Twenty-twenty has begun with a flurry of activities in the cryptocurrency space as a few organizations thought once more into their improvements of 2019 to make an increasingly sustainable economy. One of the more well-known organizations that have vowed to have any kind of effect was IOTA.
IOTA claimed that the lookback was aimed to target the nuanced areas in the cryptocurrency space. The team will target core areas and then formulate solutions to tackle any problem. To upgrade the infrastructure, IOTA completed the Coordinate Whitepaper in December which was then sent for internal reviews. These reviews are usually conducted by members of the Research Council. The document will be made public in the coming weeks, according to IOTA.
IOTA’s laser focussed vision on research was again fortified when the organization decided to create a new research subgroup in the Research department. The official release from IOTA said:
“The new group is called the ‘’dRNG group’’ and its main goal is to provide a suitable decentralized random number generator (dRNG) for the IOTA network. A dRNG is a necessary part of Coordicide as the FPC consensus mechanism requires it. The group will analyze existing dRNG solutions such as drand, which is used by, among others, League of Entropy, which is an already functioning distributed randomness beacon.”
Another goal put forth by IOTA was to improve the network’s performance and security. This was formulated so that the cryptocurrency can:
- Compete with other coins such as BTC, XRP, ETH
- Carry forward the IRI Implementation
IOTA’s ‘Protocol’ team will take charge to implement certain network changes that will remove many bottlenecks within the system.
There have also been changes in the inner structural working of IOTA. The former rate control team has been rebranded as ‘networking’ for the new year. The team will be tasked with handling each and every aspect of the company’s networking capabilities. One of IOTA’s more popular projects was Tangle, the blockchain venture that gives the power of the validator to the user. In the latest IOTA report, Tangle was covered as an integral part of the release pipeline.
IOTA plans to incorporate different time systems in the Coordicide network to make different functions work faster. This new feature will make it:
- Easier for network snapshots to be taken,
- Makes it abundantly easier for network updates
Despite the wide array of updates, IOTA claimed that increasing the price of the cryptocurrency has been its numero uno priority. At press time, MIOTA was trading for $0.18 with a total market cap of $527.31 million. The asset had not received any help from the bulls recently, causing the daily market volume to fall to $4.05 million.