Developements

The IOTA Foundation has began moving towards Decentralization

The path to the implementation of Coordicide

The IOTA platform has started a new multi-part blog series which will be explaining their current plans for the removal of the coordinator from the IOTA network project. This will be a major milestone for the project as they move towards Decentralization.

The project team is very excited for an open discussion about the next steps in the IOTA devel0pment. While this particular coordination can be safely removed, this is the stage of the Coordicide.

IOTA in the Blockchain space

The series will be revisited like in the early days of the network, this is the context that can be used in order to get a better understanding and the overall network design. The team thinks that this will be a natural next step in the evolution of the IOTA Blockchain platform.

In the early days of the Blockchain and Cryptocurrency where Big decisions are made

The IOTA whitepaper security presented is based on the assumption that rates of honest transactions are much larger than that of an attacker’s transactions.  Currently, the network relies on Proof of Work as its primary security mechanism, this means if an attacker controls the majority of hashing power on the network they can also control the direction of consensus. Also, this will mean an attacker may be able to double spend and split the network.

A safety mechanism has also been put in place in order to protect users’ funds during the early periods. Also, similar mechanisms have been used in more or less every public DLT in order to protect the networks in the initial stages.

The Coo (coordinator) will be used in order to prevent double spends when the network does not contain enough hashing power.

The coordinator works with as many as needed followers in order to periodically issue normal signed transactions. With these milestones, the consensus rules are very straightforward with the execution of transactions which must be confirmed.

The Coo’s job is to make sure milestone contracts do not contradict itself. The other nodes in the network will also be able to accept this transaction.  So if the Coo doesn’t meet up to standard, the funds are lost and no transaction can be reserved.

The IOTA foundation power cannot change the history of the Blockchain and it also does not mean that the IOTA Foundation can take user’s funds. This makes IOTA already a fully scalable decentralized Blockchain network.

The Coo progress is the new standard on the IOTA foundation

There are a few reasons why it is unnecessary for the Coo to continue for a long time. In theory, it allows for the IOTA foundation to choose which transactions receive priority. This allows for the IOTA Foundation to freeze funds, by having milestone ignore transaction that spends them.

It is a single point attack. If for some reason Coo stops working or is taken over, confirmations in the network will halt. Coo has been a limiting factor for the scalability of the network.

There are a few reasons why this kind of approach is valid and of importance as it does not justify Coo premature while putting users funds at risk. The purpose of the Coordicide project is to make sure that the project works well. There is much reliance on the Proof-of-Work and the Coo network. This will enable a much deeper knowledge and behavior of the Tangle program under various conditions.

The Proof-of-work concept, however, is expected to continue as a long-term solution on the network as well as any scaling limitations. This is currently presented with the same level of challenges as the Distributed Ledger technology which is similar to the Blockchain technology infrastructure. This means that the vision of the Coordicide project relies heavily on alternative security mechanisms.

The Foundation has mentioned that they are planning to remove the Coordinator when their research team has finished with the coordinate-free Tangle.

This is from proof-of-work to the optimization of the selected reputation system. The IOTA Foundation has made good progress in the field of the research and plans with the IOTA platform into the next stage of life.

What are your opinions of these developments on the iota foundation? Please feel free to leave a comment below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

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