IOTA’s “Utility maximization in the Coordinator-less IOTA Tangle” wins Best Paper Award at Unet2021
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IOTA, a distributed ledger technology (DLT) project based in Germany, has some hours ago introduced three phases of IOTA 2.0, marking the journey of the project to full decentralization.

IOTA is getting ready to permanently remove the centralized coordinator node by introducing Pollen, Nectar, and Honey. The three phases are expected to precede the transformation of IOTA into a completely decentralized and scalable network.

The Path to Full Decentralization

Going by the blog post published on the official website of IOTA containing the details of the new development, Pollen will be the first official testnet of the upcoming network upgrade.

According to the report, the phase will serve as the foundation of an IOTA network without the centralized coordinator. Continuous improvement is expected to develop Pollen into the eventual release of IOTA 2.0.

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The report also stated that the Pollen network will serve as a research avenue for the IOTA Foundation, community, and external researchers to certify concepts from the Coordicide white papers.

Furthermore, the Nectar network will follow after the Pollen network is successfully released. The report also stated that the second phase Nectar will be a full implementation of Coordicide modules of IOTA on an incentivized testnet.

Nectar network is meant to focus on testing for bugs or issues on the network that need correction before IOTA 2.0 is finally released. Nectar will also reward the participants with incentives for finding bugs and attack vectors on the network.

As for Honey, it would be the last candidate to be released for IOTA 2.0.

Regarding Honey, the blog post read as follows:

“The final release candidate for IOTA 2.0, Honey, will include all of the modules according to the full and final specification of Coordicide. At this point, the network will have been battle-tested and secured through many hundreds of hours of testing with full audits of our node software. Honey can be considered the first version of IOTA 2.0, our fully decentralized IOTA mainnet.”

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.