IOT/USD market overview: IOTA launches $5 million research grant program for Coordicide upgrade
- Coordicide will remove the network’s centralized coordinating node.
- The grant program will include prevention, network optimization, reputation systems and decentralized random number generation.
IOTA is a cryptocurrency that works towards offering IoT transactions by creating a fee-less, highly scalable, asset transfer network. The firm recently announced a $5 million grant to contribute to "Coordicide" - the elimination of the project's centralized coordinating node.
As previously reported by FX Street, Coordicide is a planned upgrade for IOTA to make it more decentralized. The IOTA Foundation’s current “Coordinator” solution acts as a single point of failure. In theory, it is susceptible to hacking and is a bottleneck to scalability. The Coordicide solution is going to remove the Coordinator node.
The proposed $5 million grant will contribute to further Coordicide-related research. Few areas of interest of the research include spam prevention, network optimization, reputation systems and decentralized random number generation. This research grant might speed up the transition to Coordicide, cementing IOTA's status as a decentralized tool for machine-to-machine transactions.
IOT/USD daily chart
IOT/USD fell from $0.259 to $0257 this Wednesday. The 200-day simple moving average (SMA 200) has crossed over the SMA 50 and charted the “death cross” pattern, which is a very bearish sign. The bulls will need to overcome the resistance provided by the downward trending line. The relative strength index (RSI) indicator is trending around 36, right next to the oversold zone.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
