Three weeks ago, IOTA announced a change in direction in its development work for a decentralized network. This is already paying off, is heard from the IOTA Foundation. But doubts remain.
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For at least five years, the Foundation has been promising with great regularity that the decentralization of the network is imminent under the working title “Coordicide”
But just as frequently, it subsequently announces that unexpected problems have arisen and that the wait for an IOTA 2.0 must continue. At the end of April, the company’s boss Dominik Schiener apparently burst his bubble and surprisingly ordered a change of direction for the development department. Instead of focusing on the already announced release of a prototype (MVP) for decentralized IOTA 2.0, Schiener’s staff is now focusing on embedding Coordicide directly into IOTA Core.
In its weekly progress report, ID.IOTA writes on Twitter, citing the foundation, that the development team is “making progress at an incredible pace.” On the other hand, however, IOTA developer Jonas Theis lists five items that are currently on the to-do list. These include the integration of APIs, dealing with possible conflicts in a decentralized IOTA network, and merging various software modules. In addition, of course, there will be extensive testing. This also reveals that components of IOTA 2.0 will continue to be tested in old environments and still need to be migrated to IOTA Core.
Whether a realization of IOTA 2.0 in 2023 can be achieved under these circumstances may be doubted. For the company, the step towards decentralization is a crucial task in order to gain a foothold in targeted divisions such as Decentralized Finance (DeFi) and blockchain gaming. There are also stumbling blocks in integrating the Ethereum Virtual Machine (EVM) as a standard for organizing smart contracts. The EVM is initially supposed to appear for the IOTA side project Shimmer (SMR), but a concrete date for this is still pending.
Conclusion: IOTA is treading water, and information policy questionable
Price-wise, the cryptocurrency is trading at an all-time low in relation to the cryptocurrency Bitcoin (BTC), and in the list of the most capitalized altcoins, IOTA has lost touch with the top 50. The ongoing negative trend is also due to the fact that technological development goals for IOTA are repeatedly missed or face seemingly endless delays.
Critical investors have therefore taken to questioning the demonstrative optimism of Schiener and the IOTA Foundation. For they know: On the subject of Coordicide and IOTA 2.0, official announcements were annual routines that proved wrong in retrospect.
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First published in BLOCK-BUILDERS.DE, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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