become a high-flyer?
“A decisive step“
An often expressed criticism of the cryptocurrency IOTA (MIOTA) developed for the” Internet Of Things ” has always been that it is centralized. In fact, the IOTA network uses a central “coordinator” to protect the network from attacks. With the launch of the “Nectar” DevNet, one now feels one step closer to decentralization.
“Nectar” is a prototype for the first fully decentralized, royalty-free, permission-free and secure “Tangle” protocol. According to co-founder Dominik Schiener, Nectar is “a crucial step in making IOTA (MIOTA) a standard for value transfers.“
Watch me airdrop some of my favorite 💩coins live tonight.
Seriously though, let’s talk about the IOTA 2.0 DevNet and why it’s such a crucial step to make #IOTA a standard for value transfers. Big brain stuff, with some fun token stuff.https://t.co/hpkq1tYwBK https://t.co/013qVJwMGb
— Dominik Schiener (@DomSchiener) June 3, 2021
The Foundation in a blog post:
“We are proud to announce today the launch of the IOTA 2.0 Development Network (DevNet): the first fully decentralized, scalable and toll-free IOTA network as envisioned when the project was launched in 2015.”
Its core features, as stated by the Foundation:
- No Fees
- No Blocks
- No Chain
- No Miner
- No wasted energy
- No Censorship
- No Centralization
The IOTA 2.0 DevNet is ” the next evolution on our way to a global standard,” according to the foundation. With the IOTA 2.0 we now want to offer partners and the community the opportunity to innovate with a “completely new playground and a variety of tools, functions, use cases and possibilities”. The IOTA 2.0 DevNet should not only introduce complete decentralization, but also enable experiments with the “Digital Assets Framework”.
IOTA 2.0-new features
According to the Foundation, the IOTA 2.0 DevNet introduces a variety of new features and functionalities, including:
- Permission-free, and decentralized coordination with FPC (Fast Probabilistic Consensus)
- Fast finality through mana-based consent weighting
- Energy saving Sybil protection system with Mana
- Efficient algorithms using parallel reality ledger status
- A car peering System, the secure network connections guaranteed
- A new”Digital Assets” framework for creating tokenized assets and NFTs (free of charge)
- Anchoring of IOTA Smart Contract chains
The IOTA price has not moved significantly so far due to the positive news: Although MIOTA was able to gain almost 13% within the last seven days, the token has fallen around 9% in the last 24 hours. However, with the DevNet release, the cryptocurrency could be well positioned for another rally – provided Bitcoin also recovers soon.
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