IOTA rallied Tuesday, hitting its highest levels in more than three years, on hopes that the upcoming makeover of its Internet-of-Things protocol would make it more appealing to investors and traders alike.
The IOTA Foundation Co-founder and CEO Dominik Schiener spilled details about their major upgrade—scheduled for an April 2021 release—in an interview with ZDNet. Dubbed as “Chrysalis,” the new framework proposes introducing a distributed ledger that does not require miners, electricity, and even transaction fees.
“A new distributed ledger that doesn’t need the miners, the electricity, or the transaction fees to really have a protocol, a technology that is going to be production-ready and those billions of users, including machines and humans, are able to utilize and benefit from,” Mr. Schiener noted.
Chrysalis also intends to do away with the coordinator node, an extremely controversial feature in the earlier IOTA versions that denoted the power to approve transactions to