<![CDATA[<figure class="image"><img src="https://cimg.co/news/125100/330482/iota.jpeg" srcset="https://cimg.co/news/125100/330482/responsive-images/iota___media_library_original_900_599.jpeg 900w, https://cimg.co/news/125100/330482/responsive-images/iota___media_library_original_720_479.jpeg 720w, https://cimg.co/news/125100/330482/responsive-images/iota___media_library_original_600_399.jpeg 600w, https://cimg.co/news/125100/330482/responsive-images/iota___media_library_original_300_200.jpeg 300w" width="900" class="content-img" alt=""><figcaption>Source: Adobe/Fokussiert</figcaption></figure><p>The once-prominent crypto project <a href="https://cryptonews.com/tags/iota/">IOTA</a> is planning a resurgence with a series of initiatives aimed at boosting network development and token value.</p><p>After losing market share to newer blockchains following a hype-fueled rally in 2017, IOTA is set to release an upgraded network, known as IOTA 2.0, which will introduce <a href="https://cryptonews.com/guides/what-is-a-smart-contract.htm">smart contracts</a>, <a href="https://cryptonews.com/exclusives/ethereum-layer-2-activity-near-all-time-high-l2s-become-the-new-norm.htm">layer 2 blockchains</a>, and decentralized finance (DeFi) applications to the network, CoinDesk <a href="https://www.coindesk.com/tech/2023/09/15/iota-eyes-big-crypto-leagues-again-with-series-of-network-boosting-plans/">reported</a> on Friday.</p><p>One of the key improvements involves the introduction of a new ecosystem fund backed by the release of new <a href="https://cryptonews.com/coins/iota/">MIOTA</a> tokens.</p><p>Additionally, a hard fork named Stardust, scheduled for release on October 4, will lay the technical foundation for IOTA 2.0, expected to go live in Q4 of this year, the report said.</p><h2 id="general-purpose-virtual-machine">General-purpose virtual machine</h2><p>Smart contracts on the IOTA network will be implemented through a general-purpose virtual machine (VM), which will generate more demand for MIOTA, the project's native token.</p><p>The reputation system for nodes within the IOTA network, called Mana, will play a significant role in enhancing security and fostering demand for applications and layer 2 networks on the IOTA platform.</p><h2 id="new-ecosystem-fund">New ecosystem fund</h2><p>IOTA co-founder Dominik Schiener explained the need for these initiatives, emphasizing the importance of funding to compete and grow in the cryptocurrency market.</p><p>An ecosystem fund will be established to incentivize developers and teams to build on the network, and the fund will be backed by the gradual release of new MIOTA tokens.</p><p>Following the hard fork, there will be a temporary bi-weekly token release lasting four years, leading to an average annual inflation rate of 12%.</p><p>After this period, the circulating supply of MIOTA will reach 4.6 billion tokens.</p><p>IOTA has also established the Tangle Ecosystem Association in Zug, Switzerland, and the IOTA DLT Foundation in Abu Dhabi, UAE, to support its ecosystem, developers told the news outlet.</p><h2 id="the-tangle">The Tangle</h2><p>IOTA is not a traditional blockchain, but instead calls its network &ndash; a Directed Acyclic Graph (DAG) &ndash; the &ldquo;Tangle.&rdquo;</p><p>IOTA originally promoted itself as a way to send nearly free &ldquo;machine-to-machine&rdquo; (M2M) microtransactions.</p>
]]>

IOTA Aims for a Comeback with Network Enhancements and Ecosystem Fund

Table of Contents

Cryptonews.com

Other articles published on Sep 18, 2023

Malta begins public consultation on revised crypto rules to align with MiCA

"Zealy Reward Reveal!" - Less than 10 days left, HURRY!

Crypto fund outflows reach nearly half a billion over 9 weeks — CoinShares

Coinbase limits Zcash trading as ViaBTC poses risks of 51% attack

Web3 Betting: The Future of Gambling on the Blockchain

SK C&C Issues Voluntary Carbon Offsets on Blockchain-Based Credit Platform

Join our free newsletter for daily crypto updates!