IOTA Foundation, an open-source ecosystem development has declared that it will launch the world’s first scalable and fully-decentralized distributed ledger technology known as Coordicide.
According to the official press release, at the root of the IOTA Coordicide solution is a modular arrangement that combines versatility across all phases of the IOTA protocol. This produces advantages of enhanced scalability, high-speed transaction integrity, and lighter node maintenance, as well as a variation of novel use cases. Data streaming services and other real-time applications become genuine feasibility with IOTA; use cases that are simply not achievable in other DLTs.
The IOTA Foundation released two videos that floated the long-awaited “Coordicide,” the shutdown of the so-called Coordinator.
What is the coordinator?
IOTA is based on a tangle structure. Each new transaction must confirm two old ones in order to be able to be self-confirmed. The coordinator is a central entity that secures the Tangle with a kind of safeguards, the so-called milestones (milestones). This is necessary because at present too few transactions are carried out to secure the completely decentralized network. The whole transaction chain that was confirmed by a milestone cannot be changed anymore.
Every minute the Coordinator executes a typical transaction with its sign on it, these are known as Milestones. Every transaction (also Milestones) establishes two other transactions. When users need to understand if a transaction is established, they discover the latest Milestone and notice if it obliquely confirms other transaction.
The purpose that the Milestones endure is because if users just selected any blind transaction, there’s the plausibility that the node they are connected to is wicked and is attempting to fool them into establishing its transactions. The people who run nodes can’t forge the signatures on Milestones, so they understand they can assume the Milestones to be legit. This also acts as an impetus for them to operate their own node as if they are operating a node they can trust it 100%.
Eliminating the Coordinator from the IOTA network will achieve a large endeavored after the purpose in the field of DLT: scalability without centralization. The explication itself is genetically modular, suggesting that users will have the final autonomy to tailor the system to their personal requirements. Its implementation will be a significant breakthrough in the IOTA Foundation’s intention of building an absolutely enterprise-ready DLT.
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