The anticipated growth for the Internet of Things industry is $325 billion in the next few years. In the recent IOTA headlines, prices have slid by almost 12%. Despite the drop, the IOTA market is still taking on with the positive prediction. Hence, has put in place mechanisms to capitalize on the growth of the industry and is in the process of supercharging its projects. Some of the developments include, overall improvement of the coordicide and scaling the system’s algorithm. IOTA believes both are the only means to correcting the movement of prices upwards.
Markets have recently experienced bullish reactions and the growth of alternative crypto assets is tucked upon transaction numbers. Blockchain technology is in itself disruptive and has attracted interest from both developers and investors. The ecosystem is growing at pressing speeds – and we have seen how research centers and blockchain analysts have churned millions of papers relating to the same. In short, Blockchain is dominating headlines and IOTA’s plan is to drive matters to greater heights.
Developers in the IOTA foundation have created a blockless system whose scalability is default in nature. It is evident that in the near feature, IOTA will take lead in the internet of things field. The asset therefore shows a lot of promise given the control of an industry capitalization set to reach a billion dollars in coming years.
Despite the positive forecasts, IOTA has been facing several structural weaknesses. One of the biggest challenges is centralization. While the network’s whitepaper details the elimination of the coordinate; attraction of massive enterprises is still a top goal. The team therefore found it valuable to design a scalable algorithm with the potential of optimizing network performance. And in addition, solving various structural hurdles within the platform. Reports of spam attacks, scalability issues and congestion have been on the rise.
A senior researcher within the IOTA foundation authored a paper outlining how to achieve fairness with the scalable algorithm. The paper gives three stages for driving the platform to new levels using the algorithm. First, the researcher finds the introduction of staking abilities for the IOTA to be quite productive. Second, expending resources will effectively help solving proof of work puzzles and finally designing the network’s sophistication to be in direct proportion with the number of transactions.