- After the upgrade of the distributed ledger network IOTA surges to 0.2153.
- The token neared a technical bear market after a major fall back to 0.1760 on Tuesday.
- IOTA Foundation announced IOTA Rebased, the latest proposal to transform its blockchain network.
- IOTA Rebased will transform the centralised system from limited programmability to enhanced functionality.
IOTA was having a major setback on Tuesday after falling to 0.1760 which could result in a technical bear market. This recent fall has brought the market capitalization of IOTA to 627. This is a significant drop for the token.
To enhance the network among its users, the developer team has announced their recent plan to launch Rebased. After the approval of the proposal by the network the new upgrade will include attractive features like full decentralization similar to Ethereum Virtual Machine support. This can result in 50,000 transactions every second. The update will introduce staking which will help users earn through their tokens.
Ethereum could proceed with less than 50 transactions per second while Solana could handle around 25,000 TPS. Rebased is a major milestone for IOTA as this can transform the platform from the limited programmability of a centralised system to enhanced functionality. Through the major update, the IOTA focuses on maintaining upgraded functionality perks for its users.
The platform has faced several challenges due to the competition level in the layer-1 industry. Ethereum, BNB Smat Chain, and Solana dominate the scene. With the layer-2 network, IOA contents with Arbitruim, Polygon, Optimism, and Base. IOTA should overcome several obstacles to attract potential investors to the platform.
