The IOTA Foundation has recently announced that it is moving forward with a scalable and fully-decentralized distributed ledger technology. The Foundation unveiled a new website that includes the blueprint for the upcoming protocol upgrade called Coordicide. The goal is to provide a decentralized mechanism to secure the whole network.
IOTA Foundation Releases Blueprint for Coordicide
The market continues to expand with projects that are releasing new products and plans for the future. This time, the IOTA Foundation decided to unveil a new blueprint for the planned protocol upgrade that is called Coordicide. The upgrade will be providing a new mechanism for securing the network and it will e removing the centralized “Coordinator.”
The issues that the network wants to solve are the same as the ones that other networks such as Ethereum (ETH) or Bitcoin (BTC) are trying to solve: high fees, scaling, and centralization. For example, Bitcoin is working on the Lightning Network (LN) and Ethereum on Serenity.
The Foundation has developed the Coordinator to protect users funds while the network was just starting and growing. Things are changing and the security mechanism that ensures transaction finality is not needed anymore.
David Sønstebø, the co-founder of the IOTA Foundation, explained about it:
“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 o 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.”
The IOTA Foundation has been expanding around the world with a larger research team. At the same time, they have decided to found the IOTA Research Council in which they are working on an alternative and viable security mechanism that will enable the removal of the Coordinator.
Regarding the Tangle, Coordicide includes a modular system that also adds flexibility across all different aspects of the IOTA protocol. That brings the benefits of increased scalability, faster transactions and easier node maintenance.
Currently, IOTA (MIOTA) is being traded around $0.496. It has a market capitalization of $1.38 billion and it is the 15th largest digital asset in the market. Due to this announcement, it became the best performing asset among the top 36 digital assets.
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