IOTA, the popular distributed ledger network, has unveiled the roadmap for the highly anticipated Rebased upgrade and hard fork.
In a press statement, the developers noted that the upgrade will take place on May 5, ushering in a new era for its network.
This upgrade will transform it into a fully decentralized delegated proof-of-stake (DPoS) network. It has already selected some of the top validators in the crypto industry, like Hacken, Cosmostation, Stakefish, Allnodes, and Tangle Bay.
It will have numerous features that make it a viable competitor to other popular layer-1 blockchains, such as Solana, Ethereum, and Berachain. IOTA will use Move smart contracts. This means that developers will be able to build decentralized applications on the network.
IOTA will be one of the fastest chains in the crypto industry, capable of handling over 50,000 transactions per second (TPS). In contrast, Solana handles between 4,000 and 5,000 transactions per second (TPS), while Ethereum and BSC have approximately 15 and 160 TPS, respectively.
IOTA’s rebased upgrade also introduces a staking feature that offers yields ranging from 10% to 15%. In a statement, Dominik Scheiner, IOTA’s co-founder, said:
“Creating real value has always been our main focus. We’ve been hard at work over the last few years building a Layer 1 network that is hyper-focused on bringing real-world applications on-chain. We’re really excited to share the breakthroughs we’ve made with our community.”
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IOTA joins other popular networks that have launched or are planning to launch their upgrades this year. Fantom upgraded its network and rebranded into Sonic, a layer-1 network that has accumulated over $1 billion in assets.
EOS, another popular blockchain network, is upgrading and rebranding into Vaulta. Vaulta is now focusing on banking and other financial services.
The other notable rebrand was the creation of Kaia through the merger of Klaytin and Finschia. Kaia, developed through the merger of Klaytin and Finschia, utilizes Byzantine Fault Tolerance technology and can handle over 4,000 transactions per second.
