The IOTA Foundation has announced the launch of Coordicide,
a planned protocol upgrade that provides a new, decentralised mechanism for
securing the IOTA network. This upgrade makes IOTA solve three major issues
with blockchain: high-fees, scaling, and centralisation.
Initially, IOTA developed the Coordinator to
protect user funds. The Coordinator is a security tool, which safeguards
transaction finality and prevents double-spends. All the activities are
authenticated by the nodes in the network so that funds should not get lost and
neither the transactions are not reversed. The IOTA Foundation has expanded its
research team and founded the IOTA Research Council in recent months. These
efforts have helped the development of an alternative and a feasible security
mechanism that will enable the removal of the Coordinator.
“IOTA was designed to address the limitations of
blockchain with a feeless and scalable solution,” said David Sønstebø, co-founder of the IOTA Foundation in
a statement. “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.”
Writing a review for
this publication in April 2018, JeraSoft CEO Suren Arustamyan argued that IOTA
is able to tie together virtually all processes in the IoT ecosystem by
configuring transaction chains and the ability to conduct micro-transactions in
enormous quantities. Problems with scalability in Tangle, unlike for
blockchain, do not occur. The platform is implemented so that the device for
interaction with other nodes should not have uninterrupted access to the
Internet, he said.
Arustamyan further said that IOTA potentially creates a situation in which a powerful transaction will disrupt network security. If it comes from a node that has collected 51% of the total capacity, then the so-called 51% attack will occur. The node will gain control over the network, which will allow it to double expenditure. This is like a Bitcoin mine with 51% of the processing power.
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Credit: Blockchain News