The IOTA Foundation recently talked about its upcoming IOTA 2.0 protocol update. The venture has been researching and prototyping the update for years.
The goal of the update is to facilitate digital autonomy across the web. Besides this, IOTA is also pushing its Stardust upgrade on October 4 at 8 a.m. CEST. The update will see the network go down for approximately 4 hours.
After the update, IOTA will add a tokenization framework and the ability to anchor Layer 2 smart contract chains to it. Moreover, the existing IOTA network will be forked, increasing the supply on the IOTA network across the Stardust protocol.
As expected, the news has intrigued users about the IOTA future. The IOTA Foundation shared an official post to talk about the updates. The venture stated that despite being highly convenient, Web2 lacks autonomy, genuine equality, and trust.
It is unable to provide true freedom to users due to its centralized nature. With IOTA 2.0, the network will leverage smart contracts and immutability. The two properties lie at the center of Web3, helping it base actions and implement logic in relaying information.
IOTA 2.0 will be a major innovation to the distributed ledger technology of the IOTA network. With a set of unique propositions, IOTA 2.0 will be an egalitarian, sustainable, and decentralized DLT.
Moreover, the update will bring digital autonomy to everyone. Users will gain the ability to hold IOTA tokens to generate MANA and gain system access. The account will also remain open for staking, delegating, claiming rewards, and issuing blocks.
It will become the virtual home for storing assets, building virtual identities, and building applications. Seeing how the update will follow the Stardust upgrade, the IOTA community expects a massive uptick in activity across the network.