On Wednesday, the IOTA Foundation launched the IOTA 2.0 Development Network (DevNet)–the first feeless, scalable, and fully decentralized distributed ledger network. This project’s theoretical foundation, then known as ‘The Tangle,’ was outlined in 2019, and the project itself was envisioned in 2015. The project offers total freedom with no fee, no blocks, no chain, no miners, no wasted energy, no censorship, no centralization, and no permissions. Since the first protocol established by Bitcoin in 2008, some blockchain iterations have led to measurable improvements but were plagued by problems of typical blockchain architecture.
In order to build on and to experience the future of IOTA now, the IOTA 2.0 DevNet is open to anyone and any machine to participate without transacting any fees. It can host smart contracts, DeFi platforms, and applications in the second layer based on a directed acyclic graph (DAG). The new and completely decentralized IOTA network energizes the best possible implementation of a distributed ledger network free of fees. The IOTA 2.0 will be properly tested and transformed into a productive network through research and implementation. This kind of new IOTA network will remain for a long time and does not require any controller, has a new message configuration, and a new accord apparatus.
Other advantages include the definiteness of dealings in almost real-time without the need for affirmations by centralized entities and irrespective of the number of network collaborators. Further, as memorandum formation and corroboration are not high-priced operations, low-power procedures do not have issues managing a node. The modular move towards a network enables innumerable options of the fundamental protocol through many more modules. The secure transfer of data and value between humans and machines is enabled by IOTA 2.0, throwing up new business opportunities based on micro-payments. For doing their job well, nodes receive rewards in an architecture that safeguards the network and ensures Sybil protection.