The year 2023 has been a very busy period for the IOTA ecosystem. This has been made evident by the information drive of its transition to 2.0 version, territorial expansion, Shimmer EVM launch, and other developments enumerated in its Q4 Progress Report.
The latest blog post of the IOTA Foundation recently offered a comprehensive list of what went on within their ecosystem in the last quarter of 2023.
IOTA Core Protocol Research
The Core Protocol Research formed several working groups to tackle the different solutions tailored to fine-tuning the parameters, usability, and decentralization of the IOTA 2.0. The new iteration of the network is set for official rollout this year.
The Finalization Research Working Group was responsible for crafting the integration of smart contract support in the platform’s consensus mechanism.
The Congestion Control Working Group focused on refining the scheduler and how it leverages on Mana holdings to optimize the validation block rules of the system. It is presently working on a hybrid congestion control with optional priced subscription schemes.
The Incentives Working Group successfully developed the new incentives that could be derived by IOTA stakeholders. It was charged with completing the IOTA 2.0 Incentives and Tokenomics Whitepaper detailing how users are rewarded with Mana for their active involvement in the network. Additionally, it released the Mana Calculator for simulating the various benefits one can derive from performing certain actions within the network such as staking and delegation.
With its temporary merger with the Tangle Dynamics Research Working Group, the Parameters Taskforce finalized the translation and overhaul of the different mathematical models utilized by high-level and low-level iota-core paradigms. The unit was also tasked with experimenting and adjusting the acceptance and confirmation mechanics of the TangeSim as well as other consensus-related factors of IOTA 2.0 to improve their precision.
The Ledger Research team was also divided into several working groups to allow them to focus on the various data and application layers of IOTA 2.0.
The Smart Contract Research Working Group is currently exploring the demand and requirements to introduce Layer 1 (L1) smart contracts within the new protocol.
As its name implies, the ZK Working Group handles the Zero Knowledge (ZK) solutions aimed at enhancing the scalability and privacy of the platform.
The EBSI Taskforce focuses on the IOTA Foundation’s role in matters related to the EU Blockchain Pre-Commercial Procurement.
The Engineering team paved the way for the smooth implementation of the results achieved by the IOTA Core Team. This again diverges into several teams to address certain subjects.
The IOTA Smart Contracts/Wasp Team is looking for the smooth fusion of Wasp upon the rollout of IOTA 2.0. It also centers on the stability and EVM compatibility of the network. And speaking of which, the staging ground of IOTA, the ShimmerEVM, just recorded over 7,500 active accounts, 1.5 million transactions processed, and 2,600 smart contracts. With only a month from its release, it became DefiLlama’s Top 5 growing EVM chains with $6.4 million total value locked (TVL) in December.
The Tooling Team had a hand in the key Mainnet upgrade of Firefly Wallet and has been monitoring the development of the Firefly iota-core.
The IOTA Software Development Kit (SDK) focused on the internal refactoring and implementation of last quarter’s Tangle Improvement Proposals (TIPs). It pioneered concepts like accounts and implicit accounts in the system.
Last but not least, the contributions of the Identity Team bore fruit to the IOTA Identity 1.0 which guarantees control and ownership of the user’s digital identities while guaranteeing their privacy.
There’s no rest for the wicked at IOTA as it continues its stride to deliver its principle of “Digital Autonomy For Everyone.” The next stop is the adoption of Layer 2 (L2) EVM-compatible smart contracts to the IOTA mainnet as it heads to the merger of the IOTA 2.0 testnet with Shimmer and IOTA mainnet.