- The grant is focused to attract experts from various fields of research to further development on the Coordicide
- IOTA presents a wide variety of grants, with large offers of up to $1,000,000.
- Researchers will also have a wide variety of topics to work on
The IOTA Foundation, the team behind the Tangle, a third-generation blockchain technology which is a block-less, scalable, light-weight, distributed ledger and Coordicide has announced a $5 million fund for community members to contribute towards Coordicide-related research. IOTA is one of the first names that pop up on our minds when we’re talking about the integration of Blockchain and IoT. The non-profit organization is one of the few projects out there that are working to create a decentralized, shared economy which would allow the stakeholders to share their data for truthful verification.
From IoT to Coordicide
IOTA is known for abandoning blockchain for the tangle, however at the cost of increased vulnerability to double spends. This led to the creation of the Coordinator. Basically, Coordicide was developed to help the tangle network in “Achieving Fairness in the Tangle through an Adaptive Rate Control Algorithm”, according to the concept paper presented during the IEEE ICBC 2019. Since Coordicide has been a primary focus of the organization ever since its conception, the team has been researching various ways it can be implemented more effectively.
The game plan here is to fund community contributors to further help in research related to Coordicide. This comes in hopes to attract a stream of experts from esteemed research organizations like academia and promote the growth of the IOTA ecosystem. According to the announcement, this grant “is an opportunity for the best and brightest in Distributed Ledger Technology to come to the table and offer their contributions to Coordicide in the most constructive way possible.”
Iota Foundation opens up its deep coffers
The research is focused around a variety of topics which include proof-of-work alternatives, optimization of the networking layer, reputation system based on node behavior, efficient tip selection algorithms, etc. In order to apply for the funding and work with the core IOTA research team, interested parties must present a proposal which mustn’t exceed two pages and should properly describe the research to be conducted along with a budget and a timeline. There is also a provision for grants amounting up to $1,000,000. Once the proposal is reviewed by the grant committee and the research department is interested, the project team will be contacted for further details. Further details will be updated on the Coordicide website along with the grant application form.
IOTA has already created various partnerships in the first quarter of 2019; many of them are big names like ElaandNL, Alyx, IBSC, and Bosch. This has been the primary driving force that is helping the non-profit organization to push towards further adoption of their tangle network, with companies looking to build their projects on this DAG thus promoting the uses of DLT and blockchain technology itself.