IOTA to introduce protocol upgrade to replace controversial security mechanism

IOTA Foundation has announced it has developed a new protocol upgrade to get rid of its Coordinator security mechanism, the company announced in a press release.

The Internet-of-things-focused cryptocurrency first introduced the mechanism to ensure transaction finality and double-spends prevention. But it has led to accusations of centralisation and lack of censorship resistance, Decrypt writes. The new upgrade called Coordicide is seeking to remedy this, although there is still little information regarding how the new tool will work.

 “We have been working towards the removal of the Coordinator since IOTA’s inception,” said David Sønstebø, co-founder of IOTA Foundation. “Now, we are bringing that promise to fruition. With this major milestone, we are poised to accelerate into our next phase of growth and enterprise adoption in the real world.”