IOTA (MIOTA) has made a huge step, probably the biggest it has made since it was launched. That milestone is the recently announced breakthrough, in finding a path towards ending the Coordinator. The moment, Popov (IOTA co-founder) announced that they had found a solution, there was huge excitement in the IOTA community. This reflects in IOTA’s price action in the last 24-hours. While the rest of the market has eased up, IOTA has gained by over 10% in the last 12-hours.
The reason why it is such a big deal is that, it will eliminate all hurdles that would slow down IOTA mass-adoption. For instance, once the COO is gone, IOTA will be one of the most scalable DLTs in the market. As the IOTA team puts it, the network scalability will only be limited by hardware, and the laws of physics.
On top of that, with the COO gone, IOTA (MIOTA) will achieve a level of decentralization that is unrivaled in crypto space. By extension, this means that the IOTA tangle will be one of the most secure DLTs, since decentralization and security go hand-in-hand. Then there is the aspect of speed and reliability of transactions. Without the COO, there will be no need for confirmations, which by extension means fewer reattachments and more reliable transactions.
So what is the solution all about? According to the IOTA team, the solution they have settled on is modular, and this is what makes it truly revolutionary because it literally makes IOTA limitless. To quote the IOTA team’s description of this solution,
“The solution itself is inherently modular, meaning that users will have ultimate freedom to tailor the system to their individual needs. Its implementation will be a major milestone in the IOTA Foundation’s goal of creating a truly enterprise-ready DLT.”
Essentially this means that once implemented, it will be applicable in pretty much any industry where DLTs have a use case. Considering that IoT is taking over the world, by gaining applications in industrial and consumer driven areas, it follows that the adoption of the IOTA tangle will be huge. Signals to this are already there, with IOTA gaining applications in industries as diverse as auto and waste management. These are good indicators that, once the COO is removed, things could move pretty fast in IOTA adoption.
Therefore, it is not surprising that excitement is building up around IOTA (MIOTA). Investors expect some huge moves in terms of adoption once the solution to the COO is implemented.
On the speed of implementation, the IOTA team has proven to be quite efficient. It’s only been a few months since the IOTA team held a research summit on this issue. The fact that they have achieved a well-defined theoretical approach in such a short period inspires confidence that they will implement it within a reasonable time frame. Things are about to get really interesting for IOTA (MIOTA) in the foreseeable future.