Yesterday, David Sonstebo of the IOTA Foundation, made an interesting reply to a Coordicide discussion on discord. He stated that,
He stressed the word informational, so as not to raise and crash the hopes of investors, as happened with Qubic. Nonetheless, this is one update that the community will be looking forward to in the near future. If by any chance the announcement points to the possibility that Coordicide is close, then IOTA (MIOTA) could easily pump. Coordicide is simply too fundamental to the future of IOTA for investors not to take note.
For context, Coordicide is simply a moniker for the removal of the coordinator from the IOTA network. The Coordinator is a node that is run by the IOTA foundation, as a way to guarantee the security of the IOTA tangle. Transactions on the tangle are only valid if they are confirmed by the Coordinator.
The challenge that IOTA faces with the coordinator in place is that of scalability and network centralization. Not only is IOTA centralization major source of FUD against the project, but it is also a huge limitation to its growth. As such, any news related to Coordicide is exciting, whether technical or just informational.
Besides, even if the project is still far off from Coordicide, such informational releases give hope to investors. They give hope that the IOTA Foundation is hard at work, in trying to work out the best pathways to Coordicide. The IOTA Foundation is made up of some of the best brains in tech, and with the efforts, they have put in, they will definitely succeed at decentralizing IOTA. They have already identified a number of possible options that IOTA could take, for a secure and COO free tangle.
Some of the options that they have put forward include a node accountability system, tip selection algorithm, and a star system with trusted pathways. All these are complex options that point to the commitment and human resource capabilities available at the disposal of the Iota Foundation. As such, an informational release could point to something big, one that could trigger an IOTA (MIOTA) bull rally. Such a pump could also be supported by the changing sentiment in the entire market. Bitcoin (BTC) has already crossed the $7k mark, and altcoins are slowly gaining momentum. With good news about Coordicide, IOTA (MIOTA) could gain at a faster rate.
However, even if it doesn’t pump, IOTA (MIOTA) still holds lots of promise for the future. It just requires patience, just like all other good investments. In the long run, once Coordicide finally happens, the intrinsic value of IOTA (MIOTA) will rise significantly. IOTA will be one of the most scalable DLTs, one with the potential to take over the fast-growing IoT market. It’s one of the cryptos with a real shot at changing the world.