IOTA Coordicide, the Future of Machine Economy?
The pace of innovation in crypto is unparalleled. However, there are legacy projects within the space that continue to draw attention and finances.
Take IOTA as an example.
Traders move over $240 million of IOTA every day. The network's value proposition attracts long-term investors.
For one, it diverges with Bitcoin and other blockchains. IOTA is blockless using Direct Acyclic Graph (DAG) but uses Proof-of-Work for transaction confirmation. Because of this design, IOTA turns out to be infinitely scalable and will soon have smart contracting capability.
All positives until its federation come into the picture.
IOTA is a work in progress, creators maintain, and the Coordinator must guard it.
Over time, complete decentralization would mean removing the central Coordinator in what's known as Coordicide.
This process will be executed in lock-steps, over three phases: Pollen, Nectar, and Honey.
Presently, progress towards Coordicide—in Honey—is progressing positively. Soon IOTA will be infinitely scalable with zero transaction fees and wholly decentralized and secure, suitable for running Internet-of-Things dApps and priming the machine economy.