The IOTA Rebased protocol has undergone a significant transformation, introducing an object-oriented ledger design and the Move Virtual Machine (Move VM) to improve programmability, security, and decentralization. This updated protocol will implement a staking-based Delegated Proof-of-Stake (DPoS) model, which will reward both validators and delegators with newly created IOTA tokens. The launch of IOTA Rebased marks a major reform of the IOTA protocol, leveraging advanced blockchain technology for enhanced flexibility, security, and decentralization. The IOTA Foundation has been actively working on significant improvements to its ecosystem. After a community vote in December 2024 endorsing the transition, the project is now preparing to unveil its mainnet, as part of the IOTA Rebased Mainnet plans. The IOTA Rebased update marks a shift from the previous IOTA 2.0 plans, opting for an advanced distributed ledger technology (DLT) platform. This transition hinges on the deployment of the Move Virtual Machine (Move VM) and the shift from a UTXO-based ledger format to one based on objects. This enhancement in design encourages programmability, allowing developers to build complex smart contracts and decentralized applications (dApps) on the platform, as noted in our previous conversation. The Move VM brings significant upgrades, including resource-oriented programming, enabling secure and efficient management of digital assets. Additional improvements include strong data abstraction that makes managing complex resources easier, as well as static verification that helps identify code vulnerabilities before the code runs. The Move VM also promotes formal verification, which supports rigorous security checks in the logic of smart contracts. The economic model of IOTA Rebased features a staking-based system designed to enhance network security, as previously mentioned. Both validators and delegators will receive staking rewards in the shape of freshly minted IOTA tokens, with approximately 767,000 new IOTAs created each epoch.
IOTA Rebased is gearing up for its mainnet launch by implementing a series of extensive technological enhancements.
