IOTA Upgrades Its Layer 1 to Move to Become More Competitive

The IOTA Foundation has announced a new proposal, known as IOTA Rebased, to transform its blockchain network.

According to IOTA's blog post from Nov. 18, the proposal, which is currently undergoing a token vote, "would completely reshape the IOTA technology stack" by switching the IOTA Layer 1 (L1) to a Move-based object ledger.

The new ledger will introduce programmability to IOTA Layer 1, allowing developers to build a wide range of decentralized applications (DApps). The upgrade is also expected to improve network performance, enabling “tens of thousands of transactions per second and sub-second confirmation times.”

Today we unveil IOTA Rebased
The biggest upgrade in #IOTA's history to leapfrog us on our mission to bring the real world to Web3:
Parallelized MoveVM & EVM
Full decentralization
50k+ TPS & <500ms finality
10-15% $IOTA staking APY
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