IOTA Unveils Decentralized Transaction Validation, Substituting Centralized Version
The IoT blockchain network Iota (IOTA) has finished plans to increase the level of decentralization of trade verification. As per the company’s media statement and blog article, its Coordinator system will be replaced by a distinct tool called “Coordicide.”
Like its forerunner, Coordicide will handle transaction safety, ensure transaction processes, and prevent double spending.
The move signifies a huge step towards full decentralization for IOTA, which had earlier asserted that its Coordinator was a provisional solution.
David Sønstebø, co-founder of IOTA Foundation, said
“We have been working towards the removal of the Coordinator 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 to fruition,” commented in the press release.
Sønstebø further stated
“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 native token of the company soared around 18T on the news, following earlier profits on the basis of an agreement in with the UK vehicle maker Jaguar Land Rover late April. Also published was a freely accessible whitepaper for Coordicide. IOTA / USD is presently trading at just over $0.5057, down roughly 90% from the pair’s historic peak of $5.23 in December 2017.