IOTA just announced its new consensus mechanism - Shimmer. Could this be superior to Proof-of-Work and Proof-of-Stake?
Hi guys,
yesterday IOTA announced their new solution (Shimmer) to replace the centralized Coordinator, which has controlled the network in order to prevent double spending and other forms of abuse in the network.
Shimmer is one of IOTA's Coordicide modules, which is a new consensus mechanism for DLT. This is neither PoW nor PoS but something completely new. This could change the entire landscape of cryptocurrency and looks at least as revolutionary as PoW and PoS. Maybe its even technically superior to both since it does neither waste useless energy (PoW) nor requires any kind of global syncing (PoW: global blockchain, PoS: global consensus on block issuer). Once implemented, this would make IOTA:
truly decentralized (no miners, stakes or central block issuer)
partition-tolerant (DAG, no central entity)
feeless (no miners, no blocks)
scalable (no syncing required and no bottleneck like blocks)
Some people even speculate that IOTA found the solution for the common Trinity Problem that every Blockchain project faces, Scalability, Security and Decentralization.
The implementation of the new consensus mechanism should be implemented in the next 3-6 months.
The IOTA price is already up to 50% in the last two days.
What do you think about IOTA and the new Shimmer Consensus?
I'm happy to read your thought and comments about it!
yours @masterthematrix
this would indeed be massive. I wonder what the bottleneck of the scaleability trilemma is. As far as I understood: as long as each node has to process the transaction (which is necessary for maximum equal distribution --> decentralization), the processing of the single node is the bottleneck, no matter if DAG or Blockchain. At least this is how Vitalik put it. So extreme on-chain/graph scaling is not possible without a tradeoff.
I wonder as well how they exactly achieved this, but my technical understanding is to limited. You can read the new whitepaper of the coordicide to evaluate their approach.
But from what I heard about IOTA and how they communicate with the public they seem to be pretty confident that they are about to solve this problem. They have a lot of brilliant minds working for their foundation and a lot of scientific research went into this project. I'm hoping that someone can explain this in Lehman terms.
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