There is an air of inevitability when it comes to Bitcoin’s domination in the crypto space. None of the virtual assets in the industry are able to compete with Bitcoin when the comparison is taken from a financial standpoint. Hence most of the altcoins have to take the route of technological innovation.
IOTA protocol, a DLT developed by the IOTA foundation, is trying to raise their stock up a notch in the industry after recently announcing the introduction of Coordicide Solution.
The objective of Coordicide run parallel to IOTA’s vision of permission and scalable DLT; at press time, it was revealed that IOTA had initiated a grant of $5 million for potential developers willing to contribute to their Coordicide project.
When Coordicide was released in May 2019, it was suggested to be a calculated upgrade for IOTA which would assist the network in the removal of the network’s centralized coordinating node.
The dismissal of the node has been indicated to be crucial in the network due to its centralized nature. The current node system could independently prioritize transfers, free funds and it also has been identified as a singular point of failure.
According to IOTA, the grant was also valid for research-related areas which included spam prevention, attacks on IOTA protocol, reputation system on node behavior, decentralized random number generation, etc.
At press time, IOTA’s virtual asset was valued at $0.268 and the market cap was recorded to be around 745 million. The altcoin also witnessed a positive hike of 3.17 percent in the last 24-hours with around $7 million trade volume.