Iota rallies 18 percent following news about protocol update

Iota rallies 18 percent following news about protocol update.

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Christian Ploog

The Iota Foundation has announced that they intend to update the protocol for the cryptocurrency. The purpose is to make it more decentralized.

Iota, the cryptocurrency adapted for the internet of things, now makes its transaction validation more decentralized.

A new tool called “Coordicide” will replace the former “Coordinator”, and will keep track of the transaction process and the security and ensure that funds are not spent twice (so-called double spending), Cointelegraph reports.


A step towards complete decentralization

The change is a major step towards complete decentralization, according to executives at the Iota Foundation.

“We have been working towards the removal of the Coordinator since Iota’s inception. Now with the maturity and growth of the protocol, and the quality of our research team, we are bringing that promise to fruition”, says David Sønstebø, co-founder of the Iota Foundation, in a press release.

After the news came out, the cryptocurrency iota increased by 18 percent in value, and it is trading just above $0.50 at the time of writing.

The cryptocurrency has previously soared in price after it was known last month that Iota entered into a collaboration with the car manufacturer Jaguar Land Rover, Cointelegraph reports.

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