On Tangle requests, token based voting, future of search

  • IOTA’s Soonaverse has released its first development update to serve the broader ecosystem.
  • The protocol introduced new features including On Tangle Requests that can enhance ease of use.

The IOTA ecosystem is growing and one of its emerging protocols, Soonaverse, has shared its first developer update for the year. Taking to its official Twitter handle, SoonLabs, the Web3.0 startup in charge of the development of the Soonaverse said its core developmental work was focused on On Tangle Requests, Token-based voting, and improvements in search functionalities in the protocol.

The Soonaverse is an ecosystem-as-a-platform that empowers communities to create and manage decentralized organizations, assets, and markets on the feeless infrastructure of the Shimmer network. With the new developmental work it has introduced, SoonLabs expects its community members to get the best value in its ecosystem.

Insights into the key upgrades

One of the most important features that Soonaverse users will get is the On Tangle Request (OTR) command. As the team described in its update, the OTR is an action that can be requested directly through the Tangle that will trigger the Soonaverse to execute a function. 

While the OTR can be used for quite a number of things, it will first enable users to be able to purchase and sell a token, acquire a Non-Fungible Token (NFT), and stake their assets. The team said the OTR will serve as the core backbone for the broader IOTA ecosystem. With the OTR, users can interact and get things done on the platform without needing to go through the User Interface (UI).

Follow us for the latest crypto news!

The SoonLabs team also said the structure of voting on proposals will be hinged on a token-based system to ensure true representation. According to the update shared, users will need to commit their tokens to the voting DAO and their votes will be determined based on a weighted score. 

In most Decentralized Autonomous Organization (DAO) models in the Web 3.0 space, voting is often a function of who has more tokens to commit. SoonLabs said its model is different and will take into account users who leave their coins for a relatively long period of time. The startup said this will prevent malicious actors from coming to push an agenda and selling off the tokens minutes after.

The protocol confirmed that tokens committed to the voting vault can be withdrawn when needed, however, it will reduce the weighted score for the votes.

One last major upgrade is the improvement in the search functionality on the protocol’s GitHub page. While Soonaverse has continued to evolve, the IOTA protocol said searches are way improved, even though there’s still additional room for improvements across the board.

          No spam, no lies, only insights. You can unsubscribe at any time.

IOTA and the broader crypto ecosystem

Soonaverse is just one example of an innovative protocol in the IOTA ecosystem that is helping to contribute to the overall growth potential of distributed ledger technology. Over the years, IOTA has built a strong reputation as a very functional protocol for different industries including the energy trading ecosystem. 

As reported by Crypto-News Flash, the protocol was tapped as a blockchain of choice by the United Nations to serve billions of people worldwide.

Crypto News Flash does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned.

Credit: Source link

Leave A Reply

Your email address will not be published.