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IoTeX’s Biggest Network Upgrade - Mainnet v1.2 - Is Live.

IoTeX’s Biggest Network Upgrade - Mainnet v1.2 - Is Live.

IoTeX has announced that their Mainnet v1.2 is officially live. Mainnet v1.2 will introduce capabilities that, according to IoTeX, will activate a “Cambrian Explosion” of dApps, protocols, and tokens on its network. 

Mainnet v1.2 is expected to spark IoTeX into life and lead to the largest wave of innovation yet on the platform, cementing its position as an integral, indispensable hub of the decentralized economy. 

Delivering Security, Reliability, Upgrades, And the Babel web3.js API 

Along with delivering security, dev-tool upgrades, and reliability, Mainnet v1.2 also introduces the Babel web3.js API. Babel is a solution developed in-house, allowing IoTeX to connect to Ethereum and other blockchains that are EVM-compatible. 

  • Babel gives developers the ability to port any EVM-compatible tokens and dApps to IoTeX in minutes without configuring anything. Developers can also avail better scalability, low fees and low block times, and the IoTeX blockchain security. They can also gain access to exclusive features such as real-world data and decentralized identity (DID).
  • Users can use EVM-compatible tools such as MetaMask on IoTeX without any dev experience. 
  • Token holders can witness new dApps and tokens on the IoTeX platform. 

Ready For Mass Adoption 

Mainnet v1.2 and Babel give developers compatibility with Ethereum and web3, allowing them to bring their apps to IoTeX. 

  • Low cost - Fees on IoTeX are up to 1000x times lower than those on Ethereum. A $10 transfer on Ethereum would cost $0.01 on IoTeX. 
  • EVM compatibility - The IoTeX platform supports solidity-based smart contracts, allowing the portability of dApps and tokens to IoTeX seamlessly. 
  • Scalable - IoTeX is 100x more scalable than Ethereum and can support thousands of transactions per second. 
  • Speed - IoTeX offers 5-second block times, ensuring instant finality, compared to Ethereum. 
  • Decentralized - IoTeX is highly decentralized and maintained by a network of delegates that run carbon-friendly Roll-DPoS. 
  • Cross-chain compatibility - The platform supports token swaps to Ethereum, Polygon, Binance Smart Chain, and more platforms.

Verifiable Real-World Data 

IoTeX has unique features that put it ahead of other blockchains. Features such as verifiable real-world data from tamper-proof smart devices can help IoTeX and enable use-cases that have not been seen both in the digital and physical worlds. It could find use cases in the following 

  • Prediction markets 
  • Gaming
  • Supply chain
  • NFT marketplaces

Devices such as Ucam and Pebble Tracker have already been launched. These will deliver data to a growing ecosystem of dApps on IoTeX, such as HealthNet, ScaleOut, Pebble Go, Healthblocks, and more. 

A Look At the Future 

IoTeX is already looking at Mainnet v1.3 and publishing IoTeX 2.0 vision in Q3 of 2021. MetaMask users can also interact with the IoTeX blockchain by following simple instructions. The platform will also add support for popular Ethereum tools.

IoTeX will also introduce new network tools, like Iofura, IoTeX Scout, and Snapshot. It will also launch the Halo Bootstrapping Program to bring projects from the ideation stage to the production-ready dApp stage. 

About IoTeX 

IoTeX was founded in 2017 and is an open-source platform focused on building the Internet of Trusted Things, an ecosystem where machines, humans, businesses, and dApps interact in complete privacy and trust. 

IoTeX is backed by a team of top research scientists and engineers, combining secure hardware, blockchain, and confidential computing to help empower and enable the next generation of IoT devices and networks.  

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.