IOTA [MIOTA] made headlines over the last couple of weeks on the back of which, IOTA Foundation launched a new website which incorporated the blueprint of a protocol update called Coordicide. With the launch, IOTA has announced that it is developing its scalable and fully decentralised distributed ledger technology.
Through the release of Coordicide’s blueprint, IOTA intends to resolve issues related to high transaction fees, scalability and decentralize the network further. IOTA Foundation had put in place, ‘Coordinator’, which protected user funds during the initial stages of the network. The said upgrade will furnish a new mechanism for securing the network, while eliminating the ‘coordinator.’
According to the press release, David Sønstebø, Co-founder of IOTA Foundation, while commenting on the release of blueprint stated,
“We have been working towards the removal of the Coordinators since IOTA’s inception. Now with the maturity and growth of the protocol and the quality of our research team, we are bringing that promise to fruition. IOTA was designed to address the limitations of Blockchain with a feeless and scalable solution. That is now becoming a reality. With this major milestone, we are poised to accelerate into our next phase of growth and enterprise adoption in the real world.”
Expansion of the IOTA research team led to the formation of IOTA Research Council, which in turn enabled smooth development of an alternate and effective security mechanism replacing the Coordinator from the picture. Along with scalability and decentralization, deployment of Coordicide will bring flexibility, faster transaction times and simplified node maintenance. Coordicide seems to finally be a solution to the tri-factor problem – Scalability, Decentralization and improving blockchain technology.
The release was confirmed by IOTA News in a tweet,
IOTA gained by 52% over the last week, in the wake of partnerships with Jaguar, Avery Dennison and French agtech start-up, OKP4. IOTA was priced at $0.4770 with a market cap of $ 1.3 billion. IOTA was gaining by 12.01% over the last 24 hours, at press time.
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