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- IOTA makes a major move towards the mainnet launch of its Rebased Protocol with the integration of Layer 1 Move smart contracts to enhance programmability.
- Recently, IOTA announced the creation of a new Builder Server on Discord to improve collaboration between users while reducing disruptions.
Preparation for the much anticipated mainnet transition of the Rebased Protocol is still on as IOTA announces the introduction of layer 1 Move smart contracts to the ecosystem. According to an official blog post, this integration would be a significant step towards the unlocking of programmability in Layer 1 to complement the IOTA Ethereum Virtual Machine (EVM) in Layer 2.
The Journey So Far
In a recent update, we covered the comprehensive voting exercise of the protocol by the IOTA community. According to our coverage, the proposal received 98% “Yes” from the community, 1.48% “No”, and 0.15% “Abstain”.
After the official approval, IOTA disclosed that a smooth transition to the mainnet would require a minimum of two months of the testnet phase. Also, there should be a readiness review of all validators on the testnet. After this, the protocol must go through a security audit during the testnet phase, and ensure its integration on major exchanges.
With no specific launch date announced, the team has disclosed that the official transition would be based on the fulfillment of these conditions. Currently, many independent validators, including Nodes.Guru, Cosmostation, InfStones, and Stakin have come on board. According to the team, this is a sign of an increasing interest in the IOTA Rebased Protocol.
A great sign of the increased interest in IOTA’s new protocol is that many independent validators are already onboarding the testnet to participate in hardening our tech stack and operational procedures so that the Rebased mainnet can start with a decentralized set of entities, ensuring its resilience.
As part of the preparation, IOTA has created a new Builder Server on Discord to enable users to collaborate on innovations for the ecosystem. Fascinatingly, the server is also meant to provide a focused environment to ensure that destructions are minimized, as outlined in our recent blog post.
The Need for the Rebased Protocol
According to the IOTA communication team, the Rebased Protocol is meant to provide a ready-to-use network for stakeholders. Fascinatingly, this was reported to challenge some of the core principles of the network. Even so, the overall objective is important as the upgrade is expected to result in a Consensus switch to the Mysticeti protocol.
Adding to this, the IOTA Rebased Protocol is meant to significantly reduce transaction fees with an adaptive fee burn mechanism while setting the initial target inflation at 6% per annum. On top of this, there would be a full decentralization of the L1 DAG through a delegated proof of stake mechanism. As we discussed earlier, the exercise would lead to a full migration of the IOTA Ledger to a new technology stack.
