Image default

IOTA Prepares for Full Decentralization With Coordicide; Sets Milestones at Pollen, Nectar, Honey

The IOTA Foundation has announced a new naming convention to define its upcoming 2.0 upgrade as the platform transitions to a fully decentralized ecosystem. According to a medium post by the foundation on June 29, milestones under the shift to ‘Coordicide’ will be named after the honey creation process; Pollen, Nectar, and Honey. Notably, IOTA will have permanently removed its coordinator node upon launching the Coordicide mainnet as anticipated later in the year.

Before this development, IOTA had rolled out its 1.5 upgrades dubbed ‘Chrysalis’ to set the stage for decentralization infrastructure. Under this milestone, the foundation integrated Hornet upgrade, whose value proposition is a 20x blockchain throughput and 650 transactions per second (tps). Following a successful roll-out, IOTA is now moving forward with the 2.0 upgrade and has chosen a simple naming convention to make it easier for the community to keep up.

Source: IOTA

IOTA’s Coordicide Upgrade

With decentralization being fundamental in crypto ecosystems, projects like IOTA who are competing in the booming market are inevitably playing to the stakeholders’ tone. The platform’s initial prototype, a decentralized testnet was named ‘Alphabet.’ Apart from that, the team has come up with several techs whose focus is to remove the coordinator; these have since been categorized as ‘Goshimmer.’

Consequently, IOTA is now looking forward to the Coordicide mainnet release as the final milestone to achieving full decentralization. The foundation, therefore, noted that the very first milestone to this goal would be under the Pollen stage. In this phase, the focus will be on Coordicide’s whitepapers with the community and other contributors expected to expand the knowledge base as well as carry out simulated vector attacks on the first official IOTA 2.0 testnet. The blog reads,

“During this active research phase, much of the Coordicide specifications will be fully finalized, giving us the final blueprint of IOTA 2.0.”

After Pollen, the project will move to roll out the Nectar phase. Just like the name suggests, this milestone will incentivize network operators to find bugs and attack vectors before the mainnet release. Going by IOTA’s speculations, this phase should be in action within the next half of 2020,

“Expected in the second half of 2020, Nectar will be a full implementation of our Coordicide modules on an incentivized testnet.”

Finally, the Honey phase will see IOTA’s first fully decentralized version debut within the blockchain and crypto space. The blog goes on to note that the network will have undergone thorough testing before the final IOTA 2.0 candidate is released,

“Honey will include all of the modules according to the full and final specification of Coordicide.”


Credit: Source link

Related posts

Top Crypto Chainlink to Go Into Price “Orbit” Should $4 Price Region Hold

cwnadmin

Bitcoin Shows Ideal Set Up For Epic Rally: Stock-to-Flow and Oversold RSI

cwnadmin

This Pattern Suggests Bitcoin is Statistically Likely to Rally Parabolically to New Highs

cwnadmin