IOTA cryptocurrency project is entirely different from its blockchain counterparts since it uses a directed acyclic graph (DAG) forming a web of transactions instead of a blockchain. IOTA calls it the Tangle. However, MIOTA depreciated for a while after its rise to fame in the 2017 bull run. The unique cryptocurrency project can no longer be ignored. The anticipated removal of the centralized coordinator from IOTA’s mainnet may soon be realized.
In a video posted on May 27, Dr. Serguei Popov, IOTA’s co-founder, mentioned that their team and researchers are focused on figuring out how to remove the coordinator through Coordicide.
Coordicide is a significant step in the development of IOTA since it will further decentralize the network. Consequently, it will give room for the Tangle to increase instability and speed, therefore enabling thousands of transactions per second.
The coordinator currently helps prevent attacks such as the ability for an entity to spend the same MIOTA twice. During the early stages of the project development, the centralized position has been of great importance, but the research team is now on geared towards making the platform less centralized.
Popov, in his video post, exuded confidence that the IOTA team and the researchers have figured out how to remove the coordinator.
The change IOTA will enable the project to realize its potential and provide the infrastructure for a scalable machine to machine interaction.
IOTA is beginning to establish itself as a machine to machine transactions and data sharing platform in the automobile and transportation industry. IOTA has already partnered with Texas and the city of Austin to improve the city’s transportation system.
IOTA also has partnered with several automobile manufacturing companies such as Volkswagen and Jaguar. IOTA has even collaborated with Ford to discuss proofs of concept that it has developed.
Do you think the removal of IOTA’s coordinate will help improve its performance?
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