On Tuesday, the IOTA team published a significant, new update that addresses a major criticism of the project, and will now ensure full decentralisation. Removing the controversial “Coordinator” will have a huge impact on IOTA’s adoption, with improvements on transaction costs, network security and existing scalability issues.
IOTA Announces Coordicide Solution: A Distributed Ledger Technology which Removes the Barriers to Real-World Adoption. https://t.co/g7qdimiDew
More details on https://t.co/Gx8P2tMgtH#IOTA #Coordicide
— IOTA (@iota) May 28, 2019
The announcement led to a surge in IOTA’s price, which is up 40% since the weekend.
The Internet-of-Things token had previously received heavy criticism for its centralised protocol. The “Coordinator” used to ensure users’ funds during the first stage inside the platform. This specific feature was the epicentre of the FUD against the project. However, with its newest improvement, the team has caught investors’ attention once more. Ensuring scalability without the need for a centralised process is an outstanding development inside the field of distributed ledger technologies (DLT).
Coordinator, is one of IOTA’s nodes, which serves as the main shield for users’ funds and transactions. This is impractical, as every transaction had to be approved by the Coordinator. The latest update will now give increased freedom to users and their needs.
The IOTA Research Council, composed by recognised academics such as Robert Shorten, Bill Buchanan, and Moody Alam, have been working hard to establish a new strategy for the protocol. IOTA has shown that their team is at the forefront of their area of expertise and the replacement of the Coordinator has done nothing but confirm that.
What we have seen this week is the market realising the intrinsic value of IOTA’s tech. This is certainly not the first or the last milestone improvement that the team will release, and the bulls are aware of it. This week, IOTA has surged 43%, with today being its fourth consecutive day posting gains. Today, IOTAUSD is up 1.74 %. The pair is now consolidating around $0.52, but if the bullish momentum can maintain, we are likely to see the price reach the $0.60 resistance.
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