IOTA launches $5 million Coordicide research grant program

2019-8-10 22:19

IOTA announced a $5 million grant program to contribute to “Coordicide”-related research, the elimination of the project’s centralized coordinating node.

IOTA is a cryptocurrency that aims to facilitate IoT transactions by creating a fee-less, highly scalable, asset transfer network.

In May 2019, IOTA Foundation announced its push toward Coordicide—a planned upgrade for IOTA  which removes the network’s centralized coordinating node. Currently, in theory, the IOTA Foundation could harm the network by choosing which transaction receive priority or freeze user funds. The Coordinator is also a single point of failure which may be susceptible to hacking and is a bottleneck to scalability, said the Foundation.

To further contribute to the process the IOTA Foundation is offering $5 million in grants for Coordicide-related research. Some of the areas of interest include spam prevention, network optimization, reputation systems, and decentralized random number generation.

Unraveling the Tangle

Unlike other major cryptocurrencies, IOTA does not use a blockchain-based structure for its network. Instead, the project uses a different distributed ledger technology called a directed acyclic graph (DAG), allowing multiple chains of transactions to co-exist and interconnect (hence the name the “Tangle”).

DAGs allow for high scalability but present unique challenges around security, decentralization, and asset management.

For reference, unlike Bitcoin which relies on miners to validate transactions and maintain network security, the Tangle depends on users who send transactions to validate the correctness of two other transactions while the Coordinator ensures transactions do not contradict previous transactions. Some instances of this would include double spends or accessing non-existent funds. These characteristics make the network more inherently sustainable and scalable, assuming a large enough number of transactions are conducted.

Initiatives such as this research grant may expedite the transition to Coordicide, cementing IOTA’s position as a decentralized tool for machine-to-machine transactions.

The post IOTA launches $5 million Coordicide research grant program appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

IOTA (IOTA) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.2993
Капитализация $0 Rank 99999
Цена в час новости $ 0.2672 (-100%)

iota coordicide grant program research million launches

iota coordicide → Результатов: 24


Фото:

Разработчики IOTA анонсировали тестнет Coordicide

Разработчики проекта IOTA, сфокусированного на применении блокчейна в области Интернета вещей (IoT), объявили о скором запуске открытой тестовой сети протокола Coordicide, известного как IOTA 2.0.

2020-6-29 13:00


Ethereum’s Vitalik Buterin: IOTA’s Coordicide seems like a clone of Avalanche

IOTA Foundation, the main pillar behind the development of IOTA, recently unveiled the blueprint for Coordicide, the killer of Coordinator, which is expected to launch in the coming months. A Coordinator [Coo] is a centralized protocol that controls the transactions and security on the IOTA blockchain, with its key function being protecting Tangle against attacks.

2019-5-30 15:51