IOTA announce new details of algorithm to bolster its network
- The IOTA Foundation are set to implement a new algorithm, which will improve its blockchain drastically.
- IOTA is keen to increase its scalability, combat spam attacks and tackle congestion.
The IOTA Foundation recently released a new paper, covering details of an algorithm. It is set to bolster the network’s scalability in addition to combating spam attacks.
In terms of the paper it noted that it would also be possible to start combating against the building up of congestion on the network.
There are three proposed changes to the algorithm behind IOTA: Firstly, each transaction will require a computer to expend resources on a proof-of-work puzzle. Secondly, the difficulty of the puzzle will increase with the number of transactions sent over a given time period. Lastly, senders can stake IOTA as collateral to reduce the overall difficulty of the puzzles.
Author
Ken Chigbo
Independent Analyst
Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.
