Today, December 2nd, 2024, marks the start of the IOTA Rebased protocol upgrade vote. IOTA token holders are invited to participate in this crucial vote that will determine the future of the protocol.
Protocol Update Voting
Following the governance proposal to upgrade the IOTA L1 Mainnet to the Rebased protocol, token holders are invited to participate in the vote using either the IOTA Firefly or Bloom wallet.
Key Features of the Update
The update includes: - Move-based smart contracts on a parallel DAG-based ledger - Full decentralization via a delegated proof of stake mechanism with 150 validator slots - Consensus shift to Mysticeti protocol for high scalability - Very low transaction fees with an adaptive burn mechanism - Sponsored transactions - Ability to earn IOTA tokens as staking rewards - Targeted inflation of 6-7% per year to reward network participants and validators
Voting Timeline
The governance vote will last 14 days: - The Voting Open Phase lasts from December 2nd to December 9th, 2024. - The Counting Phase lasts from December 9th to December 16th, 2024.
If the community rejects the protocol upgrade, the IOTA network will continue to operate as is, with the IOTA Foundation deciding on the next steps for network development.
