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The IOTA is in many respects completely different from its competition in the cryptic world. For one, IOTA did not hide the fact that they are, in their current system, a centralized system that would have serious problems of existence if they had to remove the so-called Coordinator.
The coordinator exists only to protect against attacks. In addition, IOTA works without the coordinator, but would therefore be susceptible to attack. Other cryptocurrencies, including BTC and LTC, used something like a coordinator using "checkpoints" and Bitcoin Cash still uses it. Finally, IOTA will become faster and better scalable once the coordinator has been removed because the tangle can not scale well beyond the dozens of transactions per second with the coordinator and the current stream.
The sufficient hash power is just one of three requirements to double the spending in IOTA. To double spending, you also need omnipotence (view of the network topology) and omnipresence (connection to a large number of neighbors). The cost to meet these requirements is difficult to quantify, but it certainly increases the cost to attack the network.
There is a coordinator node (COO) managed by the IOTA Foundation to specifically protect the network against attacks by 34%. This does not mean that the system is centralized by any means, since any experienced programmer could completely ignore the node during transactions and the role of the COO is simply that of protection; it is still guarded by every other node and its spectrum of influence on the network is limited, and therefore the system itself technically can not be considered too centralized in that way. The COO will continue to exist until the tangle is mature enough to be able to protect itself completely by itself.
According to the IOTA Foundation, while Coo has done its job well, in the interest of the long-term success of the framework, it is necessary to eliminate it first because, at least in theory, it allows the Foundation to choose which transactions to receive priority, and also allows to the Foundation to freeze investment funds by instructing the milestones to ignore transactions involving such funds.
Despite the announcement, for now there is no precise deadline for the removal of Coo. A quote from the blog post reads:
"The short answer is that the coordinator can and will be removed when our research team is satisfied that we sufficiently understand the coordinating-free tangle."
IOTA decentralized in 2019
It seems that the IOTA will reach its decentralization much earlier than expected.
Finally it's out. The #IOTA foundation has a specific solution for the coordicide. Centralization in IOTA will go very soon. What then (if everything works as planned) makes IOTA the only one and the first project that satisfies Satoshis' vision, but without extracting it, in 2019.
– Tangleblog.com (@tangleblog) December 9, 2018
Tangleblog is a popular website that tracks everything that surrounds the IOTA ecosystem and presented screenshots of the IOTA discord community, where a senior member, Hans Mogg, implicitly announced the "coordicide" (removal of the coordinator ) for 2019, while simultaneously tickling the imagination of IOTA fans with a phrase "once vanished, tangle FLY".
– Tangleblog.com (@tangleblog) December 9, 2018
– Tangleblog.com (@tangleblog) December 9, 2018
– Tangleblog.com (@tangleblog) December 9, 2018
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