IOTA 2.0: Breakthroughs in Coordicide and Shimmer – Can it drive MIOTA price to $1? Report

  • The developer team made some important code changes to the GoShimmer node software focusing on security, bug fixes, and much more.
  • In the first quarter, the IOTA team also focused on updating the CLI and Firefly wallets as well as other regulatory matters and IOTA 2.0 (Coordicide).

The team at IOTA Foundation is working hard on two major projects this year – The Shimmer Network and the IOTA 2.0 (Coordicide). As a first, the team has released a quarterly report explaining the progress in the last three months towards the launch of ShimmerEVM as well as the research implementation for IOTA 2.0 (Coordicide).

Here’s a look into how each respective division at the IOTA Foundation has contributed during the first quarter of the year.

  • The Core Node Team made significant improvements to the GoShimmer node software which includes critical bug fixes, and component refactoring. Furthermore, the team worked towards establishing greater stability in the GoShimmer network. They implemented essential security measures in goShimmer by making the main data flow fully synchronous.
  • The Protocol Research team concluded the first iteration of IOTA 2.0 tokenomics, consensus, congestion control, mana, and finalization.
  • The Smart Contracts researcher conducted the identification and ongoing analysis of the challenges in the programmability support of IOTA. They also launched a task force for modeling accounts on IOTA which will facilitate staking and Mana accounting in IOTA 2.0.
  • The Finalization research group implemented key updates such as the development of a second-level knowledge approach for confirming blocks as well as transactions. This approach will ensure secure and fast confirmation rates. Additionally, the group also implemented a finalization rule using slot commitment chains to enhance network security in asynchronous conditions.
  • The Congestion control research group conducted extensive simulations via a new tool called TangleSIM to evaluate congestion control algorithms based on Mana burning.

CLI Wallet, Firefly, Regulatory Affairs, and Coordicide

THE CLI wallet has been elevated to first-class wallet status. Besides, the team has also enhanced quality assurance significantly through better CI and increased code coverage.

Also, the native Firefly wallet also underwent a major upgrade featuring NFT support which includes the ability to send and receive NFTs, a collectibles gallery, as well as a mint NFT developer tool. Besides, the update for the Firefly wallet also comes with a governance tab, “as well as the ability to send assets to an EVM address on an IOTA Smart Contract Chain (ISC), among other improvements and bug fixes”.

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The Regulatory Affairs team at IOTA has unveiled a new Discord channel where they would be sharing updates on topics such as the Markets in Crypto-Asset (MiCA) Regulation, NFTs, GDPR, Decentralized Finance (DeFi), taxonomy, and compliance. Besides, the team has also worked with FTI Consulting and INATBA to define clear regulations in DeFi.

Lastly, the IOTA team stated that the research into Coordicide is completed, and the team shall now focus on documentation and implementation. The IOTA 2.0 (Coordicide) is likely to go live in the second half of the year.

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Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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