{"id":62562,"date":"2023-09-18T14:19:31","date_gmt":"2023-09-18T18:19:31","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/iota-aims-for-a-comeback-with-network-enhancements-and-ecosystem-fund\/"},"modified":"2023-09-18T14:19:34","modified_gmt":"2023-09-18T18:19:34","slug":"iota-aims-for-a-comeback-with-network-enhancements-and-ecosystem-fund","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=62562","title":{"rendered":"IOTA Aims for a Comeback with Network Enhancements and Ecosystem Fund"},"content":{"rendered":"<div>\n<p>The once-prominent crypto project IOTA is planning a resurgence with a series of initiatives aimed at boosting network development and token value.<\/p>\n<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 smart contracts, layer 2 blockchains, and decentralized finance (DeFi) applications to the network, CoinDesk reported on Friday.<\/p>\n<p>One of the key improvements involves the introduction of a new ecosystem fund backed by the release of new MIOTA tokens.<\/p>\n<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>\n<h2>General-purpose virtual machine<\/h2>\n<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&#8217;s native token.<\/p>\n<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>\n<h2>New ecosystem fund<\/h2>\n<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>\n<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>\n<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>\n<p>After this period, the circulating supply of MIOTA will reach 4.6 billion tokens.<\/p>\n<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>\n<h2>The Tangle<\/h2>\n<p>IOTA is not a traditional blockchain, but instead calls its network \u2013 a Directed Acyclic Graph (DAG) \u2013 the \u201cTangle.\u201d<\/p>\n<p>IOTA originally promoted itself as a way to send nearly free \u201cmachine-to-machine\u201d (M2M) microtransactions.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/iota-aims-for-comeback-with-network-enhancements-ecosystem-fund.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The once-prominent crypto project IOTA is planning a resurgence with a series of initiatives aimed at boosting network development and token value. 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 smart contracts, layer 2 blockchains, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":62563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-62562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IOTA Aims for a Comeback with Network Enhancements and Ecosystem Fund | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The once-prominent crypto project IOTA is planning a resurgence with a series of initiatives aimed at boosting network development and token value.After\" 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