IOTA 2.0, also known as Coordicide, is the nail test for IOTA. The technological upgrade is intended to turn away from the central coordinator. But the schedule for IOTA 2.0 has already had to be corrected several times. Now those responsible are making their views known.
IOTA is in the tricky position of finally realizing a comprehensive technological upgrade that was promised long ago. The project is called IOTA 2.0 and is intended to turn Tanglenet into a decentralized network. Coordicide alludes accordingly to the abolition of the central coordinator at IOTA, which does not fit the basic principle of block chain solutions. But recently, delay had to be conceded in IOTA 1.5 aka Chrysalis as an intermediate step and the experts are asking themselves: What is really going on at IOTA? In an online question and answer session (AMA) at Reddit, IOTA co-founders David Sønstebø, Serguei Popov and Dominik Schiener, among others, provided answers.
IOTA 2.0 – what is the current internal schedule?
Naturally, questioners wanted to know what date to prepare for IOTA 2.0. Currently the Testnet Pollen is in operation. The second Testnet Nectar, which was actually announced for 2020, will be postponed to early 2021, they say. For Honey as the third and final testnet for IOTA 2.0, Popov considers the first half of 2021 to be realistic. A response to the target date for the actual switch to IOAT 2.0 has been avoided.
What problems remain to be solved for IOTA 2.0?
Developers and the IOTA Foundation now say that all key questions about Coordicide have been solved. The main focus now is to test the results extensively, also for security vulnerabilities. This will also allow us to provide accurate specifications for Coordicide to external developers and users of IOTA.
Is the Altcoin (M)IOTA compliant in the EU?
Again and again, there are doubts as to whether the crypto currency IOTA could be targeted by regulatory authorities. Schiener and Sønstebø are now optimistic and point out that the foundation also does lobbying work. More precise legal regulations for crypto-currencies would make it easier for IOTA users, for example from the industry, to do accounting and to be sure to act legally.
Are there any news on personnel and financial issues at IOTA?
The supervisory board at IOTA currently has only two members and is conspicuously reticent when harsh criticism comes pouring down on IOTA and especially Sønstebø. Sønstebø now says that they are looking for more people to join the board. In general, he sees room for new appointments at the IOTA Foundation. Sønstebø also responded separately to doubts about the financial reserves at IOTA. He assured that efforts were being made to diversify sources of income so that the company would no longer be so dependent on the reserves in IOTA, which could lose value in a bear market.
Conclusion: IOTA Foundation is open and optimistic
The IOTA Foundation, and Sønstebø in particular, has a reputation for either going underground or reacting polemically to critical questions. The current AMA is to be seen as positive in this respect, as the issues that are relevant to investors have been brought to the table. One would probably wish for some more detailed information, but at least: the IOTA Foundation has at least partially invalidated the accusation of being in an isolated ivory tower.
From a technological point of view, the answers to IOTA 2.0 continue to radiate optimism. The founders and developers consider skepticism about the feasibility of Coordicide to be unjustified. However, it is likely to flare up again if the repeatedly corrected timetable for IOTA 2.0 is once again not met. As of October 2020, Coordicide should run stable in the Honey test network until summer 2021 and an implementation with IOTA 2.0 in Mainnet should then be realistic.
The cryptomarket took the question time about IOTA calmly. MIOTA is quoted at around 0.27 US dollars and is thus stuck in a price region that can be called unsatisfactory in view of long phases from 2017 and 2018 with – in some cases well over – 1 US dollar per MIOTA. Hope for an impulse for the price of MIOTA through IOTA 2.0 will probably be delayed until the announcements on Coordicide become reality.
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