IOTA 2.0 ‘Nectar’ went live today, giving users access to an array of new features and making interesting developments in the IOTA Foundation’s work. Here’s what you need to know about IOTA 2.0.
IOTA 2.0 ‘Nectar’ goes live, here’s what it means for you |The IOTA Foundation, the non-profit organization that builds the underlying infrastructure for IOTA, announced this week the release of the Nectar Development Network 2.0 (DevNet), according to a statement on . Nectar is an exploratory prototype of the first fully decentralized, emotionless, permissionless and secure entanglement protocol. The basic modules have been implemented. The final inspection is complete. The network is ready for use. 3.. 2.. 1.. Berg Launch of DevNet IOTA 2.0 (Nectar)! Discover today the future of a fully decentralized, scalable, emotionless #IOTA network https://t.co/UzUseVuI02 pic.twitter.com/jsSr7CF1jP – IOTA (@iota) 2. June 2021 IOTA 2.0 DevNet ‘Nectar’ marks an important milestone in IOTA’s journey toward full decentralization, said Dominic Shiner, co-founder and president of the Foundation. He added: I cannot stress enough the importance of this issue: Nectar is living proof that it is possible to have a DLT that is emotionless, scalable, secure, resource efficient and fully decentralized.
IOTA builds on
This stage of development is the result of years of research by the Foundation to find efficient, sustainable and secure cryptocurrency solutions that are scalable and have no transaction costs. The introduction of full decentralization in IOTA 2.0 DevNet greatly expands the capabilities of the protocol and makes it ready for many use scenarios in the new digital economy. Combined with the projects’ continued commitment to insensitive transactions, DevNet represents an unprecedented development in the DLT space. New messages coming into Tangle, the internal IOTA data structure, are no longer protected by an additional central entity, which used to be the coordinator. Instead, the fund has developed a complicated but elegant system of node collaboration and non-cash rewards that encourages individual nodes to evaluate transactions truthfully. Unlike proof-of-stake or proof-of-work solutions that require significant monetary and computational resources, DevNet relies on consensus validation in the network and rewards honest nodes with Mana, an alternative token that nodes can temporarily acquire for good and honest behavior.
Characteristics of Nectar
The highlights of the Nectar update are as follows:
- Unprecedented decentralization of the senses: Nectar is the first iteration of the coordinatorless IOTA protocol, proving that an emotionless, secure and fully decentralized crypto-currency is indeed possible.
- Improved security : A sophisticated and secure leaderless consensus protocol ensures that only valid data is stored in the ledger.
- Fast turnaround time: The elimination of additional and central approval requirements means that transactions are completed quickly.
- Unresolved, unresponsive transactions: Nectar continues the IOTA tradition of creating a permissionless and emotionless DLT system designed for the new digital economy and efficient machine-to-machine communication.
- Digital assets: Now, for the first time, it is possible to create symbolic assets. These include NFTs, utility tokens and localised assets.
The nectar comes on June 2, 2021 and is the first of a series of continuing updates to the protocol. This ongoing commitment to seamless optimization is an important part of IOTA’s ongoing preparation for business. DevNet is then subjected to rigorous testing by the community as a whole to validate the effectiveness of the consensus algorithm in a real-world environment. Following this evaluation, the full decentralization solution is expected to be moved to a mainline candidate later this year, where it will support a wider range of use cases and attract even more companies to the IOTA ecosystem.
Gaining an advantage in the crypto asset market
As a paying member of Edge, you have access to a deeper understanding of cryptocurrencies and context in each article. Chain Analysis Price snapshots More context Join now for $19/month View all benefits Published in: IOTA, Technology