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Iota Foundation Launches Nectar DevNet

The Iota Foundation has launched the Nectar DevNet, as the roadmap to Iota 2.0 has reached another milestone.

It has been reported that the Iota developer announced the news of the Nectar DevNet launch on Wednesday, which forms an essential part of the preparatory work for the release of Iota 2.0 slated for late 2021.

However, the Nectar DevNet follows on the heels of the Chrysalis upgrade and is an expansion of the Pollen Testnet released back in June 2020. The Iota 2.0 DevNet sets the stage for the transition to a feeless, permissionless, and fully decentralized Tangle network.

The report said that the absence of a centralized coordinator is one of the major elements of the Nectar DevNet. Indeed, in Iota 2.0, the legacy Coordinator system will be replaced by a decentralized Coordicide. Back in February 2020, hackers attacked Trinity, Iota’s native wallet, stealing about $2 million and causing a network downtime that lasted almost a month to prevent further damage from the attack.

Iota has moved forward with its planned transition to full decentralization and the emergence of an incentivized Coordicide since the Trinity wallet hack.

According to the release, the Iota Foundation revealed that Nectar will rely on network consensus validation with honest nodes earning “mana” as rewards.

William Sanders, the Director of Research at the Iota Foundation, said:

“Incentive to participate arises from the demand to use the network. Users who want to use our DApps, spend our tokens, or secure data on the Tangle, have a natural incentive to acquire mana to use the Tangle. Mana is not a token since it cannot be traded, and its value will be always [be] dependent on the demand for access to the network.”

Likewise, tokenization capability is another major feature of the Nectar Iota 2.0 DevNet. The research prototype offers the first opportunities for creating digital assets like utility “coins” and nonfungible tokens (NFTs) on the Iota network. Nectar also comes with a modular architecture allowing developers to implement specific bug fixes and updates on isolated modules.

Indonesian crypto exchange Tokocrypto is weighing an initial public offering in the next two to three years. — Cointelegraph (@Cointelegraph) June 2, 2021

Dominik Schiener, the co-founder of Iota Foundation, called the Iota 2.0 research prototype a “game-changer.” According to Schiener, the Iota developers are eager to receive useful feedback on Nectar’s capabilities in preparation for the main Coordicide update. Back in March, Iota released the Alpha version of its smart contract protocol to enable trustless cross-chain transfers. Indeed, cross-chain interoperability is becoming a major focal point in the blockchain ecosystem.

Thus, Schiener said:

“We are very excited about this cross-chain future, and we are confident that the native security and feeless transfers of tokenized assets on Iota, combined with our smart contract protocol, will offer powerful building blocks for DApp developers.”

Source: Cointelegraph


#CryptoNewsPoint #DigitalNotice #IOTAFoundation #NectarDevNet

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