IOTA Accomplishes New Feat with the Release of Coordicide in a Bid for More Decentralization

The Internet of Things (IoT)-focused cryptocurrency IOTA has recently announced Coordicide, a new coordinator solution launched by the company. The company was often trying to solve scalability issues on the platform and this one will possibly help to face the problems.

Basically, the Coordicide protocol upgrade was responsible for removing much of the centralized coordinator that the network had before. The name of the upgrades comes from coordinator and homicide, too, which is very appropriate.

This upgrade will be vital in order to make the network fulfill its promises of becoming really decentralized, something that it was struggling to make before. If you are not familiar with the history of IOTA, you may probably not know, but killing the coordinator was one of the major challenges ever faced by the ecosystem.

IOTA’s co-founder, the doctor Serguei Popov, has affirmed that the upgrade was already being developed for a quite lot of time. According to him, it was a very exciting moment to finally be able to achieve more progress in a short time span such as this one.

Since IOTA was created, the network had to rely on the Coordinator in order to prevent the double spending o the network. The main problem caused by this was that this prevented the company from being really decentralized since it was not really run by independent miners, but by the Coordinator instead.

Another common complaint was that the solution lacked any kind of censorship resistance. It was heavily centralized and this angered some of the most hardcore users who wanted to have a more open environment.

While this development was very important for the humble beginnings of the community, people disliked the funds of the users could be frozen using this technology. It was also the Coordinator that was deemed as the main reason for why the Tangle update could never be more scalable than it actually was.

The founder of IOTA, David Sonstebo, affirmed that the company was working towards removing the feature ever since the product was first launched, but they were simply not able to do it before. If the problem is removed, he believes that IOTA will be the first company to be able to solve the unholy trinity of the blockchain: high fees, centralization and scaling.

According to the company, which did not reveal many details about the upcoming launch, the new modular system will add more flexibility to the protocol. Over 1,000 transactions per second will be possible when the process is finally done, so it is obvious that most of the supporters oft the network are eager to see results.

When Will The Coordicide Happen?

At the moment, it is not fully clear when the Coordicide, the homicide of the Coordinator, will happen. A representative from the company affirmed that this depended on several reasons and that the new target of the company was to do it until Q1 2020.

Ever since the announcement, the price of the MIOTA tokens was raised by 7%. IOTA is currently worth one billion USD by CoinMarketCap and it is backed by Bosch, a German company focused on engineering.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Gabriel Machadohttps://bitcoinexchangeguide.com/
Brazilian journalist who is interested in the future of the financial world. Has a special interest in the blockchain technology and the global financial markets. Covers economic and technology news with a focus on the fintech industry and has been writing about the cryptocurrency market since the start of 2017.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,469FansLike
2,795FollowersFollow
4,232FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

DeFi App Aave Creates First Credit Delegation Loan to DeversiFi Decentralized Exchange

DeFi lending platform, Aave completes its first-ever ‘credit delegation’ as DeversiFi borrows over $230,000 without posting collateral. The service agreement was signed on...

Bitcoin Futures Trading at a High Premium; Already Hitting $12,000 on CME

Bitcoin has yet again gained momentum, with people expecting for $12k to hit soon. According to analyst Mati Greenspan, for a sustainable rally, a...

Polkadot (DOT) Launches The First Parachain Implementation Testnet, Rococo

Polkadot introduces parachain functionality with Rococo testnet, a Proof of Authority (PoA) network, allowing users to send direct messages to the Relay Chain and...

Bitcoin Self-Custody Provider Casa Now Allows Users to Buy BTC via Apple Pay

Bitcoin self custody service provider, Casa now allows its customers to buy and hold their own bitcoin. Selling BTC is not supported yet. According...

Four Top Chinese State-Owned Banks Are Testing The Chinese Digital Yuan Project (DCEP)

In an unconfirmed report, four Chinese state-owned banks are gradually testing the ‘digital renminbi’ wallet app and Digital Currency/Electronic Payment (DCEP) system in different...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today