- IOTA 2.0 latest blog thread explains the operation of Mana.
- The innovative network mechanism allows Mana to replace fees.
- It also runs the network’s rewarding system support.
IOTA 2.0, a significant upgrade to the IOTA network, introduces a complex congestion control mechanism. According to its official blog, the IOTA 2.0 protocol’s congestion control operates like a dynamic pizza party among friends.
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In detail, the post asks readers to consider the available network space or throughput as a pizza. Instead of each person receiving a static allocation (equal pizza slices), the allocation is dynamic. If one friend doesn’t want their full slice, another can take it, optimizing network resource usage.
In traditional blockchains like Ethereum, users pay higher gas fees for faster transaction processing. IOTA 2.0 flips the script with “Mana”. Mana is a priority resource generated by holding IOTA tokens. More Mana equals higher network priority, shifting the focus from payment to supporting the network through token ownership.
Unlike conventional blockchains, where unpredictable fees plague users during network congestion, IOTA 2.0 employs a “Mana burn” system. This system informs users of the exact Mana cost before executing a transaction, ensuring transparency. Moreover, IOTA remains feeless, with users generating their Mana to issue blocks, avoiding additional fees.
Ultimately, IOTA 2.0 strives to revolutionize decentralized ledger technology with fairness, efficiency, and scalability. Fairness stems from its proportional network space allocation based on Mana, providing equal opportunities for all users. Efficiency is evident in its full block space utilization, minimizing waste. Designed to meet the evolving digital world’s demands, IOTA 2.0 ensures scalability for the future.
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