IOTA
Foundation, a non-profit foundation focused on distributed ledger
technology (DLT) and open-source ecosystem development, today announced
that it has made a breakthrough step towards becoming the world’s first
scalable and fully-decentralised distributed ledger technology. The
planned protocol upgrade, known as Coordicide, provides a new,
decentralized mechanism for securing the IOTA network. With this upgrade
IOTA will be the first DLT to solve three fundamental problems with
blockchain technology: high fees, scaling and centralization.
IOTA developed the Coordinator to protect user funds while the network
was in its infancy. The Coordinator is a security mechanism that ensures
transaction finality and prevents double-spends. All Coordinator
activity is validated by the nodes in the network, such that funds
cannot be lost nor transactions reversed. From the outset IOTA has been
vocal about its plans to eventually remove the Coordinator, giving frequent
updates on its progress.
“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,” said David Sønstebø, Co-founder of IOTA Foundation. “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.”
IOTA Grows Research Team and Finds Coordicide Solution
In recent months, the IOTA Foundation has expanded its research team and
founded the IOTA
Research Council. These efforts have aided in the development of an
alternative, viable security mechanism that will enable the removal of
the Coordinator. A detailed description is presented in the white paper
released today.
The Future of the Tangle
At the heart of the Coordicide solution is a modular system that adds
flexibility across all aspects of the IOTA protocol. This brings
benefits of increased scalability, faster transaction finality and
easier node maintenance, as well as a variety of novel use cases. Data
streaming services and other real-time applications become a real
possibility with IOTA; use cases that are simply not feasible in other
DLTs.
The Coordicide solution realizes IOTA’s promise as a lightweight and
feeless ledger, overcoming the trilemma
of scalability, security and decentralization that continues to limit
other DLTs and blockchains.
For more information on Coordicide, an introductory video and access to
download the whitepaper, please visit: https://coordicide.iota.org/
About IOTA Foundation
IOTA is a not-for-profit foundation incorporated and registered in
Germany. The IOTA Foundation’s mission is to support the development and
standardization of new distributed ledger technologies (DLT), including
the IOTA Tangle. The IOTA Tangle is an innovative type of DLT
specifically designed for the Internet of Things (IoT) environment. It
is an open-source protocol facilitating novel Machine-to-Machine (M2M)
interactions, including secure data transfer, fee-less real-time
micropayments, and the collection and dissemination of sensor-based and
other data. www.iota.org
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