IOTA Co-Founder Discusses Rebased Protocol Launch

Dominik Schiener, co-founder of IOTA, revealed in a recent AMA that the upcoming launch of the Rebased Protocol is expected to significantly boost staking participation, requiring just 1 IOTA to join. Additionally, he introduced the IOTA Gas Station, designed to enhance user interaction without necessitating the use of the native IOTA token.

Overview of the Rebased Protocol

During the session, Schiener emphasized that the protocol aims to transform the crypto sector by moving from volatility and uncertainty to a robust technological ecosystem. He expressed that this upgrade would seize control during “turbulent times” with a production-ready ledger supported by the Move Virtual Machine.

Mainnet Launch Timing

When questioned about the launch date, Schiener stated that the team is working diligently to prepare it “as soon as possible.” Development is currently at a critical phase, focusing on final security audits, exchange integration, and collaborations with custody providers.

Staking Features

Upon launching, the Rebased Protocol is expected to feature impressive staking capabilities with a fixed Annual Percentage Yield (APY) of 10-15%. Notably, users can stake with just 1 IOTA. The standout feature, Liquid Staking Token (LST), will allow members to stake without locking their assets. Governance voting may be considered for the future, though not in the immediate plans.

Introduction of IOTA Gas Station

Among the enhancements, the Gasless initiative, realized through the IOTA Gas Station, will simplify user interaction by removing the need for a native IOTA token. This initiative gets a boost from the introduction of a transaction fee to improve network operations and sustainability.

Previous Projects Highlighted

Schiener reviewed previous IOTA projects, notably Twin and Realize. The Twin project automates customs and trade finance, successfully transforming supply chain goods into Non-Fungible Tokens (NFTs). Meanwhile, Realize operates as a tokenized investment fund offering dividends and using tokens as DeFi collateral.

Comparison with major platforms like Ethereum, Solana, and Sui showed Schiener’s confidence that IOTA could capitalize on its inherent scalability and utility advantages.

Future Plans

Looking beyond the Rebased Protocol launch, Schiener indicated plans for various minor features via protocol versions, building upon lessons learned from previous major updates. Short-term goals include introducing a new consensus mechanism, detailed in a forthcoming whitepaper, with initial expectations of 50 validators scaling up to 120. Schiener aims for IOTA to evolve into a digital infrastructure capable of processing millions of transactions per second.