<![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>
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IOTA Aims for a Comeback with Network Enhancements and Ecosystem Fund

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Cryptonews.com

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