Does IOTA solve the Blockchain Trilemma? Importance for the future!
There are reports from the IOTA Foundation and the co-founder Serguei Popov that IOTA has found a solution for the Coordicide. This means that IOTA would be the first cryptocurrency that would have solved the blockchain trilemma. And this would make IOTA the crypto currency of choice for many applications, projects and institutional investors worldwide.
In light of the latest news, I publish this short article to summarize things. There have been reports that IOTA has found a solution for the Coordicide. That could mean that IOTA has solved the Blockchain Trilemma. These are great news for IOTA. But back now: What is the Blockchain 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.
The Trilemma hypothetically states that all blockchains can be represented to exist at one exact point within a triangle, which is determined by the measure of each of the three core blockchain principles:
- Decentralisation
- Security
- Scalability
The ideal cryptocurrency would be able to maximize all three elements, thus solving the Trilemma.
While IOTA is superior to most other cryptocurrencies in scalability and security, the problem here is the decentralization.
The Coordicide will come in the next 3–6 months
In order to protect the Tangle in its early phase attacks, IOTA uses the review so called “Coordinator” (also: “Coo”). The Coo is a special node operated by the IOTA Foundation. He regularly publishes zero-value transactions that perform a checkpoint function on Tangle. These transactions, also called “milestones”, determine the direction in which Tangle is being spun. A transaction is only valid if it is confirmed by the coordinator directly or indirectly with a “milestone”.
The use of the coordinator often meets with criticism in the crypto scene, because in principle it gives the IOTA Foundation the last word on the status quo of the network.
Now the IOTA Foundation announced: “Is the death of the Coordinator coming soon? IOTA co-founder Serguei Popov gives some hints during ReSum.” The message speculates that IOTA has found a solution for the Coordicide and will probably announce it in the next few days. No one less than the mathematics professor Serguei Popov announced that bomb: “We did it”
Much is being speculated in the net and it is condensing the signs that in the next 3–6 months, the Coordicide is possible.
What does that mean for the technology, the applications and the IOTA price
- There are quite a few positive points that can be achieved with the Coordicide:
- The other cryptocurrencies including Bitcoin and Ethereum have not yet found a solution. This would make IOTA the first cryptocurrency to solve this problem.
- The critics will fall silent when IOTA reaches the Coordicide.
- Many applications worldwide are waiting for such a cryptocurrency as IOTA, which fulfills these three important pillars. This will also pave the way for many industrial applications.
- Institutional investors will now take a closer look at IOTA
All in all, great prospects for IOTA and what does that mean for the price? If everything goes well, IOTA will be able to join the league of big cryptocurrencies like Bitcoin and Ethereum in the next month or years. But that is actually speculation, which I do not want to continue here. I am looking forward to the outstanding news of the next days.
Please be very cautious about trading cryptocurrencies. It can come to a total loss!!!
Who would like to support our public IOTA project with the Tangle Universe is cordially invited:
IOTA:FZSGNJ9LFHTDCA9JIHUDJQPSQWPPAHXQGYW99AZDKUDHDLRLAAUBBABKJSVPNQBDCSSBJRFKRFMBXRCXXYSLSOYRMY
Bitcoin: 32wyq6tp2t92R3vRJHz4Lhdb4qo1gJ1jGQ
Ethereum: 0xd6eBFc291D2902a9A2a039408e09e21Ea82e238f
Thank you!
The „Tangle Universe project“ is not part of the IOTA Foundation or linked to any other way, it is an independent project to support IOTA and it´s applications.
We look forward to your message. Contact: info@publiciota.com
