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.
The Foundation had stated that this was a “crucial step towards the first permissionless and scalable distributed ledger technology”, during the launch of the Coordicide blueprint. Notably, Vitalik Buterin, the creator of Ethereum, the second largest cryptocurrency, opined on IOTA’s new protocol on Reddit.
A Redditor, TheDogDidNotDoIt explained the new protocol as,
“Coordicide is the transitional process of removing the coordinator. It starts with giving people the software to run their own coordinator, then the coordinators are a decentralized authority. Once the network is properly strong […] then you can have the option to ignore the coordinators in all’; then we might be reaching a true distributed network.”
Notably, Markus Gebhardt, a member of the public IOTA project, remarked that with Coordicide, IOTA would become the first cryptocurrency that solves the Blockchain Trilemma, a term coined by Vitalik Buterin. A Blockchain Trilemma means that every blockchain “exist(s) at one exact point within a triangle”, with the three points being, scalability, security, and decentralization.
Markus Gebhardt further stated that IOTA had already established a strong base in terms of scalability and security, however, the project was often criticized in terms of decentralization because of the Coordinator. But, now with the introduction of the Coordicide, IOTA would be able to successfully achieve the status quo of a distributed ledger technology and also solve the Blockchain Trilemma. Gebhardt went on to state that the advantage of this would be that it would spark the interest of institutional investors, and also make IOTA the first to provide decentralization, scalability and security.
C4Chaos, a Twitter user asked Vitalik Buterin what he thought about the protocol. He had stated,
“waiting for @VitalikButerin’s take on #IOTA #coordicide solving the ‘scalability trilemma’ ‘The Trilemma concept was initially expressed by Vitalik Buterin, the founder of Ethereum (ETH), who coined the term in respect to the scalability of blockchain technology’.”
To this, Vitalik attached a Reddit link, which redirected to the page where he addressed the same question. He stated on Reddit,
“It (specifically the core protocol, see section 6.2.2 of https://files.iota.org/papers/Coordicide_WP.pdf) seems like a clone of Avalanche. I suppose that’s definitely an improvement over what was there before!”
According to Golden.com, Avalanche is a consensus protocol introduced by a pseudonymous developer group identified as Team Rocket [the villainous group from Pokemon, which consists of Jessie, James, and Meowth]. Notably, Emin Gun Sirer, a well-renowned Cornell professor was also a part of the project, assisting the team with some analysis. Avalanche was described as,
“Avalanche is a consensus mechanism […] could be used with a variety of Sybil control mechanism like Proof of Stake or Proof of Work to reach distributed consensus around a blockchain or cryptocurrency system […] It is based on a random sampling of the network and a metastable mechanism.”
- Source: First Appeared Here
- Published Time: 2019-05-30 13:51:23
The views and opinions expressed in the article Ethereum’s Vitalik Buterin: IOTA’s Coordicide seems like a clone of Avalanche do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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