IOTA prepares for comeback with a new major upgrade and plenty of new features in a bid to try and relive its glory days so let’s read more in our latest IOTA news today.
IOTA was considered the futuristic cryptocurrency that ignited the community during the ICO boom in 2017 as it promised decentralized solutions for the Internet of Things but it quickly dropped out of the investors’ portfolios until it was forgotten. It looks like it has the strong potential to rise from the dead with the new major upgrade that is upcoming. The recent update and reorganization are bringing more hope for IOTA developers and holders that believe IOTA prepares for comeback.
IOTA’s co-founder and CEO Dominik Schiener said that the cryptocurrency was reinventing itself and changed so much that the developers are talking about a new project essentially. He said that despite the many mistakes, the experience gained by the executive team of IOTA over the year turned out to be positive in the end. He commented:
“The IOTA project in 2021 is a completely new project compared to 2017 because as you can probably understand when you start from nothing, which IOTA really did, and you build up to something, you make many mistakes along the way.”
IOTA is not a typical blockchain and basically, it isn’t one. The data structure technology based on the directed acyclic graph called the Tangle, promises to be superior compared to the standard blockchain. Schiener defined IOTA as a new “distributed ledger that doesn’t need miners, electricity or transaction fees to have a protocol.” He also assured that the tangle will enable the adoption of billions and will achieve human-machine payment network status.
The vision hasn’t changed but the picture looks clearer and the developers are close to achieving it. IOTA is about to embark on a new network migration to Chrysalis that was announced in 2020 but the migration is planned for April 28, 2021. It has several critical improvements among them which the elimination of controversial coordinator nodes that are criticized for posing an excessive centralization of the network.
The investors are awaiting it with the optimism growing. Amid Bitcoin’s fall, IOTA maintained a bullish trend over the past month and appreciated over 60% in the past 3 weeks. It seems that IOTA entered the portfolios of crypto investors and the charts look good for the holders.
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