IOTA 2.0 ‘Nectar’ goes live, here’s how the network will improve
New entries on ‘Tangle’ no longer require additional approval by a central authority. In previous versions of the IOTA protocol, this used to be the job of the Coordinator.
IOTA Foundation, a non-profit building the underlying infrastructure for IOTA, announced the release of the 2.0 Development Network (DevNet) “Nectar” this week, as per a release shared with CryptoSlate.
Nectar is a research prototype for the first fully decentralized, feeless, permissionless, and secure ‘Tangle’ protocol.
Core modules implemented. Final checks complete. Network ready for launch.
3.. 2.. 1.. Liftoff ?
The IOTA 2.0 DevNet (Nectar) is live!
— IOTA (@iota) June 2, 2021
“IOTA 2.0 DevNet ‘Nectar’ marks a major milestone on IOTA’s trajectory towards full decentralization,” said Dominik Schiener, co-Founder and chairman of the Foundation.
He added, “I cannot understate the importance of this release: Nectar is the living proof that you can have feeless, scalable, secure, resource-efficient and fully decentralized DLT.”
IOTA continues to build
The developmental milestone is the result of the Foundation’s years of research on efficient, sustainable, and secure crypto solutions that scale and require no transaction fees.
IOTA 2.0 DevNet’s introduction of full decentralization greatly expands the capabilities of the protocol, making it ready for a multitude of use cases in the new digital economy. In combination with the projects’ continued commitment to feeless transactions, the DevNet represents an unprecedented development in the DLT space.
New messages that enter the Tangle, IOTA’s internal data structure, will not be safeguarded by an additional, central authority—which used to be the so-called “Coordinator.”
Instead, the Foundation has developed an elaborate yet elegant system of node cooperation and non-monetary rewards that incentivizes individual nodes to evaluate transactions truthfully.
This, as opposed to Proof-of-Stake or Proof-of-Work solutions that require considerable monetary and computational resources, the DevNet relies on network consensus validation and rewards honest nodes with “Mana,” an alternate token that nodes can temporarily acquire through good and honest behavior.
Features of Nectar
Highlights from the Nectar upgrade include:
- Unprecedented feeless decentralization: Nectar is the first iteration of the IOTA protocol without the Coordinator, proving that a feeless, secure and fully decentralized cryptocurrency is indeed possible.
- Advanced security: An elaborate and safe leaderless consensus protocol ensures that only valid entries are kept on the ledger.
- Fast execution: Transactions reach finality quickly thanks to the removal of additional, centralized approval requirements.
- Permissionless, feeless transactions: Nectar continues the IOTA tradition of permissionless and feeless DLT primed for the new digital economy and efficient Machine-to-Machine communication.
- Digital Assets: Tokenized assets can now be created for the first time. This includes NFT’s, Utility Tokens, and Tokenized Assets.
The launch of the Nectar will take place June 2, 2021, the first in a series of seamless updates to the protocol. This ongoing commitment to seamless optimization is a crucial part of IOTA’s continual enterprise readiness.
Next, the DevNet will undergo rigorous incentivized testing by the entire community to confirm the consensus algorithm’s effectiveness in real-world settings.
Once verified, the full decentralization solution is scheduled to migrate to a release candidate for the Mainnet later this year where it will support a wider variety of use cases and attract even more businesses to the IOTA ecosystem.