IOTA, a DLT project with a development center in Berlin, had high hopes for an innovative solution for the “Internet of Things” and massive price gains in the future after a massive bull run at the end of 2017. In the end, everything went wrong, and the project came to a halt. Most investors have had to watch the IOTA price plummet since then. Can the IOTA Coordicide update with new decentralization, on the other hand, cause the IOTA price to explode? Let’s take a look at it in more detail.
What happened to IOTA in the last few years?
IOTA first appeared on the crypto market in 2017, causing a frenzy among venture capitalists and other interested investors. In contrast to the blockchain, which Bitcoin used to communicate and secure the network, IOTA introduced the tangle as a distributed ledger structure. This should raise the bar for decentralized communication.
IOTA positioned itself as a network that offers a solution for the “Internet of Things”. This should allow technological devices to communicate decentralizedly. Large partnerships, including one with the German technology giant Bosch, drove up the price of the IOTA token.
IOTA’s development did not go as planned just after a bear market in 2018. In addition to missed deadlines, there were disagreements within the development team. The Tangle structure’s lack of decentralization was a major issue. The price plummeted during the 2018/2019 bear market and was unable to match previous levels during the subsequent bull market.
What is IOTA Coordicide?
The Coordicide update is essentially an IOTA 2.0 update. The most important step is network decentralization. The central coordinator in the Tangle was a major issue for IOTA, which had to be removed over time.
At the moment, no date has been set for when the central coordinator will be turned off completely. So far, Coordicide is still being tested in the Shimmer testnet. If the tests are successful, it may be time soon.
The final updates will be performed at IOTA. The “Stardust” upgrade is designed to encourage the use of smart contracts. Shimmer also tests the connection to the Ethereum Virtual Machine (EVM).
Will the price of IOTA skyrocket after the update?
The community has been anticipating Coordicide for several months. That community remains optimistic that the project will soon be able to fulfill the lofty promises it made five years ago. IOTA, with its decentralization and high scalability via the Tangle, should be one of the most exciting projects in 2023.
In the coming bull market, the IOTA price may rise even further. An explosion in the bear market appears improbable. However, IOTA may perform better in the future during bullish phases. However, it is difficult to predict whether the price will ever again reach its all-time high from the beginning of 2018.
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