Important milestone: IOTA starts Coordicide test network in a few days

IOTA is one of the best known and most discussed crypto projects in German-speaking countries. An important milestone of the project is the so-called Coordicide, where the coordinator of the network is to be turned off. As has now become known, the Coordicide test network is due to start soon.

IOTA Coordicide: deactivation of the coordinator

While many followers of the IOTA community firmly believe that IOTA will make almost all other cryptocurrencies superfluous, critics are still skeptical about the success of the cryptocurrency, whose technology is based on the so-called Tangle rather than conventional blockchain technology. The new technology promises particularly fast, efficient and almost free transactions, which plays an important role in the area of ​​machine-2-machine payments due to the high number.

One of the most important milestones, especially in order to mute critics, is the shutdown of the so-called coordinator, who is currently still a kind of protective debt for the young Tangle serves. In order for the tangle to be completely decentralized and for critics to be muted, this centralized point must be deactivated, which affects the process of Coordicides describes. A first test network, with this central control element switched off, is to be started soon, as an IOTA employee announced on Twitter:

According to HusQy, IOTA employee, the Coordicide test network will start in two days on Tuesday, June 30, 2020. Within the next few weeks, many exciting concepts and new features will be presented. There is currently no public information about the release of the network from the IOTA Foundation.

An internal 0.1 version of the Coordicide test network was published in February. The new version is also available to the public for the first time and contains several new functions, such as a consensus model that changes Parallel Reality Based Ledger State lists.

2017 still in the top 10: IOTA with falling prices

Even if there is still a long way to go, if the coordinator turns out to be successful and IOTA can offer a stable and secure decentralized network, this will also affect the price of the cryptocurrency in the future. This gives many investors hope to be able to make up for the losses in recent years. If IOTA was still in 2017th place during the big crypto boom in 7, the crypto currency is now in 24th place.

But aside from the drop in prices, the success of the project doesn't just give countless numbers Cooperations with large companies from all possible economic sectors. As we reported, none other than the Federal Ministry for Economic Cooperation and Development chose the project as a finalist for the hackathon against Covid-19:

Hackathon against Covid-19: German Federal Ministry chooses IOTA as finalist

 

Markus from Kryptokumpel.de
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