The latest edition of the IOTA (MIOTA) Argentina Community Cluster meetup had the research team of the distributed ledger technology (DLT) in attendance.
There, they discussed the present state of progress in the IOTA ecosystem. They also mentioned the initial target of coordicide version 1 Transaction per second.
The Quest of IOTA Foundation to Remove the Coordinator
In the meetup, a member of the IOTA research team, Camargo started by noting what is next in IOTA’s determined journey towards full decentralization.
He mentioned that its realization will eliminate Coordinator, adding that the Coordinator has to be removed because of its responsibility, scalability, and centralization.
The fact is that IOTA Foundation is presently responsible for all the MIOTA tokens in circulation, but the Foundation wants the token holders to be in charge of their cryptocurrency holdings, which calls for full decentralization of the network, that will result in the removal of the Coordinator.
Camargo further stressed that the availability of a central entity like the Coordinator stuns the potential of scalability of the IOTA network.
So, eliminating Coordinator for Coordicide will represent the emergence of a full decentralization of the IOTA network.
Coordicide Version 1 Is Preplanned to Scale Up To 1,000 Transactions per Second
Camargo, the IOTA research team member, said the elimination of Coordinator is one of the progressive plans already in place. He said the implementation of Coordicide will give IOTA Foundation the room to start afresh, in order to make the network fast, scalable, secure, and absolutely decentralized.
Nevertheless, the transition to Coordicide will not solve all the issues which the IOTA Foundation is striving to fix. He said Coordicide is meant to keep evolving as the cryptographic project advances.
Going by what IOTA Foundation related, Coordicide will be unveiled in two versions. He said the first version will be designed to concentrate on the Internet of People (IoP), while the second version focuses on the Internet of Things (IoT).
The IOTA research team member added that the initial target of Coordicide is to scale up to 1,000 transactions per second. Conclusively, he said after technological upgrades, Coordicide should be able to scale limitless transactions per second.