IOTA jumps 15% following new Coordicide upgrade

28 May, 2019 | Updated: 28 May, 2019
by David Robb
IOTA jumps 15% following new Coordicide upgrade

IOTA has seen double-digit gains in the last 24 hours. The 15th-largest crypto is up over 15 percent, possibly due to an announcement made about Coordicide, an important new upgrade to the protocol.

Coordicide is a new decentralized mechanism for securing the IOTA network. Its name refers to the Coordinator, a security mechanism that was put in place to protect user funds while the network was in its infancy.

According to David Sønstebø, Co-founder of IOTA Foundation, "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. IOTA was designed to address the limitations of Blockchain with a feeless and scalable solution. That is now becoming a reality. With this major milestone, we are poised to accelerate into our next phase of growth and enterprise adoption in the real world."

A modular solution, Coordicide should bring faster transaction speeds, with no fees. It should also provide for easier node maintenance, as well as the all-important scalability that is becoming increasingly important for the leading crypto networks. 

IOTA is currently up over 15 percent against USD on Binance, for the 24h period.

IOTUSD chart provided by TradingView

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Read more about: IOTA (IOT)


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