IOTA 2.0 has made its debut this week, bringing forth a major update to the ecosystem and reigniting the innovation that made IOTA a popular cryptocurrency nearly ten years ago.
This latest upgrade enhances the network’s ability to impact tokenization, global trade, digital identity, and much more, positioning IOTA to compete with leading networks like Ethereum and Solana.
It has been an eventful week for IOTA. As reported by Crypto News Flash, the network launched the public testnet for IOTA 2.0 on Wednesday, marking a significant milestone in its development.
IOTA 2.0 introduces a new era of decentralization, security, transaction speed, and on-chain democracy, among other technical features. It also offers improved rewards for staking and delegating tokens, paving the way for long-term success.
As a member of the IOTA ecosystem recently highlighted, IOTA 2.0 will bring the network back to its former glory of eight years ago. After its launch in 2015, IOTA quickly became a major success in the crypto world, thanks to its unique Tangle DAG, which sets it apart from other blockchains. By 2017, IOTA had become one of the top five largest cryptocurrencies, trailing only Ethereum, Bitcoin, and XRP.
However, after the bull market of 2017, IOTA started losing its position on the charts. Newer and more attractive crypto projects emerged, eroding its market cap and target market. It gradually slipped out of the top ten, then the top 20, and eventually failed to crack the top 50.
Today, with a market cap of $695 million, IOTA ranks 108th on the charts, trailing much newer projects like ORDI, which launched this year.
As mentioned in the post, IOTA 2.0 has the potential to change this and restore IOTA to its former glory. It claims to overcome the blockchain trilemma (the challenge of achieving scalability, security, and decentralization simultaneously) by utilizing the battle-tested Tangle (IOTA’s Directed Acyclic Graph) in combination with On-Tangle Voting OTV, a leaderless consensus algorithm. This achievement, known as Coordicide, is a significant milestone for IOTA.
The launch of the public testnet for IOTA 2.0 is a crucial step for the network. It allows developers and enthusiasts to engage with the new upgrade, and enables the developer team to address any bugs or make improvements based on community feedback. Furthermore, innovators can now build applications on the new network and take advantage of the IOTA Grants Program, which has already awarded over $900 to eight recipients.
The testnet phase is vital for exploring new concepts of decentralization and efficiency, with the community’s input playing a crucial role in refining and advancing the network, according to the IOTA Foundation.
In the meantime, IOTA is currently trading at $0.2141, experiencing a 2.55% loss in the past day.
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