IOTA Achieves Huge Milestone with Coordicide Release

News
Tue, 05/28/2019 - 17:35
Alex Dovbnya
IOTA is vying to solve the scalability issues that are plaguing the crypto industry without the centralization tradeoff   
Cover image via U.Today
Contents

IOTA has just made a major step towards becoming “the first permissionless and scalable DLT technology” by removing the centralized coordinator from its mainnet. The much-anticipated protocol upgrade, which is dubbed ‘Coordicide,’ will make IOTA fully decentralized.

card

Killing the Coordinator  

Figuring out how to ‘kill’ the coordinator was one of the major challenges for IOTA. On May 27, IOTA co-founder Dr. Serguei Popov revealed that they had advanced a lot and figured out ‘Coordicide,’ which made it clear that the upgrade was already in the pipeline.

It is both exciting and humbling to have achieved our current level of progress in such a short space of time,” the press release states.

In its infancy, IOTA had to rely on the Coordinator (or the ‘Coo’) in order to secure the network and prevent double spend. While the Coo was useful at the early stage of IOTA’s development, it would still give ground to centralization concerns given that the Foundation could theoretically prioritize transactions of freezing its users’ funds. Moreover, it prevented the Tangle from reaching a higher level of scalability.

Related
IOTA Teams Up with Hackster.io to Propel Development of Smart Cities

The timeline is unclear

Still, it is not exactly clear when Coordicide will be implemented. One of the IOTA representatives revealed it would be determined by “a number of variables.” As of now, their target seems to be Q1 2020.     

The MIOTA price spiked by more than 7 percent on the upgrade news during its first stand-alone pump since the Jaguar partnership.

Subscribe to U.Today on Twitter and get involved in all top daily crypto news, stories and price predictions!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy