Stardust Update on IOTA Mainnet: New Features and Crypto Exchange Support
Date: 2023-10-05 Author: Dima Zakharov Categories: CRYPTO PAYMENTS
Protocol Update and Network Split
IOTA, one of the leading cryptocurrencies, has reached a significant milestone with the completion of the Stardust protocol update. The IOTA development team has announced the completion of this update and the fork of the protocol in the main network. This update has brought substantial changes that will impact the future of IOTA.
The key event associated with this update is the split of the IOTA network into two versions. The first version, based on the Stardust protocol with an increased token supply, will be known as "IOTA." The second version, known as "IOTA Classic," will also be based on the Stardust protocol but will retain the older token supply. This division creates an opportunity for users to choose the version that aligns with their needs and preferences.
To leverage the new features and capabilities introduced by the Stardust update, IOTA users are recommended to upgrade to the new versions of Hornet and Firefly, IOTA 2.0.0. These upgraded wallet and node versions provide a more reliable and convenient way to interact with the IOTA network.
New Stardust Features
With the Stardust update, IOTA gains new features that significantly enhance its functionality. One of the key new capabilities is the transformation of IOTA into a multi-asset registry, allowing users to easily create, tokenize, and transfer their own assets on the IOTA platform.
Additionally, the update enables seamless minting and transfer of NFTs (non-fungible tokens) when tokenizing smart contracts on the IOTA L1 platform. This opens doors for bridging L2 smart contract chains to the IOTA Tangle through the IOTA Chains Framework, making IOTA a reliable asset bridge between L2 chains.
Among other new features introduced in the update is asset wrapping, allowing users to mint assets on L2 chains and then wrap them as L1 assets, increasing their accessibility and tradability.
Token Distribution and Crypto Exchange Support
After the completion of the Stardust update, approximately 10% of token distributions will be immediately available to users, with the remaining 90% being distributed every two weeks over a 24-month period. This ensures a gradual and long-term distribution of IOTA tokens, creating stability within the ecosystem.
Interestingly, no user actions are required for token migration to the IOTA Stardust network or for receiving IOTA token airdrops. This makes the upgrade process highly convenient and transparent for all participants.
Finally, major cryptocurrency exchanges, including Binance, Bitpanda, and OKX, are lending their support to the Stardust protocol update and the IOTA network fork. This underscores the importance of this update and ensures the availability of IOTA tokens on prominent trading platforms, enhancing their liquidity and widespread adoption.
