IOTA Foundation is a non-profit foundation focused on distributed ledger technology (DLT) and open-source ecosystem development. It is registered in Germany and its mission is to support the development and standardization of new distributed ledger technologies (DLT), including the IOTA Tangle.
The IOTA Tangle is an innovative type of DLT specifically designed for the Internet of Things (IoT) environment. It is an open-source protocol facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer, fee-less real-time micropayments, and the collection and dissemination of sensor-based and other data.
IOTA has announced that it has made a breakthrough step towards becoming the world’s first scalable and fully-decentralised distributed ledger technology known as Coordicide. Coordicide provides a new, decentralized mechanism for securing the IOTA network. Thanks to this upgrad, IOTA will be the first DLT to solve three fundamental problems with blockchain technology, namely: high fees, scaling and centralization.
The Coordicide solution realizes IOTA’s promise as a lightweight and feeless ledger, overcoming the trilemma of scalability, security and decentralization that continues to limit other DLTs and blockchains.
Since its inception blockchain has been discussed both in terms of the future possibilities, as well as the limiting factors that hold it back. High transaction fees, centralization, scalability limitations and power consumption are the main challenges that limit the technology from reaching its promised potential.
“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,” said David Sønstebø, Co-founder of IOTA Foundation. “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’s unique network is moving to become the world’s first network to become fully decentralized with zero fees and the ability to scale to thousands of transactions per second, thus eliminating all of the current issues with blockchain’s structure.
Recently, the IOTA Foundation has expanded its research team and founded the IOTA Research Council. The modular system at the heart of the Coordicide solution adds flexibility across all aspects of the IOTA protocol. This brings benefits of increased scalability, faster transaction finality and easier node maintenance, as well as a variety of novel use cases.