IOTA (MIOTA) is on the verge of a significant breaking, something that could cause a price surge in 2019. Of all the leading altcoins, IOTA hasn’t found itself under the media spotlight as some. Indeed, while Ripple and XRP have jostled for position with Ethereum (ETH) and Stellar (XLM) for centerstage, IOTA has been quietly doing its thing for much of the year. Naturally, there have been innovations. In October, the project announced that it was looking at ways to replace the current initial coin offering (ICO) system. Following a downturn in funding and various scams causing issues, the team at IOTA HQ posited the idea of initial service offerings (ISOs). Instead of issuing tokens in return for investments, IOTA ISOs would give people access to services and product privileges.
Small Steps Leading to a Giant Leap
In addition to ISOs, IOTA announced in November that it is now compatible with Ledger hardware wallets. The news means that MIOTA holders are now able to store their digital coins on the leading hardware wallet, the Ledger Nano S. Although a relatively small step in the grand scheme of things, the move has made it easier for people to own MIOTA. This, in turn, has taken the project another step closer to mass adoption. However, according to a recent community post, the biggest step of all could happen in 2019. As it stands, IOTA’s Tangle network is protected by the Coordinator (COO). Essentially a point of authority, the COO secures the network from 34% of outside attacks.
While this feature of the network is necessary, it also means that Tangle isn’t fully decentralized. Although the powers of what COO can do in terms of controlling transactions etc is limited, it’s still seen as a central power in the system. That is something IOTA has been looking to change for some time and now it seems as though it’s about to happen. As noted on the Tangleblog’s Twitter account, IOTA team member Hans Mogg announced that the removal of COO is imminent. Although he didn’t specify an exact date, the necessary provisions are in place to facilitate its removal in 2019. By removing the COO, IOTA’s Tangle network become fully decentralized. What’s more, it will also become the first project to meet Satoshi Nakamoto’s vision for true decentralization without mining taking place on the network.
Decentralization Shows IOTA Has a Strong Core
IOTA technology is getting stronger.
On a technical level, this is clearly the most significant innovation IOTA has announced in recent months. However, when you expand on that, it’s evidence that this is a project with huge potential in 2019. Although it hasn’t courted the mainstream media like other tokens, MIOTA could easily see a price surge off the back of COO’s removal. In essence, achieving full decentralization is a testament to the skill and dedication of team IOTA. For any investor, that’s a positive sign. The fate of any digital coin, regardless of how strong it is in theory, rises and falls with its development team. Indeed, when the headlines fade and hype subsides, the true value of a cryptocurrency lies with those working in the background. If IOTA successfully removes its COO and become fully decentralized, that should be taken a real sign of strength for this emerging project.
Featured image source: Pixabay