Major Upgrade Coming Soon To IOTA
Last updated on December 5th, 2022 at 02:02 pm
IOTA had fallen to the wayside in the past. Back in the great ICO boom of 2017, the futuristic cryptocurrency ignited the passions of many, promising an Internet of Things (IoT) solution that would be completely decentralized.
As time went on, however, the investor portfolios saw IOTA slowly fade away, almost to the point of being forgotten. Now, however, it seems that the protocol is trying anew, with a brand new update and internal reorganization.
Dominik Schiener stands as the Co-Founder and CEO of the IOTA Foundation and gave comment to ZDNet about the new developments. He claimed that IOTA is going out of its way to reinvent itself, changing so much that the developers have gone as far as to declare it a whole new project altogether.
Despite the previous mistakes, Schiener was adamant that the executive team of IOTA had learned a lot throughout these past few years, claiming that this was one of the few positives of the situation at hand.
He declared the 2021 IOTA project as completely new from its 2017 counterpart. To justify IOTA’s initial failure, he highlighted how easy it is to make mistakes if you start yourself from nothing and build things up as things go along.
Massive Concepts Still There
Now, the interesting part about the IOTA network is that it isn’t even a blockchain, technically speaking. IOTA stands as a network with a Directed Acyclic Graph (DAG) as the baseline of its data structure.
The DAG, or “The Tangle” as it can be called, is theoretically superior to a standard blockchain network for a number of reasons. Schiener explained that IOTA stands as a new distributed ledger type that has no need for transaction fees, miners or the associated electric bill to function as a protocol.
By its design, Schiener claimed that the Tangle would allow for billions of cyber or human users to be adopted, allowing for what amounts to a human-machine payment network.
Array Of Improvements
The difference between IOTA then and IOTA now comes in terms of how clear the vision was. The core ideas behind IOTA have remained unchanged, but its idea of achieving this vision has become increasingly clearer, with the developers themselves coming ever closer to achieving their goals.
One of the biggest moves IOTA is making is enacting a network migration and going over to the Chrysalis protocol. Chrysalis itself was announced in 2020 and the migration for IOTA has been slated for the 28th of April, 2021.
This move allows for an array of critical improvements to be made. The most prominent among these improvements is the removal of the Coordinator Node. This Node proved to be the subject of much controversy thanks to its centralization on the network, which didn’t have anyone really too keen on IOTA in general.
Other improvements slated for the future include smart contracts, oracle compatibility, scalable transactions, secure wallets, and a general increase in real-life applications.
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