{"id":197706,"date":"2021-11-07T00:30:34","date_gmt":"2021-11-06T19:00:34","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=197706"},"modified":"2021-11-07T09:18:18","modified_gmt":"2021-11-07T03:48:18","slug":"iota-all-set-to-make-its-mark-with-these-major-updates","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/iota-all-set-to-make-its-mark-with-these-major-updates\/","title":{"rendered":"IOTA all set to make its mark with these major updates"},"content":{"rendered":"<p>IOTA, a distributed ledger and open-source cryptocurrency, currently has some major updates. The first update talks about the incorporation of <a href=\"https:\/\/medium.com\/@linus.naumann\/iotas-multi-asset-multiverse-is-coming-huge-implications-for-its-tokenomics-454bfb1f1de1\">multi-asset multiverse<\/a> while the latter is about <a href=\"https:\/\/twitter.com\/iota\/status\/1456654176969240589\">IOTA 2.0 DevNet<\/a>.<\/p>\n<h3><strong>Multi-asset multiverse<\/strong><\/h3>\n<p>IOTA developed a completely new \u201cleaderless consensus,\u201d which is based on parallel-reality-based ledger states and on-tangle voting (aka \u201cmultiverse consensus\u201d). It allows every node to have its own opinion about the order of transactions on the network.<\/p>\n<p>At every point in time, there are many versions of the IOTA ledger. One \u201creality\u201d for every node. These realities can conflict with each other.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">New article: &quot;<a href=\"https:\/\/twitter.com\/hashtag\/IOTA?src=hash&amp;ref_src=twsrc%5Etfw\">#IOTA<\/a> multi-asset multiverse is coming! Huge implications for its tokenomics&quot;<\/p>\n<p>Learn what tokenization and dust protection mean for future IOTA token demand!<\/p>\n<p>Reddit: <a href=\"https:\/\/t.co\/dbZm3an2wi\">https:\/\/t.co\/dbZm3an2wi<\/a><\/p>\n<p>Medium:<a href=\"https:\/\/t.co\/5vBjrMp6Ty\">https:\/\/t.co\/5vBjrMp6Ty<\/a><a href=\"https:\/\/twitter.com\/DomSchiener?ref_src=twsrc%5Etfw\">@DomSchiener<\/a> <a href=\"https:\/\/twitter.com\/der_muXxer?ref_src=twsrc%5Etfw\">@der_muXxer<\/a> <a href=\"https:\/\/twitter.com\/Vrom14286662?ref_src=twsrc%5Etfw\">@Vrom14286662<\/a><\/p>\n<p>&mdash; Linus.iota \ud83c\uddea\ud83c\uddfa\ud83c\udde9\ud83c\uddea (@LinusNaumann) <a href=\"https:\/\/twitter.com\/LinusNaumann\/status\/1456634861255643146?ref_src=twsrc%5Etfw\">November 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Linus Naumaan<a href=\"https:\/\/medium.com\/@linus.naumann\/iotas-multi-asset-multiverse-is-coming-huge-implications-for-its-tokenomics-454bfb1f1de1\"> highlighted<\/a> the same in a blog post. As mentioned above in the tweet, the IOTA Foundation plans two distinct updates:<\/p>\n<p>The Token<span id=\"rmm\">i<\/span>zation framework will introduce a multitude of new functionalities. These new functionalities include SimpleOutputs, ExtendedOutputs, Token foundaries, Aliases, and NFT Outputs. More details about individual aspects were <a href=\"https:\/\/medium.com\/@linus.naumann\/iotas-multi-asset-multiverse-is-coming-huge-implications-for-its-tokenomics-454bfb1f1de1\">mentioned<\/a> in the said report.<\/p>\n<p data-selectable-paragraph=\"\">The tokenization update also comes together with a second update called \u201cDust protection.&#8221; It will combine almost every use of the IOTA network to the IOTA token \u2014 while remaining feeless.<\/p>\n<p data-selectable-paragraph=\"\">However, this &#8220;feeless&#8221; approach leads to a unique problem. Especially when someone uses IOTA&#8217;s feeless protocol to simply take 1 MIOTA (1 million IOTAs, currently worth around $1.30) and send each IOTA to 1 million individual UTXOs on the Tangle.&#8217;<\/p>\n<p data-selectable-paragraph=\"\">&#8220;The result would be an exploding database that nodes would be unable to handle. Moreover, this damage would be permanent, since nobody could ever retrieve all these micro-amounts (called \u201cdust\u201d) from these UTXOs,&#8221; the blog<a href=\"https:\/\/medium.com\/@linus.naumann\/iotas-multi-asset-multiverse-is-coming-huge-implications-for-its-tokenomics-454bfb1f1de1\"> stated<\/a>.<\/p>\n<p data-selectable-paragraph=\"\">Here&#8217;s a way out, Linking database usage to ownership of IOTA tokens. Consider this, all unspent transaction output (UTXO) inhibits a certain data size.<\/p>\n<blockquote>\n<p data-selectable-paragraph=\"\">&#8220;Outputs will be only allowed to exist in the Tangle if they are backed up by an IOTA token deposit that lies on the same UTXO. The size of the deposit will be proportional to the space they take up in the shared database.&#8221;<\/p>\n<\/blockquote>\n<p data-selectable-paragraph=\"\">Meanwhile, these two updates will hike IOTA token&#8217;s demand as well. Well, here&#8217;s how. Tokenization update will vastly increase possible use-cases whereas &#8220;dust protection&#8221; update will join EVERY use-case to IOTA token demand.<\/p>\n<p data-selectable-paragraph=\"\">When asked about the timeline for the execution, Naumaan wrote,<\/p>\n<blockquote>\n<p data-selectable-paragraph=\"\">&#8220;Both the tokenization and dust protection updates are currently well advanced RFCs (request for comment documents). They will need further review before they will be implemented on the IOTA Chrysalis testnet for intense and thorough testing.&#8221;<\/p>\n<\/blockquote>\n<h3><strong>IOTA 2.0 DevNet<\/strong><\/h3>\n<p data-selectable-paragraph=\"\">This step is probably the most important milestone for the project since its inception. IOTA&#8217;s team tweeted about the successful completion of the IOTA 2.0 DevNet upgrade.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">The IOTA 2.0 DevNet upgrade with the first version of On Tangle Voting is complete.<\/p>\n<p>OTV is our groundbreaking new consensus model.<br \/>\u2705Near-instant confirmation times<br \/>\u2705Robust and scalable<br \/>\u2705Nakamoto consensus on a DAG<\/p>\n<p>Let\u2019s celebrate a very important milestone for <a href=\"https:\/\/twitter.com\/hashtag\/IOTA?src=hash&amp;ref_src=twsrc%5Etfw\">#IOTA<\/a>.<\/p>\n<p>&mdash; IOTA (@iota) <a href=\"https:\/\/twitter.com\/iota\/status\/1456654176969240589?ref_src=twsrc%5Etfw\">November 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p data-selectable-paragraph=\"\"><a href=\"https:\/\/twitter.com\/hus_qy\">Hans Moog<\/a>, one of the senior technical IOTA executives\u00a0<a href=\"https:\/\/twitter.com\/hus_qy\/status\/1456640350517407748\">reiterated the same excitement<\/a> concerning this important step.\u00a0Now, regardless of the aforementioned insights, its native token didn&#8217;t quite reciprocate the same bullishness. At press time, it was<a href=\"https:\/\/coinmarketcap.com\/currencies\/iota\/\"> trading<\/a> at the $1.31 mark, but has seen a 4% decline in the past 24 hours.<\/p>\n<p data-selectable-paragraph=\"\">Overall, it&#8217;ll be interesting to keep an eye on this emerging ecosystem and its native token&#8217;s price trajectory in the coming days.<\/p>\n<p data-selectable-paragraph=\"\">Nevertheless, the European Commission <a href=\"https:\/\/blog.iota.org\/ebsi-building-a-distributed-ledger-technology-for-europe\/\">selected the token last month<\/a> to feature in its blockchain infrastructure project despite its low position. This selection stands as a possible action that could pave the way for future growth for MIOTA.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>IOTA, a distributed ledger and open-source cryptocurrency, currently has some major updates. The first update talks about the incorporation of multi-asset multiverse while the latter is about IOTA 2.0 DevNet. Multi-asset multiverse IOTA developed a completely new \u201cleaderless consensus,\u201d which is based on parallel-reality-based ledger states and on-tangle voting (aka \u201cmultiverse consensus\u201d). It allows every<a href=\"https:\/\/ambcrypto.com\/iota-all-set-to-make-its-mark-with-these-major-updates\/\">Continue reading <span class=\"sr-only\">&#8220;IOTA all set to make its mark with these major updates&#8221;<\/span><\/a><\/p>\n","protected":false},"author":68,"featured_media":197732,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[],"class_list":["post-197706","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>IOTA all set to make its mark with these major updates - AMBCrypto<\/title>\n<meta name=\"description\" content=\"IOTA, a distributed ledger and open-source cryptocurrency, has announced two major updates - multi-asset multiverse &amp; IOTA 2.0 DevNet...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/iota-all-set-to-make-its-mark-with-these-major-updates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IOTA all set to make its mark with these major updates - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"IOTA, a distributed ledger and open-source cryptocurrency, currently has some major updates. The first update talks about the incorporation of multi-asset\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/iota-all-set-to-make-its-mark-with-these-major-updates\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2021-11-06T19:00:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-11-07T03:48:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2021\/11\/mihaly-koles-tK3RHLA0pVo-unsplash-e1636216521779.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"862\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shubham Pandey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/twitter.com\/crypto_shubham\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shubham Pandey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/iota-all-set-to-make-its-mark-with-these-major-updates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/iota-all-set-to-make-its-mark-with-these-major-updates\\\/\"},\"author\":{\"name\":\"Shubham Pandey\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/7710783316829dfc843195d4eafda9e4\"},\"headline\":\"IOTA all set to make its mark with these major updates\",\"datePublished\":\"2021-11-06T19:00:34+00:00\",\"dateModified\":\"2021-11-07T03:48:18+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/iota-all-set-to-make-its-mark-with-these-major-updates\\\/\"},\"wordCount\":563,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/iota-all-set-to-make-its-mark-with-these-major-updates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/ambcrypto.com\\\/wp-content\\\/uploads\\\/2021\\\/11\\\/mihaly-koles-tK3RHLA0pVo-unsplash-e1636216521779.jpg\",\"articleSection\":[\"Altcoin\",\"Ethereum\",\"News\",\"News 1\",\"Social\",\"Trading View\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/ambcrypto.com\\\/iota-all-set-to-make-its-mark-with-these-major-updates\\\/#respond\"]}],\"copyrightYear\":\"2021\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/iota-all-set-to-make-its-mark-with-these-major-updates\\\/\",\"url\":\"https:\\\/\\\/ambcrypto.com\\\/iota-all-set-to-make-its-mark-with-these-major-updates\\\/\",\"name\":\"IOTA all set to make its mark with these major updates - 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