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.