- IOTA Rebased has introduced a Secure and efficient consensus, Local fee market, and Feeless-sponsored TXs as developers make further progress on the Rebased network.
- The upgrade will also introduce parallelized EVM, MoveVM, full decentralization, and predictable gas fees for a more efficient and transparent network.
In a recent statement on X, IOTA reported several key developments implemented in the Rebased network. This upgrade introduces significant enhancements designed to improve scalability, efficiency, and decentralization, positioning IOTA as one of the fastest and most cost-effective decentralized networks in the market.
The IOTA Rebased test network builds upon established blockchain technology while integrating new features to optimize transaction costs and improve overall efficiency. One of its standout innovations is the local fee market, which adjusts transaction costs based on network demand. This ensures users benefit from fair and competitive pricing.
Additionally, feeless-sponsored transactions allow third parties to cover transaction fees, creating a smoother user experience. This feature is particularly useful for applications requiring mass adoption, as it lowers entry barriers for users unfamiliar with blockchain technology.
Predictable Gas Fees and Fair Validator Selection
One of the persistent challenges in blockchain networks has been unpredictable gas fees, often leading to high costs during peak demand. IOTA Rebased addresses this with predictable gas fees, ensuring stability and transparency in transaction costs.
Moreover, fair validator selection plays a crucial role in enhancing decentralization. By ensuring an equitable distribution of validators, the network reduces the risks of centralization, making it more secure and resilient against potential threats.
The upgrade introduces parallelized Ethereum Virtual Machine (EVM) and Move Virtual Machine (MoveVM) support. This enables developers to build and deploy smart contracts with greater flexibility while benefiting from IOTA’s unique architecture.
Speed is another area where IOTA Rebased shines. The network is set to achieve transaction speeds of up to 50,000 transactions per second (TPS), significantly outperforming Solana (SOL), which handles fewer than 5,000 TPS. This will make IOTA one of the fastest blockchain networks in existence, reinforcing its competitive edge.
As we recently reported, IOTA developers confirmed that additional validators, including Stakefish (with over $3 billion in staked assets), Realize, Allnodes, InfraSingularity, and Keyring, have joined the testnet. While the exact date for the mainnet launch has not been confirmed, developers have hinted at a Q1 2025 release, making February or March the likely time frame.
Excitingly for IOTA holders, the upgrade will introduce staking rewards ranging between 10% and 15% annually. This update will also bring a consensus switch to the Mysticeti protocol, further strengthening the network’s security and performance.
These validators play a crucial role in ensuring network reliability, security, and decentralization, particularly as Rebased transitions to the mainnet. IOTA emphasized that their participation not only reinforces the network’s technical foundation but also reflects their confidence in IOTA Rebased as a revolutionary upgrade. Currently, IOTA is trading at $0.4239, reflecting a 29.15% decline over the past week and a slight 0.6% decrease in the last 24 hours.
