IOTA’s Coordicide Leads to FC Barcelona While Internet-of-Things Gets Nitrous Boost
IOTA underwent a radical shake-up recently when the team decided to dispense with its network coordinator. Referred to as the ‘Coordicide’, the removal of the coordinator is seen as a positive step towards decentralization of IOTA’s Tangle technology.
The new direction suggested by IOTA founder Serguei Popov on the latest edition of the Untangled Podcast involves a confirmation process known as ‘fast probabilistic consensus algorithm’ – shortened to FC Barcelona for short, or Fast Consensus of Barcelona.
IOTA Commits Coordicide
Yesterday, IOTA founder Serguei Popov revealed that the team had figured out how to survive without a network coordinator. This comes just a few days after the launch of a coordinator-less testnet.
In brief, coordinators were like watchmen in the IOTA tangle. Their presence was useful in the early stages, to protect against double-spends and 51% attacks. But now the developers and the community have opted to get rid of these privileged watchmen, which they view as a long term threat to the decentralization of IOTA.
On the Untangled Podcast this week, Popov summed up the progress in removing network coordinators:
“The main task which we have right now is getting rid of the coordinator of the network. We also call it coordicide and well I think we are on a very good track, and we figured it out already.”
Popov also suggested something called ‘fast probabilistic consensus algorithm’ as a replacement for coordinators – Jokingly acronymized to ‘FC Barcelona’. Popov said:
“We have something called ‘fast probabilistic consensus algorithm’ which solves many problems for us. We’re thinking of calling it ‘fast consensus of Barcelona’ or ‘FC Barcelona’… I’m joking…not everyone likes this idea.”
IOTA’s Internet-of-Things Gets Automotive Boost
Just last week IOTA received a major fundamental boost when security firm Accessec GmbH announced the creation of an IOTA wallet for motor vehicles. The car-based crypto wallet will allow for Internet-of-Things payments in all the ways we’ve been imagining for years now. The firm also released a working Point-of-Sales product, enabling electric charging stations and vendors to interact with the wallets from day one.
Sebastian Rohr, founder and CEO of Accessec GmbH said at the end of last month:
“We have been waiting with much anticipation to finally showcase our own development and are proud of what our development team has achieved in 2018 using IOTA technology.”
IOTA has been angling towards integrating automobiles into its Internet-of-Things network for some time. IOTA documentation from long ago pointed out the inevitability of monetized vehicles:
“The need for new tools for a new economy becomes even more apparent with the prospect of autonomous vehicles. Eventually they could become their own economic agents with their own wallet and their own money.”
IOTA announcements were forthcoming all through 2018, but few managed to gain any traction. On this announcement last week, MIOTA saw a 6.8% price hike, but gave much of it away soon afterward. The current coin price is nearly 2,000% away from its all-time high. If you believe in the longevity of IOTA, then this represents an opportunity for (at least) 20x growth during the next major bull run.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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