IOTA announces the largest upgrade plan in history, 'Rebased': introducing MoveVM, EVM, and stake functionality, all in one glance

Decentralization decentralized ledger protocol IOTA has made significant progress. The IOTA Foundation announced on the 18th a plan to launch a major upgrade called IOTA Rebased. The proposal aims to reconstruct IOTA's L1 protocol to introduce a fully decentralized, L1 programmable, protocol that supports over 50,000 transactions per second and allows for IOTA staking. The proposal will undergo governance voting on December 2nd. The upgrade aims to replace IOTA 2.0 (the original roadmap) which does not natively support smart contracts, with a faster rollout of a new Mainnet. The adoption of this proposal will be decided through community governance voting. IOTA Rebased introduces a parallelized DAG-based ledger with the following features: complete decentralization with 150 validators, parallelized MoveVM and EVM support, over 50,000 TPS, finalization time of less than 500 milliseconds, very low money laundering with a fee burning mechanism, and enables IOTA staking with an Annual Percentage Rate of 10-15%. With IOTA Rebased, IOTA will become the first L1 network to support both Move and EVM. The parallelized DAG ledger on L1 will provide a highly scalable and optimized MoveVM, while the EVM-compatible L2 will significantly lower the threshold for dApp deployment on IOTA. This strategy maximizes the potential for developer innovation and the creation of unique applications on IOTA. The proposal will undergo governance voting on December 2nd, giving IOTA holders the opportunity to vote on the acceptance of the Rebased upgrade. If the proposal is rejected, the IOTA network will continue to operate as it is, with future development and management determined by the IOTA Foundation. If the proposal is approved, IOTA Rebased will be officially deployed as the new Mainnet after completing the Testnet phase, security audits, and exchange integration.