Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => IOTA Forum => Topic started by: CryptoGirl on October 18, 2017, 06:15:41 PM
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(http://i.imgur.com/dytRAAz.png)
www.iotatoken.com (http://www.iotatoken.com)
https://twitter.com/iotatoken
Iota
Iota is a brand new and novel micro-transaction cryptotoken optimized for the Internet-of-Things (IoT). Unlike the complex and heavy blockchains of Bitcoin and the like, which were designed with other uses in mind, Iota is created to be as lightweight as possible, hence the name "Iota" with emphasis on the ‘IoT’ part.
The number of connected devices that will permeate our modern landscape in the coming decade is estimated to be 50 billion(!) Each of these are designed to make the world a better and more seamless place for us. Tied to this fantastic promise are of course a ton of obstacles to be overcome, of which one major one is micro-transactions. These connected IoT devices must be able to automatically pay miniscule amounts to one another in a frictionless manner without having to compromise on product design by introducing additional hardware. This is why Iota was conceived.
While it was developed as a solution to scalability issues faced in IoT, the underlying protocol is agnostic and can be applied in any other use-cases that utilize micro-transactions.
In order to achieve these audacious goals Iota’s design diverged radically from blockchain cryptocurrencies. It still retains the core principle ideas of the distributed consensus blockchain, but in order to be able to scale to the size of the coming Internet-of-Things ecosystem with tens of billions of devices that are connected to each other, it needed to be very lightweight and efficient. This problem is solved by Iota’s core innovation: the tangle.
Tangle
A Tangle is a Directed Acyclic Graph (DAG).
(http://i.imgur.com/dB7zOho.jpg)
Tangle vs Blockchain
Iota’s blockchain solves the following problems of its blockchain cousin:
Centralization of control
As history shows, small miners form big groups to reduce variation of the reward. This leads to concentration of power (computational and political) in hands of few pool operators and gives them ability to apply wide spectrum of policies (filtering, postponing) on certain transactions. Although there are no known cases where pool operators abused their power, there have been several instances where the opportunity were present. This possibility in a monetary system powering a multibillion (in USD) industry is completely unacceptable.
“Obsolete” cryptography
Although large scale quantum computers do not exist yet, future oriented companies have already begun initiating the steps towards quantum-resistant cryptography. From a security point of view it makes perfect sense to assume that hardware capable of cracking classical cryptoalgorithms may appear in the very near future, so preparation is the only defense.
Inability to conduct micropayments
Transaction fees are used to cover miner expenses and mitigate spam-attacks. They also set a threshold on the minimum amount of a payment below which money transfers become inexpedient.
Partition intolerance
Blockchain-based currencies are unable to survive long-sustained partitioning of the network because this may lead to reversal of a large number of transactions. It is also impossible to initiate an intentional partitioning in cases when it is required.
Discrimination of participants
Existing cryptocurrencies are heterogeneous systems with clear separation of roles (transaction issuers, transaction approvers). Such systems create unavoidable discrimination of some of their elements which in turn creates conflicts and makes all elements spend resources on conflict resolution.
Scalability limits
Some cryptocurrencies have hard limits on the maximum transaction rate and this limits cannot be removed in a decentralized manner. A magic number of a limit set before the launch cannot satisfy requirements of a system unless it is set by a person with extraordinary prediction skill. A too low value may hinder growth of the userbase, a too high value may open system to different kinds of attacks.
High requirements for hardware
Bitcoin-derived cryptocurrencies use its original script-based approach which allows implementation of a wide range of use-cases. Other currencies use an approach similar to one used by banks but add extra features. They both substantially raise requirements for hardware because of complex transaction processing logic.
Unlimited data growth
Storing of all state transitions leads to fast growth of data while does not increase stored balance information significantly. This inefficiency cannot be removed even with data pruning technique and high popularity of the currency may lead to its collapse.
Tangle-blockchain interoperability
Iota does not seek to replace the blockchain entirely, it also acts as a supplementation to the current blockchain ecosystem by acting as a oracle for smart contract platforms like Ethereum and Rootstock. Additionally it increases security of blockchains by enabling the ability to include checkpoints for transactions.
special thanks to: Jimmy2011 and Kushti for reviews.
Also worth noting: Sergio_Demian_Lerner's thread about DAG in crypto here: bitcointalk.org/index.php?topic=1177633.0
http://cointelegraph.com/news/115508/iota-a-blockchain-less-gasp-token-for-the-internet-of-things
If you did not claim your iotas in the automatic claiming period contact @David over at https://slack.iotatoken.com where you will be given further instructions to manually claim your tokens. Tokens not claimed by 11th of July 2017 will be forfeited and considered donations.
A little FAQ section
On necessity to have quantum-resistant algorithms: Look here - http://9to5google.com/2015/11/11/google-planning-a-watershed-quantum-computing-announcement-december-8/
On resource requirements: A cheap microcontroller and 16 KiB RAM should be enough for payments once payment channels with peers are established
On IoT market capitalization: http://www.mckinsey.com/insights/mgi/in_the_news/by_2025_internet_of_things_applications_could_have_11_trillion_impact
On supported platforms: Most of popular OSes with help of http://www.jwrapper.com
On hardware support: Included (https://cdn2.iconfinder.com/data/icons/fugue/bonus/icons-24/tick.png)
WARNING: https://twitter.com/comefrombeyond is an imposter who will likely try to conduct a scam.
Posted by : Come-from-Beyond on October 21, 2015, 06:06:02 PM
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This is gonna be to the moon
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It's too complex to hold and manage . Even to setup
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They have been in trouble recently. Had to stop coordinator due to a bug and transactions have been stuck for two days. From my point of view it's unfinished software.
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What is difficult to store and handle. Only issue is exchanges only bitfinex and binance. Once they get listed elsewhere price will rise. Their technology is damn good give it couple of years and see what happens. It is a dark horse coin
regards
Balaji
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young ecosystem ... have a great prospect in future ... stake now
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IOTA led the altcoin rally regarding percentage gains, as it rallied from the vicinity of the $0.35 level and reached the $0.60 level above our primary target at $0.56 before entering a short-term correction. Traders should still play the developing uptrend, while investors should hold on to their positions here. Support levels are found between $0.45 and $0.48, while further targets are ahead at $0.64 and $0.75.
http://prntscr.com/h9e8bv
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This one is a very good project. I'm holding this coin and I believe this will greatly succeed.
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IOTA holdings are my pension fund
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yes iota holds will be pensioners paradise
regards
Balaji
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It is not complex if you understand it. If you wish you can generate a new seed, open note pad, CAPS LOCK in your keyboard and write a string of 81 capital letters as scrambled as possible, include 5 or 6 times the number 9 ( NMHYGRD9DFGJJ9......). all 81 characters, count them well, login with this seed and press receive to generate a new address, attach the to tangle.
The SEED is the key to open you own reserved space in the TANGLE. In this very private space you can attach endless addresses(in the near future you will have one address for every household appliance linked to the internet of things)
It is important to understand that you can use any of your attached addresses for receiving as many times as you wish, but if this address is used even once to send iotas away, than it becomes obsolete. To make sure that you are not using an address that has been used for sending, you can attach a new address every time you want to receive
" Non reusable addresses
IOTA's addresses should only be used once (for outgoing transfers). That means there is no limit to the number of transactions an address can receive, but as soon as you've used funds from that address to make a transaction, this address should not be used anymore. The reason for this is, by making an outgoing transaction (if you send IOTAs) a part of the private key of that specific address is revealed, and it opens the possibility that someone may bruteforce ("hack") the full private key to gain access to all funds on that address. The more outgoing transactions you make from the same address, the easier it will be to bruteforce the private key. It should be noted that having access to the private key of an address will not reveal your seed or the private key of the other addresses within your seed / "account"."
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Well I love this writeup, but why is it difficult for exchanges to take up iota despite what it has in an encoded vision
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Exchanges will have to agree on zero fee. When i have 100 mIOTA in bitfinex.com and I wish to withdraw,I receive all 100 in my wallet.
Not all exchanges like that
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Exchanges will have to agree on zero fee. When i have 100 mIOTA in bitfinex.com and I wish to withdraw,I receive all 100 in my wallet.
Not all exchanges like that
That sounds good to me. ::)
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I love this project.
However, is it supported web wallet?
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Fabulous explanation there, thanks. I now appreciate Iota more.
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Just find out IOTA here. I read about it partnering with microsoft. Great potential coin.
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I miss it .
IT is a pity.
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This projects sounds amazing and with a great future as well. I love the tangle technology. I've got to get some miota soon
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I love the write up and I strongly believe it is a great project. The tangle technology instead of blockchain is cool and despite the fact that there will be few ups and downs, it's going to have a very great future.
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Round-up of all the latest IOTA Foundation appointments IOTA.
The IOTA Foundation have unveiled their latest round of appointments, with new recruits across multiple disciplines. https://helloiota.com/further-appointments-at-the-iota-foundation/
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every exchange must agree on zero costs. When I owned 250 mIOTA at bitfinex.com and I did an investigation, I received all 250 in my wallet.
but not all exchanges have the same thing.
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I admit I don't understand coding and coin making or I'm also not a computer program expert.
But I see IOTA using Tangle and Bitcoin using Blockchain.
IOTA tries to defeat Bitcoin by means of the system and Bitcoin still stands firm in number 1 but maybe IOTA is definitely the next best choice.