Crypto News: IOTA Gets Ready To Fly After Coordicide

Hi Steemians,

The Berlin-based Foundation has nicknamed the decoupling “coordicide” and it has set the stage for what for what a dedicated IOTA blogger is calling “the first project that fulfills Satoshi’s vision but without mining.”

IOTA currently uses a proof-of-work (PoW) algorithm that is designed to prevent an attacker from possessing more than one-third of the network’s hashpower. It’s safeguarded by the coordinator node to ensure the security of the network. IOTA compares it to Bitcoin’s hard-coded checkpoints.

While there are limitations to what the IOTA Foundation can do via the coordinator node, it also reeks of the centralization that DLT projects are supposed to bypass. IOTA admits that there are “undesirable” features tied to the checkpoint, such as the foundation being able to prioritize transactions, freeze funds or inadvertently shut down confirmations on the network. As IOTA moves to a “coordinator-free Tangle,” which is anticipated for 2019, they are exploring alternative security mechanisms to PoW.

Feeding Sheep With MIOTA Tokens
As an IoT startup, IOTA is focused on machine-to-machine communication fueled by the MIOTA token. As a result, it has become an interesting project to mainstream companies like German fintech Wirecard, which is reportedly interested in the IOTA technology.

IOTA uses a Directed Acyclic Graph, which is a type of distributed ledger technology that is not a blockchain. The unique nature of IOTA’s Tangle, which removes the need for miners and fees, is rivaled only by the type of projects that are built on it.

For instance, instead of raising virtual CryptoKitties, a Feed the Sheep app lets users fund Ouessant sheep feedings in real time over the Tangle. The process is similar to a feeding dispenser at the zoo, except instead of hand-feeding the animals, you send a payment in IOTA to an address that drops a food granule into the solar power-fueled sheep house.

Feedings are broadcast live, incentivizing animal lovers to participate and giving them the transparency to see exactly how their funds are being directed. The app highlights IOTA’s focus on micropayments and speedy transactions, features that cannot be readily added to the Bitcoin network.

Vienna-based Samuel Rufinatscha is behind an e-voting protocol built on the Tangle that is under development. He told Crypto Briefing that Tangle is a “perfect foundation” for his project:

The feeless and immutable nature of the Tangle provides the perfect foundation for it. Anyone can take part, it costs nothing. Once the ballot is on the Tangle, it is impossible to alter or eliminate it. True verifiability can be achieved.

Rufinatscha added that the IOTA research team has made “great progress regarding coordicide,” adding that “proposed solutions look promising.” He is confident that the “coordinator will be removed in near future.”

Ref : https://cryptobriefing.com/iota-ready-fly-after-coordicide/

Cheers