In a strategic move, the IOTA Foundationunveiled IOTA Rebased, an ambitious upgrade proposal to revolutionize its blockchain network.

This latest initiative, which was revealed in a blog post earlier today, promises to catapult IOTA to the forefront of blockchain innovation. 

Programmability Meets Speed: IOTA’s Move to MoveVM

IOTA Rebased proposes a complete overhaul of the network’s Layer-1 protocol by switching to a Move-based object ledger. This move makes IOTA  the first Layer1 blockchain to adopt the Move Virtual Machine (MoveVM). 

This transition opens the doors to programmability at the core layer, enabling developers to easily create Decentralized Applications (DApps). With this upgrade, IOTA expects its network to handle tens of thousands of transactions per second, achieving sub-second confirmation times.

This transformative upgrade positions IOTA alongside prominent MoveVM-powered blockchains like Sui and Aptos. By integrating MoveVM, IOTA aims to support real-world applications such as supply chain tracking, digital identity solutions, and asset tokenization.

The Move programming language will also be added to the architecture, allowing smart contracts to run directly on the Layer 1 ledger.

IOTA Rebased Targets Full Decentralization

IOTA Rebased proposes a delegated proof-of-stake (PoS) model with 150 permissionless validators to achieve true decentralization. This shift means discontinuing the development of IOTA 2.0 and embracing an object-based ledger architecture on a Directed Acyclic Graph (DAG).

To ease the transition, the IOTA Foundation has launched a Move-based testnet, complete with experimentation tools. These tools include a browser wallet extension, an explorer, SDKs, and comprehensive documentation. 

These resources are designed to ensure that developers and community members are ready to harness the upgraded network’s power.

The Road Ahead: A Network Ready for Real-World Applications

Adopting IOTA Rebased could transform the network into a fully decentralized, high-performance protocol ready to tackle real-world challenges. Voting on this pivotal network update will begin on December 2. Surprisingly, early surveysshow that 95% of respondents favor the proposal.

IOTA Rebased could transform the network if approved, bringing decentralization, scalability, and real-world application potential. The upgraded IOTA mainnet is poised to support many applications with exceptional efficiency. 

The IOTA Foundation has consistently positioned itself as a leader in the Web3 space through its innovative and forward-thinking approach. In 2021, it introduced smart contract capabilities, giving it a competitive edge in the Decentralized Finance (DeFi) space and the Non-Fungible Token (NFT) ecosystem.