IOTA will move to a decentralized transaction confirmation mechanism

The IOTA Foundation announced the completion of the development of a fully decentralized mechanism for verifying transactions and protecting the blockchain.

The Coordicide protocol update removes the centralized «coordinator» when validating blocks, and also solves the problem of network scalability. New mechanism, like the previous one, will also be responsible for the security and completeness of transactions, avoiding double spending.

Since the launch of the project, the developers have said that the centralized coordinator is a temporary solution, which will be eliminated as the distributed ledger and the research team develop. One of the features of the protocol is the absence of transaction fees. The technical features are described in detail at project website.

Coordicide is a modular solution, so users have absolute freedom to tailor the system to their individual needs. It will also help prepare the IOTA network for the enterprise..

 

The news stimulated the growth of the MIOTA rate, which over the past 24 hours climbed 19.14% and stands at $ 0.5165 at the time of writing.

IOTA will move to a decentralized transaction confirmation mechanism

The Monero team also plans to make significant changes to the protocol. Anonymous cryptocurrency paid audit of a new PoW algorithm that will make GPU mining ineffective.

text: Ivan Malichenko, photo: 404store, video: YouTube / IOTA Foundation

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