IOTA has announced that preparations aimed at improving its transaction validation process are complete, paving the way for the introduction of further decentralization to the process.
The platform said in a blog post that the previously in use Coordinator mechanism is to be replaced with a new validation tool called “Coordicide.”
According to the IoT blockchain firm, its new tool will work much like the predecessor in managing the platform’s transaction security and in ensuring that all transactions process as required on the network. The new tool will also ensure that the network does not suffer double spends- a process that sees the same funds being spent twice due to a glitch.
In a press release published today, IOTA executives said that the move is a major milestone in the many steps they have taken towards having a completely decentralized IOTA platform. They noted that the firm had focused on the Coordinator tool previously, but that had only been a temporary measure.
IOTA Foundation’s David Sønstebø, a co-founder of the platform noted that the team had been working on the premise that they would eventually remove the Coordinator. He said that plan began from when they first built the IOTA token.
The team’s work on the protocol has it grow and mature and that the release of Coordicide is “bringing that promise to fruition.”
Sønstebø added that it also means IOTA would be able to fulfill its potential in addressing blockchain’s limitations by providing for feeless transactions and high scalability. He also expressed optimism that the milestone would see the platform enter its next phase of enabling real-world enterprise adoption.
IOTA traded higher on the day, rising 20.5% following the news. The gains come after another week that saw further prices improvements after the firm announced it would be partnering U.K. automaker Jaguar Land Rover. IOTA currently trades at around $0.51 against the U.S. dollar and is also 19.8% up against BTC.