IOTA launches new Testnet “IOTA 2.0” and introduces PoS
Internet of Things blockchain ecosystem IOTA has announced the launch of the “IOTA 2.0” testnet, which will improve the ecosystem's scalability and security.
IOTA's new public testnet promises to be environmentally friendly by reducing its environmental impact and energy consumption. In doing so, it aims to attract companies focused on “green solutions”.
IOTA will launch a new testnet “IOTA 2.0”.
IOTA announced that “IOTA 2” will enable the migration from Proof of Work (PoW) to decentralized Proof of Stake (PoS), which will lead to network scalability and efficiency.
The new testnet has removed the central body that previously managed consensus in the network and now wants to fight the influence of “centralized figures” in the network. IOTA promises to explore new concepts of efficiency and “true decentralization”.
Read more: How to buy IOTA with a credit card: a step-by-step guide
“The new consensus mechanism is designed to improve the security of the network, making it more resistant to attacks and failures. This is critical to gaining trust and expanding adoption in sectors such as finance, healthcare and smart cities.”
IOTA explains that the new racenet is a test for developers with no real-world value. It also explains that the 2.0 network may occasionally reboot but have a “cooling off period”.
On social media, developers said the new IOTA testnet marks a milestone as the decentralized financial ecosystem represents new opportunities. Others have said that it has the potential to challenge Ethereum and reach a capitalization of $1 billion.
Some developers have commented that IOTA comes very close to solving the blockchain trilemma of scalability, decentralization and security. Others predicted greater efficiency from the new testnet, because “you don't block after block after block.
Read More: IOTA (MIOTA) Price Prediction 2024/2025/2030
Following the announcement, IOTA's native token had a small rally, going from $0.21 to $0.23, a roughly 5% increase. However, the token traded with a weekly loss of 3.81% and a monthly loss of 4.95%. At the time of writing, the IOTA price is back to $0.21.
Disclaimer
Adhering to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This newsletter aims to provide accurate and up-to-date information. However, readers are advised to independently verify facts and consult with professionals before making any decisions based on this content. Please note that our terms and conditions, privacy policies and disclaimers have been updated.
