Altcoin News: IOTA Added 19% on the Background of the Announcement of a Large-Scale Update Coordicide

May 29, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The rate of the token of the crypto-project IOTA has grown by more than 19% over the past 24 hours. Events unfold on the background of the announcement of the upcoming upgrade called Coordicide.

In accordance with the original intent, IOTA developers have implemented a “coordicide” mechanism in their system to protect user assets and prevent attacks during the formative phase, but its centralized nature has repeatedly caused complaints from the community members.

Chart credit: CoinMarketCap

“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,” said David Sønstebø, Co-founder of IOTA Foundation. “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.”

In addition to eliminating the coordinator from the IOTA system, Coordicide is expected to speed up the processing of non-commission transactions, simplify node maintenance, and increase scalability without sacrificing decentralization.

In January, the IOTA Foundation announced that they were able to almost completely recover the funds stolen during the hacker attack in early 2018.

Author: Marko Vidrih