IOTA moves to a decentralized transaction confirmation mechanism

The IOTA project team, which is engaged in the development of cryptocurrency for the Internet of things, announced that the development of a mechanism for decentralized transaction confirmation has been completed, the project will soon switch to its actual use.

Coordicide, an update for the IOTA protocol, will primarily eliminate the centralized coordinator, who is responsible for the validation of the blocks, and will also take part in solving the problem of network scalability. Coordicide will monitor the level of security in the IOTA network, the completeness of transactions, preventing the occurrence of double spending.

Note that one of the main features of the new protocol is the absence of transaction fees. In addition, users will have the opportunity to adapt the interaction with Coordicide to their individual interests and needs. Initially, the IOTA team told its users that using a centralized coordinator is a temporary solution. The project, as promised, has improved its functionality. It is noteworthy that, amid such joyful news, the IOTA rate rose by more than 15%.