Following IOTA’s ShimmerEVM update last week, the developers have are introducing IOTA 2.0.
After a period of research and prototyping, the IOTA Foundation “presents IOTA 2.0, a protocol that encapsulates its vision of digital autonomy for everyone.”
The entire architecture of IOTA has reportedly “been meticulously rebuilt from scratch, emerging as a resolute and robust system.” The public introduction of the new protocol also marks “the beginning of the long-awaited removal of the coordinator welcoming the dawn of true decentralization.”
IOTA 2.0 will reportedly aim to “be public, decentralized, parallelized, democratic, and sustainable, setting it apart from other DLTs.”
The IOTA Foundation unlocks the full power of their Tangle, a Directed Acyclic Graph (DAG) architecture instead of a linear blockchain, which will enable many new value propositions including:
- Innovative accounts system
- Zero fees for token holders
- Collaborative, asynchronous Nakamoto-based consensus
- Reality-based conflict resolution
IOTA will be releasing resources regularly, with this latest update being the first installment of the series explaining the IOTA 2.0 protocol before it is introduced as a network. Stay tuned!
As covered earlier this year, the IOTA Foundation and Shimmer teams have been working diligently on various aspects of their respective projects to enhance functionality, research new possibilities, and engage with the community.
These advancements and collaborations demonstrate “the commitment of the IOTA ecosystem to drive innovation, foster community engagement, and contribute to the growth of distributed ledger technology.”
As reported in July 2023, the main highlight for Shimmer was “the successful launch of the ShimmerEVM Testnet, accompanied by the Treasures of Shimmer Testnet campaign.” Additionally, crucial propositions for governance “were voted on, paving the way for the network.”
Since the launch of the ShimmerEVM Testnet on March 29th, there “have been no major issues or necessary resets.” Since then, it has reportedly “processed over 3 million blocks and 15 million transactions, with a peak of 1.8 million transactions in a single day, all with an average block time of around 800 milliseconds.”
The Treasures of Shimmer campaign by TEA “contributed significantly to the testnet activity. It attracted a high level of participation, resulting in 10 million transactions.” This surge was fueled by 16 projects “competing for a share of the 1.8 million $SMR token bounty, which has been paid out.”
Efforts had been focused on “integrating feedback from the campaign into finalizing improvements for launching ShimmerEVM on Shimmer.”