Internet of Things (IoT) blockchain network Iota (IOTA) has completed preparations to further decentralize its transaction validation, Cointelegraph Auf Deutsch reported on May 28.
According to a press release and blog post from the company, its Coordinator mechanism will now give away to a new tool dubbed “Coordicide.”
Like its predecessor, Coordicide will manage transaction security, ensuring transactions process and that the same funds are not spent twice (so-called double spending).
According to executives, the move marks a major step towards complete decentralization for IOTA, which had previously stressed its Coordinator was a temporary fixture.
“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,” David Sønstebø, co-founder of operator the IOTA Foundation, commented in the press release. He added:
“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.”
The company’s in-house cryptocurrency token jumped around 18% on the news, which followed previous gains on the back of a deal with United Kingdom car manufacturer Jaguar Land Rover late last month.
IOTA/USD currently trades at just over $0.50, still over 90% down versus the pair’s all-time high of $5.23 in December 2017.
A publicly-accessible whitepaper for Coordicide has also been released.