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FAQs

1. How does the MoveVM improve security and developer experience?​

MoveVM offers:

  • Resource-Oriented Programming: Secure and flexible asset management.
  • Strong Data Abstraction: Simplifies resource management tasks.
  • Static Verification: Detects errors before code execution, enhancing security.
  • Formal Verification Support: Allows rigorous validation of smart contract logic.
  • Improved Developer Experience: Reduces bugs and vulnerabilities through strict typing.

2. How can I participate in the testnet and provide feedback?​

To participate:

  • Join the Public Testnet: Access the IOTA Rebased public testnet to explore new features.
  • Provide Feedback: Use dedicated channels on the IOTA Builders Discord server or GitHub to report issues.

3. What are the hardware requirements for validators?​

Validators are expected to have:

  • RAM: 128 GB
  • CPU: 24-core processor / 48 vCPUs
  • Storage: 4 TB NVMe SSD
  • Network Uplink: 1 Gbps
  • Minimum Stake: 2 million IOTAs (can be delegated to your validator by someone else)

4. What happens to the existing IOTA EVM?​

The IOTA EVM on Layer 2 will:

  • Continue Operating: It will eventually run alongside the new IOTA Rebased Layer 1.
  • Integration Plans: Future plans include integrating EVM capabilities directly into Layer 1.
  • Temporary Pause During Upgrade: The EVM chain will be paused and upgraded but will resume normal operations afterward.

5. What are the key features introduced with IOTA Rebased?​

Key features include:

6. Why is IOTA moving to the MoveVM and an object-based architecture?​

The shift to the MoveVM and an object-based architecture is designed to:

  • Enhance Flexibility and Programmability: Allow complex applications to be written via smart contracts directly on L1.
  • Support Advanced Use Cases: Enable sophisticated financial instruments, decentralized exchanges, and intricate supply chain systems.
  • Improve Security: Leverage MoveVM features like resource-oriented programming and static verification to enhance security.
  • Simplify Development: Provide strong data abstraction capabilities and support for formal verification, improving the developer experience.

7. How will the tokenomics change under the IOTA Rebased proposal?​

The new tokenomics model includes:

  • Staking Rewards: Validators and delegators receive newly minted IOTA tokens as rewards (approximately 767,000 IOTAs per epoch), resulting in an initial annual inflation rate of about 6%.
  • Transaction Fees: Small fees are charged on transactions (around 0.005 IOTA for an average transaction) and are burned to create deflationary pressure.
  • Storage Deposits: A redeemable deposit is required for storage, similar to the storage deposit system used in IOTA Stardust.

8. How does staking work in the new tokenomics model?​

Staking involves:

  • Delegation to Validators: Token holders can delegate their tokens to validators to help secure the network.
  • Earning Rewards: Both validators and their delegators receive staking rewards from newly minted tokens.
  • Proportional Distribution: Rewards are distributed based on the amount of stake and validator commissions.

9. How will the new fee-burning mechanism work?​

The fee-burning mechanism:

  • Burns Transaction Fees: Collected fees are burned, reducing the overall token supply.
  • Deflationary Effect: Increased network usage leads to more fees burned, creating deflationary pressure.
  • Supply Dynamics: The mechanism balances inflation from staking rewards and deflation from fee burning.

10. How will the introduction of transaction fees affect users?​

Transaction fees are minimal and serve as a congestion control mechanism:

  • Low Fees: Approximately 0.005 IOTA per average transaction.
  • Fee Burning: Fees are burned to reduce the total supply, creating deflationary pressure.
  • Staking Rewards Offset Fees: Users can earn staking rewards that may exceed the cost of transaction fees.
  • Sponsored Transactions: Developers can cover transaction fees on behalf of users, allowing for feeless user experiences.

11. How will this affect current token holders?​

For current token holders:

  • Balances Maintained: All balances will be migrated to the new network without loss.
  • Same Private Keys: Users can access their tokens using their existing private keys in the new IOTA Wallet.
  • Staking Opportunities: Token holders can participate in staking or delegation to earn rewards.

12. Firefly Isn't Working​

Firefly for IOTA is deprecated and no longer supports the new IOTA Mainnet network.

You should switch to the new IOTA Wallet.

13. How to Migrate from Firefly/Bloom?​

Firefly IOTA is no longer compatible with the new IOTA Mainnet. Please migrate to the new IOTA Wallet.

Using a Mnemonic:​

  1. Go to the new wallet.
  2. Create a new profile by importing your mnemonic.
  3. See: Getting Started with the IOTA Wallet

Using a Ledger Device:​

  1. Ensure your IOTA Ledger App is up to date:
    • Latest version: 0.9.3
    • Ledger Nano S (deprecated): 0.9.2
  2. Install via Ledger Live.
  3. See: Use IOTA Wallet with a Ledger Device

If you're using a Ledger Nano S, follow this specific guide.

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After importing your mnemonic or connecting your Ledger, run the Balance Finder. This tool will help locate all your addresses. You may need to press "search" multiple times, especially if your funds are widely distributed.

tip

Tip: It's easier to use the Balance Finder from the expanded wallet view.

14. I Have Missing Balances. Where's My Money?​

  1. Ensure you're using the correct mnemonic, seed, or Ledger.

  2. Use the Balance Finder to search for all your addresses:

  3. After finding your addresses, go to the IOTA Wallet Dashboard and check:

15. I'm Sure My Funds Are in a Specific Address But They’re Not Showing​

  1. Connect that address to the Wallet Dashboard.
  2. Navigate to the Migration tab and copy your legacy address.
  3. Paste it into the Archived Tangle Explorer to check past balances.

If you don’t see your funds there, they are likely in a different address. Run the Balance Finder again.

16. I Can't Connect My New Accounts to the Wallet Dashboard​

This is a known issue. Please follow these steps:

  1. Go to IOTA Wallet > Apps Tabs > Active Connections > Wallet Dashboard.
  2. Disconnect all accounts.
  3. Reconnect them again from the Wallet Dashboard.

17. I Lost My Mnemonic. Can I Still Migrate?​

Yes—if you still have your Stronghold file and its password, you can extract the seed:

  1. Use Firefly v2.1.0+ to extract the seed.
  2. Import the extracted mnemonic into the new wallet:
note

Restoring from seed is not an industry standard and may only work with IOTA Foundation-supported wallets. Once restored, transfer your funds to a wallet with a known mnemonic.

18. Importing a Stronghold Crashes Firefly​

If you still have a Firefly profile:

If you don’t have the profile:

  1. Download Firefly Shimmer.
  2. Create a Shimmer profile using your mnemonic.
  3. Log out and export the seed:
    Guide to Exporting Seed

19. What Does It Mean If My Account is Marked as "Legacy"?​

This means your addresses originate from the "Chrysalis rotating address era". These addresses are considered outdated and may not be recognized by newer wallets.

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We recommend moving your funds out of legacy addresses to ensure compatibility and accessibility.

20. Will there be any migration steps for users?​

  • Seamless Transition: The migration process is designed to be automatic; However, more complex asset structures such as NFTs, Aliases or time-locked assets need to be migrated via the Start Migration button on the IOTA Wallet Dashboard.
  • New Wallet Access: Users will need to use the new IOTA Wallet and can import their existing mnemonics or private keys.
Migrate Stardust Assets

Here is a step by step process on how to Migrate Stardust Assets.

21. Will transaction fees impact the feeless nature of IOTA?​

Yes, but:

  • Minimal Impact: Fees are very low and designed as a congestion control mechanism.
  • Net Gain for Users: Staking rewards can offset transaction fees, potentially resulting in more tokens than before.
  • Sponsored Transactions: Developers can sponsor fees, allowing users to transact without holding IOTA tokens.

22. How will the governance vote work?​

The governance vote allows IOTA token holders to decide on the proposed upgrade:

  • Announcement Phase: The proposal is announced, and the community is informed.
  • Voting Open Phase (7 days): Voters cast their ballots before counting begins.
  • Counting Phase (7 days): Votes accumulate over time; each IOTA token accumulates voting power at a rate of 0.01 votes per milestone.
  • Quorum Requirement: A minimum of 5% of the circulating supply must participate for the vote to be valid.
  • Outcome Determination: The option with the majority of votes prevails.

23. What happens if the proposal is accepted?​

If accepted:

  • Mainnet Upgrade: The IOTA network will transition to the new IOTA Rebased protocol after thorough testing and audits.
  • Network Transition: A final snapshot of the current network will migrate balances to the new network on a 1:1 basis.
  • IOTA EVM Chain Upgrade: The IOTA EVM Layer 2 chain will be temporarily paused and upgraded to integrate with the new ledger.
  • Wallet Transition: The IOTA Firefly wallet will be discontinued. Users can access their holdings with the new IOTA Wallet using the same private keys.
  • Token Continuity: No token migration is necessary; tokens will be available immediately after the launch.

24. What happens if the proposal is rejected?​

If rejected:

  • Current Operations Continue: The IOTA network will continue operating as it currently does.
  • Future Decisions: The IOTA Foundation will decide on future development paths and how to proceed with network improvements.

25. What is the IOTA Rebased proposal?​

The IOTA Rebased proposal is a significant upgrade to the IOTA protocol that aims to enhance the network's capabilities by:

  • Transitioning to an Object-Based Architecture: Moving away from the current UTXO model to an object-based ledger.
  • Introducing the Move Virtual Machine (MoveVM): Implementing MoveVM to enable Layer 1 (L1) smart contract capabilities.
  • Establishing Full Decentralization: Adopting a delegated proof-of-stake (dPoS) system with validators and stakers to secure the network.
  • Updating Tokenomics: Introducing staking rewards, transaction fees, and a fee-burning mechanism to create a dynamic supply.

26. What is the future roadmap for IOTA?​

The future roadmap includes:

  • Protocol Refinements: Enhancements like resilient consensus mechanisms and fairer gas pricing.
  • Multi-VM Ledger: Transitioning to support multiple virtual machines, including EVM, on Layer 1.
  • Tooling and Products: Developing new wallets, SDKs, CLI tools, and identity solutions.
  • Mainnet Launch Timeline: A potential launch in early 2025 after thorough testing and audits.

27. Why is IOTA making this change now?​

The change addresses:

  • Market Demands: There's a clear need for Layer 1 programmability and smart contracts to meet modern application requirements.
  • Technological Evolution: The new architecture allows for faster, more secure, and scalable solutions.
  • Avoiding Delays: Continuing with the current roadmap would require additional years of research and development with uncertain outcomes.

28. Where can I find more information and stay updated?​

Stay informed by: