IOTA’s updated Coordicide white paper validates previous research
IOTA announced the release of the updated version of their Coordicide white paper. According to the company's blog post, the newly released white paper contains revised and updated content that was published last year and is intended to be used to validate the company's initial work.
Whitepaper after one year of research
IOTA, the ambitious blockchain project designed to revolutionize the IoT economy, has just announced the release of the updated version of the Coordicide white paper. According to the company's official blog post, the first compiled version of the whitepaper was released in May 2019, while the newly released version was a product of over a year Research is.
However, the core of the document remains unchanged. The company said that almost all of the “revised and updated content” that found its way into the white paper had been released over the past year. Both IOTA and the IOTA community contributed to the refinement of the original research through forum discussions on IOTA.cafe.
“Nevertheless, it is necessary to summarize all these components in a single“ state-of-the-art ”document so that our solution is different from our academic, operational and collaborators can get the exam they deserve, ”the company said in its blog post.
Apart from that, the company will use the paper extensively internally to review its own internal process of transition from theory to specification to code.
The generous allowance that IOTA introduced last year seems to have paid off. Back in August 2019, the company announced a $ 5 million grant program to contribute to the research. The first move toward “Coordicide,” an upgrade that eliminated the network's central coordination hub, was announced in May of the same year.
Unlike other major cryptocurrencies that use a blockchain-based structure for their network, IOTA uses a technology called DAG. DAGs enable the coexistence and connection of multiple transaction chains, which makes the network highly scalable.
However, the DAGs themselves pose serious security and decentralization challenges. The connectivity of the IOTA network depends on a transaction validating two previous ones before it can validate itself. The coordinator's job is to ensure that transactions do not conflict with previous transactions, which could lead to duplicate spending and access to non-existent funds.
Coordicide effectively removes the coordinator, which will be a significant step in realizing IOTA's promise as the first decentralized and scalable DLT, the company said.
Proof of text: cryptoslate