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LEVELING UP ON HOPE, IOTA TO LAUNCH A BETA WALLET

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Blockchainer
LEVELING UP ON HOPE, IOTA TO LAUNCH A BETA WALLET

 

IOTA is launching a Beta version of its new wallet. But that really is just the starting point in a massive new technological rollout that has been planned on reviving IOTA back.

IOTA is an open source ledger that works in a distributed manner. The technology has also created its coin designed for the Internet of Things (IOT) and works on a Proof of Work basis.

Things did not sail very well for IOTA in the past, and the last 1.5 years have been spent in an attempt to improve their presence in the crypto space. This included, Chrysalis update that marked a new dawn for IOTA. 

However, coming to the features of the new wallet, it has no third party involvement, and it has been rewritten, and thoroughly audited.

IOTA wanted to be quantum-proof, in this attempt they have used a special cryptography. IOTA's cryptography only allows users to utilize an address once, to prevent the loss of funds. Other decisions include, the use ternary, rather than binary encoding of data. As, according to CEO Schiener, the consideration of the future was that ternary is a better and efficient way to encode data. 

Alongwith Chrysalis, IOTA is also moving forward with Coordicide. This fancy term in its simpler explanation means removing the coordinator node in the network that helps in the validation of transactions. This has been one of the major shortcomings of IOTA for a time now. But Schiener noted that they have undergone a lot of research to optimize the consensus protocol behind IOTA, to make sure that now it can run in a fully decentralized way.

IOTA and Schiener certainly don't hold back on ambition. But the delivery of this big plan of new IOTA largely depends not only on the technological upgradation, but also on the organization behind the technology. This will hopefully point out a new dawning phase for IOTA.

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