IOTA Rebased Governance Vote Starts Today

IOTA Foundation ·

TL;DR:
The Voting Open phase of the IOTA Rebased governance vote begins today, Monday, December 2nd, 2024. IOTA token holders are invited to decide on this critical proposal to influence the future of IOTA’s protocol development.

Following the governance proposal to upgrade the IOTA L1 Mainnet to the new Rebased protocol, IOTA token holders are invited to participate in the governance vote using either the IOTA Firefly or Bloom wallet.

By voting in favor of this proposal, token holders agree to update the IOTA Mainnet to the Rebased protocol currently running on the IOTA Rebased Testnet. This update would implement the following major features:

  • Move-based smart contracts on a parallelized DAG-based L1 ledger.
  • Full decentralization of the IOTA ledger through a delegated proof of stake mechanism with 150 permissionless validator slots.
  • Consensus switch to the Mysticeti protocol for high scalability and low latency, achieving upwards of 50k+ TPS and below subsecond finality.
  • Very low transaction fees, with an adaptive fee burn mechanism, leading to a flexible supply (inflationary/deflationary).
  • Sponsored transactions abstracting transaction fees away from the user to improve the user experience significantly.
  • Ability to earn IOTA tokens as staking rewards.
  • Initial target inflation of 6-7% per year issued to reward stakers and validators, yielding 10-15% APY in staking rewards.
  • Further changes, including the changed tokenomics, are described in the specification section of the governance proposal.

If the community rejects the protocol upgrade, the IOTA network will continue to run as is. At that point, the IOTA Foundation will decide how to continue developing and stewarding the network.

Timeline of the Vote

The governance vote will last 14 days:

  • The seven-day Voting Open Phase starts at 3 pm CET today, Monday, December 2nd, and lasts until approximately 3 pm CET on Monday, December 9th.
  • The seven-day Counting Phase lasts from approximately 3 pm CET on Monday, December 9th, until approximately 3 pm CET on Monday, December 16th.

We hope you support our proposal with your vote and help us bring IOTA to market at a faster rate than previously possible

A detailed guide to voting can be found in our wiki.