Cryptocurrency News

Iota 2.0 ‘Nectar’ DevNet goes live to achieve full decentralization

The roadmap for Iota 2.0 has reached another milestone as the Iota Foundation launches Nectar DevNet.

In blog post Published on Wednesday, the Iota developer announced the news of the Nectar DevNet launch, which is an essential part of the preparatory work for the release of IOTA 2.0 in late 2021.

Nectar follows on Devnet’s heels Chrysalis Upgrade and is an extension of Parag Testnet released back in June 2020. Iota 2.0 DevNet sets the stage for the transition to a seamless, permissionless and fully decentralized Tangle network.

Per the announcement, the absence of a centralized coordinator is one of the key elements of Nectar DevNet. Indeed, in Iota 2.0, legacy Coordinator system to be replaced by a decentralized coordinator.

Back in February 2020, hackers attacked Trinity – Iota’s original wallet – stole nearly $2 million and a Network downtime lasting about a month To prevent further damage from attack.

Since the Trinity Wallet hack, Iota has gone ahead with its planned transition to full decentralization and the emergence of an incentive coordinator. Per the release, the Iota Foundation revealed that the Nectar network will rely on consensus verification and honest nodes earning Mana tokens as a reward.

In addition to seamless transactions and complete decentralization, token capacity is another key feature of the Nectar Iota 2.0 DevNet. The research prototype offers the first opportunity to create digital assets such as utility “coins” and non-fungible tokens on the Iota network.

Nectar also comes with a modular architecture that allows developers to implement specific bug fixes and updates on isolated modules.

Commenting on the Nectar DevNet release, Iota Foundation co-founder Dominic Scheiner called the Iota 2.0 research prototype a “game-changer.” According to Scheiner, Iota developers are looking forward to receiving useful feedback on Nectar’s capabilities in preparation for the main Coordicide update.