Yesterday it was EOS that received the fomo pumping 15 percent and today it is IOTA with a bigger surge. The team behind the Tangle has just announced the next evolution for the project which has sent the token skywards.
From a low of $0.420 IOTA took off to surge almost 18 percent reaching an intraday high of $0.495. Daily volume almost doubled jumping from $44 million to $85 million over the past 24 hours. The majority of that volume is currently being handled by Binance taking 40 percent.
IOTA has not been above $0.50 since early November last year. Like many altcoins, it has been slow to recover while Bitcoin has raced away with all of the gains. The last time it rallied by as much was in April following the Jaguar Land Rover partnership announcement. Things started to bubble up for IOTA following this announcement a few hours ago:
The next step to maturity has been dubbed Coordicide: the death of the Coordinator. Without extensive familiarity with the technology behind the platform it is not easy to see what they are talking about. A video explains that in its infancy IOTA’s underlying data structure, the Tangle, was secured by a temporary component known as the Coordinator.
All Coordinator activity is validated by the nodes in the network, so that funds cannot be lost or transactions reversed. This next step in IOTA evolution is the planned removal of the Coordinator which the team has been very vocal about. Co-founder of IOTA Foundation, David Sønstebø, said;
“We have been working towards the removal of the Coordinator since IOTA’s inception. Now with the maturity and growth of the protocol, and the quality of our research team, we are bringing that promise to fruition,” before adding “With this major milestone, we are poised to accelerate into our next phase of growth and enterprise adoption in the real world.”
The video continues to add that the replacement is a new security mechanism that allows IOTA to become fully decentralized and ‘geared for the new internet’. One mechanism is a new voting based consensus model using ‘pro-active communication’ called Shimmer. The company blog added;
“Removing the Coordinator from the IOTA network will realize a long sought after goal in the field of DLT: scalability without centralization. The solution itself is inherently modular, meaning that users will have ultimate freedom to tailor the system to their individual needs.”
At the time of writing IOTA was trading at $0.474, its highest price for over six months.