The IOTA Foundation has revealed for the first time that it plans to gradually phase out the IOTA network Coordinator, which some see as a centralization risk. In a series of posts on its official blog on this week, the foundation outlined a sequence of steps it plans to take before “Coordicide”, which it sees as a major landmark on the road to complete decentralisation.
IOTA Network Coordinator Origin
While IOTA is not a blockchain but a Directed Acyclic Graph (DAG), it does however employ a Proof-of-Work network security mechanism like a blockchain. This means that in theory, if a user were to command enough of the network’s hashing power, they could bend the consensus rules to do anything they want including double spending and network splits. This was a particularly real risk for IOTA because unlike Bitcoin or Ethereum which have thousands of miners, the IOTA network’s hashing power was relatively small, meaning it would be less difficult for an attacker to gain control of it.