An IOTA research engineer shares an update on IOTA 2.0 and says everything is progressing faster than anticipated.
The team is currently working on congestion control, staking, unstaking, delegation, etc according to Jonas Theis.

IOTA (MIOTA) has always existed as a smart contracts platform that handles payments and transactions between physical devices connected to the internet. Its fast adoption has been linked to its no transaction fees, faster transactions, energy efficiency, and its adaptability to different use cases. However, there have been incidents of security breaches that saw hackers stealing more than $1.5 million MIOTA in February 2020. 

To offset these vulnerabilities and advance its strength, the team is redesigning its ledger technology and its protocol for consensus. According to reports, the upcoming IOTA 2.0 would be fully decentralized. 

Jonas Theis, a Research Engineer at IOTA has provided comprehensive updates on the project. In his post, Theis disclosed that the team is currently working on seamless protocol upgrades. This particular development is very essential to the journey of becoming fully decentralized and was largely inspired by other upgrade mechanisms like Bitcoin.

Also, there would be a TIP about the entire process concerning off-chain and on-chain steps. Regarding the implementation, he disclosed that the team is changing a lot of things to support multiple versions at once, and this includes the upgrade itself. 

They are also working on congestion control by ensuring that the Mana Reference Cost which is similar to the EIP-1559, and the DRR Scheduler is adapted to get into action once there is congestion based on stored Mana on the account. 

Other Updates IOTA 2.0 Updates

Other areas of development are MIOTA, unstaking, delegation, and claiming rewards. Theis mentioned that several implementations are going on including all changes around Mana, output types, as well as account ledgers concerning dPoS. He further explained that the implementation involves the person staking or delegating, as well as those who got selected. 

They are also working on Epoch management and support for future committee selection. 

This is related to 3: Rewards are paid per Epoch (probably going to be roughly a day) and need to be claimable for a certain period (and not forever to prevent bloat). Additionally, a committee needs to be easily exchangeable and set per Epoch which is also considered here. We have also changed the committee to seats instead of weight to simplify this further.

They are further working on Tips selection. This is to ensure that the correct block on block level and transactions are voted. 

We have been iterating very fast and I think after finishing the above-named things, most of the features for the first version are implemented.

He also admitted that there could be some parts missing, bugs found, and some missing rigorous testing as well as formal TIPs.  Per his observation, the IOTA 2.0 upgrade is progressing faster than anticipated. For now, they are trying to avoid introducing new solutions and features. This is to get to a working solution instead of a more elegant and slightly more performant solution.

IOTA (MIOTA) has in the last seven days surged by 1.4 percent to trade at $0.183708. Analysts have predicted that the asset will trade as high as $0.330522 by the end of the year. 

 

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Filed under: Bitcoin - @ July 2, 2023 5:42 pm