• The IOTA team has successfully led the groundwork for a new token economy, which will be feeless with almost no barrier to accessibility and keeping congestion under control.
• The IOTA team has also ensured the implementation of staking and delegation with Mana rewards.

The team at the IOTA Foundation continues to push forward the progress for the launch of the IOTA core network in a push to bring greater decentralization to the network. Last week, IOTA lead developer Hans Moog noted that they have merged the GoShimmer and Hornet teams to accelerate work on the IOTA core.

Last week has been major about the IOTA core accounts and how the developer team has been trying to implement Mana. IOTA.go has undergone modifications to support accounts at the UXTO (Unspent Transaction Output) level. The team has also integrated commitments related to accounts/mana into IOTA Core. Ongoing development is focused on implementing UXTO changes outlined in an updated TIP (Technical Improvement Proposal).

ID.iota noted that the changes have been reviewed and are now merged with the codebase. The IOTA team seems to have successfully led the groundwork for a new token economy, which will be feeless for the token holders with almost no barrier to token accessibility while ensuring that the congestion is under control.

Staking and Delegation With Mana Rewards

Moving further, the team has also ensured the implementation of staking and delegation with Mana rewards. By staking their IOTA coins, users can acquire mana, which can be utilized for transactions. Mana serves as a congestion control mechanism and is required for accessing the network.

This requirement helps prevent malicious actors from congesting the network. The congestion control mechanism has already been defined and is currently being implemented, with progress being tracked in PR#130.

Earlier this year, the lead developer of IOTA, Dominik Schiener, proposed the idea of earning money through mana. This concept introduces new passive earning opportunities for investors. To understand the significance of mana within the IOTA ecosystem, it is important to recognize its various roles. Although mana is related to the IOTA token, it is distinct from it. Whenever a value transaction takes place in the IOTA ecosystem, a specific amount of mana is pledged to a particular node ID.

This pledged amount is directly linked to the quantity of IOTA tokens involved in the transaction. Consequently, the mana pledged to each node ID is stored as an extension of the ledger. To acquire mana, users must convince certain holders of IOTA tokens to pledge it to them. In this way, mana acts as a form of Delegated Proof of Token Ownership.

IOTA Core and Stardust

In a significant development, the IOTA core node has achieved the capability to process Stardust transactions within a fully decentralized setting. Stardust serves as an enhancement for the Shimmer and IOTA base layer, bringing about expanded functionalities. This upgrade transforms the base layer into a versatile platform that supports multiple assets, empowering individuals to create their own tokens or NFTs.

Additionally, it enables the establishment of a secure and dependable bridge between Layer 2 smart contract chains and the base layer. This bridge facilitates seamless interaction between various smart contract networks, ensuring smooth and reliable connectivity.