The traditional public chain with a nostalgic flavor is aimed at the RWA market. The IOTA Rebased project will introduce the Sui MoveVM to improve user experience and performance.

IOTA, a public chain launched in 2015, has gone through ups and downs over the past decade, seizing the theme tailored for Web 2 transaction settlement. It has collaborated with governments such as the European Union and the United Arab Emirates, but has also experienced crises such as wallet vulnerabilities and chain breaks. However, the IOTA Rebased project in the fourth quarter of 2024 brings many reforms. The IOTA EVM went live in May 2024, with plans to introduce Mysten Labs' SUI MoveVM in 2025 and attempt to transition to MultiVM.

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IOTA will release two major updates, transitioning from EVM to MoveVM

In the IOTA Rebased project, IOTA wrote: 'In addition to developing IOTA EVM, we have also created an internal team in 2022 to evaluate the prospects and technical feasibility of integrating smart contracts into the IOTA L1 solution. The main conclusion is that among all available solutions, MoveVM is the most suitable solution for the IOTA DAG ledger.'

In the Move system, it is mainly divided into Aptos, SUI, and Movement. Regarding this, IOTA also stated: 'Considering the various similarities between our protocols, attributes, and goals, the conclusion reached by the team is that the achievements of the SUI team (Mysten Labs), its MoveVM, and ledger architecture are the most promising and suitable for adapting to IOTA.'

IOTA has already refactored the existing architecture and ported SUI's MoveVM to IOTA. As for the transition from MoveVM to IOTA Rebased, it is currently estimated that IOTA will undergo two updates: one is IOTA 2.0, and the other is the L1 Move upgrade.

Transition to altVM, significant performance improvement

Specifically, IOTA will have the following characteristics after transitioning to MoveVM.

Based on Move's smart contracts, running on a parallelized DAG ledger.

A fully decentralized L1 DAG that adopts a Delegated Proof-of-Stake (DPoS) mechanism with 150 permissionless nodes.

Up to 50,000+ transactions per second (TPS) and achieves sub-second final confirmation with the Mysticeti consensus protocol.

Low transaction fees, equipped with a flexible burning mechanism, achieving a balance of currency inflation/contraction.

Support a sponsorship mechanism for users to make seamless transactions, significantly enhancing user experience.

Reward IOTA token holders who participate in staking with an annualized return of 10-15%.

Design a more sustainable token economic model, including staking and other revenue opportunities.

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This article is about the nostalgic public chain targeting the RWA market. The IOTA Rebased project will introduce Sui MoveVM to improve user experience and performance. It first appeared in ChainNews ABMedia.