IOTA’s Community Liaison, Andrew Greve, yesterday, May 28, 2019, announced in a blog post about the IOTA Foundation’s plan to roll out a software upgrade that will put a stop to high fees, solve scalability issues, and most especially, end centralization on the network.
The Coordicide Solution
Current problems on the network have been considered hindrances to the projects’ global adoption. Therefore, the project team has worked tirelessly and has informed the community about a long-awaited solution, dubbed “Coordicide.”
David Sonstebo, IOTA Foundation’s co-founder, speaking on the proposed upgrade said;
“We have been working towards the removal of the Coordinator since IOTA’s inception.
Now, we are bringing that promise to fruition. With this major milestone, we are poised to accelerate into our next phase of growth and enterprise adoption in the real world.”
As at this moment, not much has been said about how the system works. However, the upgrade is believed to be a solution to the three major challenges facing the network – which are scalability issues, high fees on transactions, and centralization.
IOTA Cryptocurrency Sees Gains As A Result Of The Announcement
The community seems to be pleased with the new development as the price of IOTA has soared incredibly within the past 24hrs, accumulating a 20 percent gain against the US Dollars and 21.70 percent against the bitcoin respectively.
IOTA, the 15th ranked cryptocurrency globally is currently priced at $0.53, a new year’s high.
“IOTA is a revolutionary new, next-generation public distributed ledger that utilizes a novel invention, called a “Tangle”, at its core. The Tangle is a new data structure based on a Directed Acyclic Graph. As such, it has no Blocks, no Chain and also no Miners.”
IOTA’s mission is to connect devices globally. These devices can be tracked in real-time. The number of connected devices on the network is estimated to reach 75 billion by 2025, according to the project’s official site.