The IOTA Foundation has announced the start of its IOTA 2.0 Development Network (DevNet) called “Nectar”. The research prototype is the first fully decentralized and non-contact Tangle protocol.
Today’s announcement of the Nectar DevNet is only the next in a long line of steps by the IOTA Foundation in its efforts to prepare for IOTA 2.0. The foundation has worked to “create efficient, sustainable and secure crypto solutions that are scalable and do not require transaction fees”.
The “ultimate and decentralized iteration of IOTA”
Nectar will play an important role in the preparation for IOTA 2.0, the so-called “ultimate and decentralized iteration of IOTA”. The announcement post continues to talk about the lack of a centralized coordinator as one of the main differences of the Nectar DevNet.
The IOTA Foundation blog post also highlighted that Nectar relies on network consensus validation, with honest nodes earning “mana” rewards. In this case, mana works so that every time a transaction moves funds, that transaction “pledges” an amount, or mana, to a node ID.
The mana then becomes a kind of proof of delegated token ownership. Mana is earned in two ways. Either through control of tokens or through a relationship with someone who does so. The specific number of mana committed during a transaction is calculated in such a way that potential attackers are unable to increase the mana held by a node.
In addition to callous transactions and complete decentralization, another important feature touted by Nector IOTA 2.0 DevNet is the tokenization function. IOTA co-founder Dominik Schiener stated that the 2.0 research prototype is a game changer and the developers are eager to get feedback on Nectar’s capabilities in order to prepare for the Coordicide update.
The prototype offers the possibility of creating utility coins and other digital assets such as non-fungible tokens in the IOTA network. In fact, Schiener himself uses this function to promote the project by minting 100 #ZEN tokens in the IOTA 2.0 DevNet and giving them away on Twitter.
The research prototype is also built with a modular architecture that allows developers to make bug fixes and update isolated modules as needed.
Currently, the IOTA 2.0 DevNet is open to everyone to participate and do without fees. The company states that while IOTA 2.0 is usable, it is constantly being improved and therefore problems with errors and regular service outages will arise.
Disclaimer of liability
All information contained on our website is published to the best of our knowledge and belief and only for general information purposes. All actions of the reader in relation to the information on our website are entirely at your own risk.