IOTA has released a blog post that delves into the details of the three scientific papers that form the foundation of IOTA 2.0. Despite this announcement, the price of the digital asset has remained stagnant with no significant movement. The launch of IOTA 2.0 is scheduled for the fourth quarter of this year, following the Stardust hard fork on October 4th, which will pave the way for the upgrade. The blog post provides a comprehensive explanation of the Ledger, Networking, and Consensus Papers, which are key components of IOTA 2.0.
According to the IOTA team, the entire architecture of IOTA 2.0 has been developed from scratch by researchers and developers. This highlights the progress made in their research and sets the stage for the upcoming network upgrade. The foundation of IOTA 2.0 is based on three main scientific papers: The Network Paper, the Ledger Paper, and the Consensus Paper.
The Network Paper focuses on how the network maintains decentralization and introduces the IOTA Congestion Control Algorithm (ICCA). This algorithm ensures that transactions are verified for authenticity before they reach the consensus stage, eliminating any malicious inputs.
This initial evaluation is crucial for maintaining the integrity of a decentralized system like IOTA 2.0, ensuring that only valid transactions proceed to the next phase. Once vetted by the ICCA, these transactions are directed to the main consensus process, as explained in the Consensus Paper. With pre-filtered transactions, the consensus stage can focus on validation and verification without being burdened by questionable inputs.
The blog post also highlights various aspects of the IOTA 2.0 Research Papers, including efficient congestion control, resource-aware mechanisms, peak decentralization, a Lightweight Scheduler that protects the P2P network, local traffic as a reflection of global congestion, permissionless access, and built-in spam resistance. The protocol of IOTA is designed to selectively drop blocks in case of congestion caused by spamming or high traffic. When the inbox buffer is full, the protocol drops the block with the highest work divided by the user’s Mana. This ensures that blocks created by malicious users are dropped without affecting the throughput of legitimate users.
The Ledger Paper is described as the cornerstone of the entire network, introducing significant changes. Its facets include a Reality-Based Ledger, Fast and Parallelizable Ledger Progression, Optimistic Execution of Transactions, and Optimistic Processing as a Mitigation Strategy. These features set IOTA 2.0 apart from other platforms.
The Consensus Paper, known as the leaderless Nakamoto Consensus on IOTA 2.0, includes facets such as the Heaviest DAG, Leaderless Consensus Mechanism, Streamlining Conflict Resolution in IOTA, No Need for Total Ordering, and Enhanced Network Responsiveness.
In an update, IOTA 2.0 introduces a new architecture consisting of three layers: the Application layer, the Communication Layer, and the Network Layer. This architecture aims to support upcoming features such as Tokenization, Scalable Smart Contracts, Feeless dApps, and Sharding.
Currently, IOTA is trading at $0.1544 and has experienced a 2 percent increase in the past seven days. Over the last 24 hours, the asset has gained nearly 3 percent in value.
IOTA 2.0: Embracing the Decentralized Revolution with Innovation