Iota 2.0 “Nectar” DevNet program goes live for full decentralization

The Iota 2.0 roadmap has reached another milestone with the introduction of Nectar DevNet by the Iota Foundation.

In a later blog posted on Wednesday, Developer Iota gave the news about the launch of Nectar DevNet. known, which forms an essential part of the preparatory work for the release of Iota 2.0 planned for the end of 2021.

Nectar DevNet follows in the footsteps of the Chrysalis update and is an extension of the Pollen Testnetnet released in June 2020. Iota 2.0 DevNet enables the transition to a commission-free, license-free and fully decentralized Tangle network.

Iota 2.0 “Nectar” DevNet program goes live for full decentralization
Iota 2.0 “Nectar” DevNet program goes live for full decentralization

According to the announcement, the lack of a central coordinator is one of the main elements of Nectar DevNet In fact, in Iota 2.0, the inherited coordinator system is being replaced by a decentralized coordinator.

In February 2020, Hackers attacked Trinity, the native Iota wallet, stole around $ 2 million and caused network downtime that lasted nearly a month to prevent further damage from the attack.

Since the Trinity wallet hack, Iota has made progress on its planned transition to full decentralization and the creation of an incentive for CoordicideAccording to the statement, the Iota Foundation announced that Nectar will rely on consensus validation of the network, with honest nodes earning “mana” as a reward.

Commenting on how mana creates an incentive for adoption, William Sanders, Research Director of the Iota Foundation, told Cointelegraph:

The incentive to participate arises from the demand to use the network. Users who use our DApps, spend our tokens or want to protect data in Tangle have a natural incentive to acquire mana, in order to use Tangle is not a token as it cannot be traded and its value will always depend on the demand for it Access to the network depend “.

In addition to free transactions and full decentralization, the tokenization function is another important feature of Nectar Iota 2.0 DevNet. The research prototype offers the first opportunities to use digital assets such as “coins” from utility companies and non-fungible tokens on the Iota network.

Nectar also has a modular architecture that allows developers to implement specific updates and bug fixes for isolated modules.

Comment on the launch of Nectar DevNet, the co-founder of the Iota Foundation, Dominik Schiener, called the research prototype of Iota 2.0 a “game changer”. According to Schiener, Iota developers look forward to receiving helpful feedback on Nectar’s capabilities in preparation for the big Coordicide update.

In March, Iota has released the alpha version of its smart contract protocol to enable trusted cross-chain transfersIn fact, cross-chain interoperability is becoming a major focus in the blockchain ecosystem.

Schiener commented on Iota’s plans in this emerging cross-chain landscape to Cointelegraph: “We are very excited about this cross-chain future and are confident that native security and free transfers of tokenized assets in Iota in combination with our intelligent protocol contract will offer powerful building blocks for DApp developers..

Similar Posts