IOTA 2.0 Mainnet Launch Planned in 2024 in Three Levels

IOTA uses a proprietary technology known as Tangle. It is a system of nodes that confirms transactions. 

The foundation behind this platform states that it offers far greater speeds than conventional blockchains. It is useful for the ever-growing or rising IoT (internet of things) ecosystem.

This is a decentralized and open-source digital infrastructure. Tangle is an open, feeless, and highly scalable distributed ledger protocol. It is designed to facilitate frictionless data and value transfers. 

IOTA is designed to be the most reliable distributed ledger technology (DLT) for Web3 applications and digital economies. IOTA is useful for businesses that want solutions with its open-source tech stack. The products and solutions of IOTA are aimed at solving specific industry problems and it offers a broad range of functionalities to users.

Its series of frameworks makes it easy to tailor user specific solutions across different verticals. It also opens up the space for new and emerging verticals that could benefit from Web3’s qualities like decentralization, trustless verifiability, self-governance, new funding opportunities, native built-in payments, native token interoperability, and more.

IOTA can help users overcome business roadblocks.

Founders and History of IOTA

IOTA was originally known as Jinn, and a crowdsale event was held in September 2014. The network was officially launched in 2016.

Sergey Ivancheglo, Serguei Popov, David Sonstebo, and Dominil Schiener are the co-founders of the IOTA network. According to the IOTA Foundation, the project has seen remarkable growth in a very short span of time. Its team members are spread across more than 25 countries.

David Sonstebo and Dominil Schiener are both co-chairmen of the board of directors. Serguei Popov is a broad member and is also the director of research.

Sergey Ivancheglo resigned from the Berlin-based project in June 2019. However, he continues as an unofficial advisor.

Characteristics of IOTA 

Security

In a connected economy, it is critical to secure each device. Successful businesses aim to win the trust of their audiences by protecting their users’ data. IOTA is able to secure the data with Tangle’s state of the art cryptography. All transactions in IOTA are conducted using safe cryptographic encryptions.

Network Stability

Businesses require networks that are able to handle the increasing number of participants and transactions. Bottlenecks are not considered good for businesses, and their network stability needs to be maintained continuously across different platforms without failure.

Control

Businesses and individuals are required to have control over their online identities. They themselves decide who will get access to their data, when a user will get access, and for what purposes. 

IOTA provides a framework through IOTA Streams and IOTA identities to grant access to immutable data to specific parties. It allows users to verify data authenticity without involving central intermediaries.

Monetization

To monetize the data of businesses, they need to be able to transact value and data at little or no cost. It avoids high or low volatile transaction fees that disable business models in the DLT space. 

IOTA will never cost more to carry out a transaction than the actual value of the transaction, as it is free of transaction fees.

Working of IOTA

IOTA operates on a distributed ledger technology (DLT) known as Tangle, a directed acyclic graph (DAG). Traditional blockchains used to add transactions to blocks. However, Tangle supports adding transactions simultaneously. 

It means that the network’s size and speed are directly related to the number of users active on the platform. Once a new transaction is made, it validates two previous transactions from another node.

This unique approach completely eliminates the need for miners, which makes the transactions feeless. To ensure the smooth functioning of the network, a simple proof-of-work puzzle is included in the process of validating a transaction.

Uniqueness of IOTA

IOTA should not be confused as an alternative coin to existing cryptocurrencies. Rather, it is an extension of the expanding blockchain ecosystem. 

It is designed to work in synergy with other platforms to create cohesion and symbiotic relationships. It was created to provide a unique solution that no other crypto platform provides. The solution should be efficient, secure, lightweight, and allow real-time micro-transactions without fees.

While some cryptocurrency platforms run as business units, the IOTA Foundation says it is a not-for-profit foundation. Its sole goal in working is to make the network as prosperous as possible.

IOTA has differentiated itself from many other crypto players by establishing high-profile partnerships with the automobile manufacturer Volkswagen and by helping Taipei (a city) pursue smart projects.

IOTA 2.0: Planned to Launch in 2024

The IOTA 2.0 network upgrade is all set to launch in 2024. It is an innovative improvement for the IOTA network. In Q1 of 2024, it will first be launched as a testnet. In Q2, 2024, it will move onto Shimmer. Towards the end of 2024, it will finally launch the IOTA 2.0 mainnet.

IOTA 2.0 mainnet improvements include uninterrupted transaction processing during disruptions, democratic and sweet consensus, and advanced protection against minimum extractable value (MEV) manipulation.

IOTA 2.0 aims to encourage active and long engagements beyond technicians. It will offer rewards through staking or delegating tokens. The true usefulness and applicability of IOTA 2.0 will be known after its successful launch.

The IOTA Foundation has announced all the aspects of IOTA 2.0 to make users aware of the changes through blog posts, articles, videos, presentations, and other mediums in the last few months. It was finalized in the month of October.

FAQs

Where can a user buy IOTA?

IOTA tokens are traded on centralized crypto exchanges. The most popular exchange to trade IOTA is Binance. The other popular crypto exchanges include OKX and BingX.

Which is the most active trading pair?

The most active trading pair is IOTA/USDT.

What is the circulating and maximum supply of IOTA?

The circulating supply is 3,057,265,852 tokens, and the maximum and total supply are 4,600,000,000 tokens.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.