The network’s “Coordicide” solution replaces the temporary Coordinator function in place since launch.
Like its predecessor, Coordicide will manage transaction security, ensuring transactions process and that the same funds are not spent twice (so-called double spending).
According to executives, the move marks a major step towards complete decentralization for IOTA, which had previously stressed its Coordinator was a temporary fixture.
“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,” David Sønstebø, co-founder of operator the IOTA Foundation, commented in the press release. He added:
“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.”
IOTA/USD currently trades at just over $0.50, still over 90% down versus the pair’s all-time high of $5.23 in December 2017.
A publicly-accessible whitepaper for Coordicide has also been released.