Version one of IOTA’s Coordicide aims to scale 1,000 transactions per second

IOTA Foundation claims that the first version of their much-hyped Coordicide will aim to scale up to 1,000 transactions per second. Darcy Camargo, a member of the team, noted that the Coordicide transition is the next step in IOTA’s journey to becoming fully decentralized. IOTA is currently responsible for users’ tokens, but they want this responsibility to be transferred to the token-holder in the long run. The first step to achieve this is by removing the Coordinator. According to Camargo, replacing the Coordinator with Coordicide will help in improving the scalability as well. The transition will also help the IOTA network become completely decentralized. 

The transition comprises several phases and is not just the removal of the Coordinator. It’s just the “tip of the iceberg,” Camargo said:

Coordicide is about building the IOTA network the way it was meant to be. Making it fast, secure, scalable and decentralized.

According to the Foundation’s plan, the Coordicide will be released in two versions. While version 1 of the Coordicide will focus on the Internet of People (IoP), version 2 will focus on the Internet of Things (IoT). Carmargo noted that many firms are looking to implement a decentralized network that can sustain a bandwidth of 1,000 transactions per second (TPS). He added that the Coordicide’s initial target will be to scale up to 1,000 TPS. However, with the implementation of technological upgrades in the form of sharding and such, the Coordicide will eventually be able to scale unlimited in the long-term.