IOTA (MIOTA), the directed acyclic graph (DAG) based cryptocurrency project that’s entirely different from its blockchain counterparts, fell below the radar for a while following its rise to fame during 2017’s bull run.
However, this unique cryptocurrency project can no longer be ignored, as the long-anticipated removal of the centralized coordinator from IOTA’s mainnet – referred to dramatically as the act of “Coordicide” – may soon be upon us.
As previously reported by IIB, IOTA co-founder Dr. Serguei Popov mentioned in a video post on May 27 that their team and researchers are now heavily focused on figuring out how to remove the coordinator.
A Big Change Coming to IOTA
This so-called “Coordicide” is a major step in IOTA’s development, as it will further decentralize the project and allow IOTA’s unique DAG-based tangle to increase in speed and scalability, thus enabling more than thousands of transactions per second.
Currently, the coordinator helps prevent attacks on the network, such as double spends. This centralized position has been necessary during the project’s early stages of development, but IOTA’s research team is now on the cusp of envisioning a coordinator-free Tangle sufficiently.
As stated in the IOTA video update, Popov revealed that he is confident that IOTA’s team and researchers have figured out how to remove the coordinator and now have a lot of work to do to achieve this.
Therefore, we can expect to see a big change coming to IOTA soon that will enable the project to realize its potential, providing the infrastructure for scalable machine-to-machine transactions.
IOTA’s Future Looks Bright
Not only will IOTA’s coordinator be removed in the foreseeable future, but the project’s massive array of partnerships are finally beginning to come to fruition.
For instance, IOTA is beginning to establish themselves as the front runner for machine-to-machine transactions and the sharing of data in the transportation and automobile industry.
The city of Austin, Texas has already partnered with IOTA to improve the city’s transportation system, and IOTA has partnered with multiple automobile manufacturing giants such as Jaguar and Volkswagen. They have even collaborated with Ford to discuss proofs-of-concept that IOTA has developed.
All in all, IOTA has a lot going for itself, especially now that its revolutionary DAG-based tangle technology is better understood and almost ready for the removal of its centralized coordinator.
Do you think IOTA’s removal of the Coordicide will go as planned and be successful? Let us know what you think in the comment section below.
