IOTA, the cryptocurrency that gained popularity during the 2017 bull run, is now making a comeback with a series of upgrades and a new ecosystem fund. The aim is to increase the value of the MIOTA token and enhance the security of the network.
To lay the foundations for its revival, IOTA is introducing IOTA 2.0, which will enhance the utility of the MIOTA tokens. The planned upgrades include the integration of smart contracts, which will allow more applications to be built on the IOTA platform and increase the demand for Mana, IOTA’s node reputation system. Additionally, IOTA is recognizing the importance of decentralized finance by incorporating Layer 2 Blockchains and DeFi applications. Furthermore, a new ecosystem fund, powered by the release of new MIOTA tokens, will foster growth and innovation within the IOTA ecosystem.
To support these improvements, IOTA will undergo a hard fork called “Stardust” on October 4th, which will make previous versions obsolete and pave the way for the full launch of IOTA 2.0 in the final quarter of the year.
In order to nurture innovation, IOTA will establish an ecosystem fund, which will provide funding for projects and innovations on the platform. This move is in response to the trend of other blockchains introducing their own incentive funds. Dominik Schiener, co-founder of IOTA, emphasized the importance of these steps and the need for adequate funding to maintain IOTA’s position in the competitive crypto market.
After the hard fork, a bi-weekly token release is expected over a period of four years, resulting in an average yearly inflation rate of approximately 12%. By the end of this period, the circulating supply of MIOTA tokens is projected to be around 4.6 billion.
Overall, IOTA is taking bold steps to reclaim its position in the cryptocurrency market and ensure its continued success.