IOTA announced a $5 million grant program to contribute to "Coordicide"-related research, the elimination of the project's centralized coordinating node.
IOTA is a cryptocurrency that aims to facilitate IoT transactions by creating a fee-less, highly scalable, asset transfer network.
In May 2019, IOTA Foundation announced its push toward Coordicide-a planned upgrade for IOTA which removes the network's centralized coordinating node.
Currently, in theory, the IOTA Foundation could harm the network by choosing which transaction receive priority or freeze user funds.
To further contribute to the process the IOTA Foundation is offering $5 million in grants for Coordicide-related research.
Unlike other major cryptocurrencies, IOTA does not use a blockchain-based structure for its network.
Instead, the project uses a different distributed ledger technology called a directed acyclic graph, allowing multiple chains of transactions to co-exist and interconnect.
For reference, unlike Bitcoin which relies on miners to validate transactions and maintain network security, the Tangle depends on users who send transactions to validate the correctness of two other transactions while the Coordinator ensures transactions do not contradict previous transactions.
These characteristics make the network more inherently sustainable and scalable, assuming a large enough number of transactions are conducted.
Initiatives such as this research grant may expedite the transition to Coordicide, cementing IOTA's position as a decentralized tool for machine-to-machine transactions.
IOTA launches $5 million Coordicide research grant program
gepubliceerd op Aug 10, 2019
by Cryptoslate | gepubliceerd op Coinage
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