- The centralized coordinator has for long troubled the IOTA community
- Founder Serguei Popov says the coordinator can be replaced
- MIOTA currently trades at $0.27
The centralized coordinator has been perhaps the biggest Achilles Heel for Tangle-based project IOTA. However, if the recent chain of events is something to go by, the coordinator might be on its way out and could be replaced by a new mechanism called “fast probabilistic consensus mechanism.”
Speaking on the Untangled Podcast on March 8, 2019, IOTA (MIOTA) founder Serguei Popov made a big revelation that the team has found a way to function without a network coordinator. Notably, IOTA Foundation has already released a coordinator testnet to test the functioning a coordinator-less environment.
“The main task which we have right now is getting rid of the coordinator of the network. We also call it coordicide and well I think we are on a very good track, and we figured it out already.”
” […] The main task which we have right now is getting rid of the coordinator of the network. We also call it coordicide and well I think we are on a very good track, and we figured it out already. […]” #IOTA #Tangle pic.twitter.com/mXfYu592BP
— IOTA News (@iotatokennews) March 7, 2019
As can be inferred from the above tweet, the new solution called “fast probabilistic consensus mechanism” will likely replace the coordinator without the latter’s centralized characteristics.
Recent Developments Pertaining to IOTA
2018 was a spectacular year for the IOTA community which saw an array of developments surrounding its flagship Tangle.
The IOTA Foundation would want to carry the same positive momentum into 2019 and it seems that their efforts have been fruitful till now.
As reported by Blockchain Reporter on February 15, 2019, IOTA’s Tangle was used to develop a proof of concept to power energy grids in partnership with the Dutch firm called ElaadNL.
Further, on February 27, 2019, reports emerged how the IOTA has partnered with Groupe Renault for Smart City Hackathon. As a part of the initiative, the community has invited blockchain developers from all around the world to create smart city solutions based on the Tangle.
At present, IOTA’s cryptocurrency MIOTA sits at 14th position on the CoinMarketCap cryptocurrency table with a total market cap of $776 million and 24-hour trading volume of slightly above $10 million. The digital token trades at $0.27; up by 0.38 percent in the past 24 hours.