IOTA (MIOTA) Coordicide Version 1 Aims to Scale 1,000 TPS
In the latest edition of the IOTA (MIOTA) Argentina Community Cluster Meetup, the distributed ledger technology (DLT) project’s research team shared several insights regarding the current state of progress in the IOTA ecosystem.
IOTA Working to Eliminate the Coordinator
Calling the Coordinator “Good Guy Coordinator,” the virtual meetup kicked-off with Darcy Camargo, a member of the IOTA research team, noting the next step in IOTA’s journey toward becoming fully decentralized is to kill the Coordinator.
There are three main reasons to remove the Coordinator – responsibility, scalability, and centralization.
At present, the IOTA Foundation is “responsible” for all the circulating MIOTA tokens. However, in the long run, the Foundation wants tokens holders to be responsible for their digital tokens, and the first step to achieve that is by eliminating the Coordinator.
Camargo said the presence of a central entity such as the Coordinator also stuns the scalability potential of the IOTA network.
Finally, as previously reported by BTCManager, Coordinator is perhaps the biggest hurdle for the IOTA community barring it from achieving true decentralization. A transition from the Coordinator to the fabled Coordicide will mark the beginning of a through and through decentralized IOTA network.
In the meetup, Camargo said the removal of the Coordinator is “just the tip of the iceberg.” The implementation of the Coordicide will essentially allow the IOTA Foundation to work from scratch to make the network fast, secure, scalable, and fully decentralized.
However, it’s worth noting that the Coordicide is not the silver bullet to all the issues the IOTA Foundation is looking to fix. Rather than being a single project, the Coordicide is a continuous ever-evolving project.
According to the Foundation’s plan, the Coordicide will be released in two versions. While version 1 of the Coordicide will focus on the Internet of People (IoP), version 2 will focus on the Internet of Things (IoT).
Camargo added that currently, there are several companies that are willing to implement and use a decentralized network that can sustain a bandwidth of 1,000 transactions per second (TPS).
He added that the Coordicide’s initial target will be to scale up to 1,000 TPS, while eventually, with the implementation of technological upgrades in the form of sharding, among others, the Coordicide will practically be able to scale unlimited in the long-term.