Topic: Does anyone truly understand IOTA? (Read 6673 times)

Volkswagen is working closely with IOTA, so much so that their Chief Digital Officer (CDO), Johann Jungwirth has joined the IOTA foundation’s supervisory board.

 The Volkswagen group consists of 12 motoring brands, Lamborghini, Porsche, Bentley, Audi & Bugatti to name just a few.

The skills, connections, and influence Jungwirth can bring to the German-based IOTA foundation could prove to be very significant.

IOTA is scalable and payments are free, making many applications in the IoT viable. Not without reason are companies like Bosch very interested in such technologies, because a future in which each car pays for itself in the parking garage makes our lives easier.

Whether IOTA can prevail, only the future will show, because a “proof of concept” must be provided in real-world applications. As with Bitcoin, the risk of the bubble is significant, because without genuine applications I personally consider such a crypto-currency worthless.

What is exciting, however, is whether the Lightning network will have a positive effect and whether profitable applications may soon be on display.


For IoT, where machines pay machines, we need a payment system that can process tiny transactions in huge numbers and in real time. It must be cheap, or even better, free, fast and scalable. And that is exactly what Bitcoin cannot do, according to experts, but it remains to be seen what improvements the newly created Lightning network will bring.

Here, payments are to be executed via many separate micropayment channels, which make it possible to execute transactions virtually in parallel to the Blockchain. Instead, two users can make as many transactions as they like, without informing all the participants in the blockchain about the cash flow. Only the final amount of their transaction will be noted afterwards.

You are placing the trust of the entire system and the developers or the company's pants if you're going to let them hold on to every uncirculated coin or if this case that original bunch of coins ended up divided tweet several people that funded the project and that means that they now have the responsibility of dispersing it, making it popular, and added value to it, so basically the developer got paid, and passed off the responsibility of going somewhere with the coin to the original funders.

The problem lies and is always going to be, if you are going to do away with mining, then it has to be provide 100%, and no matter what that is going to put that in tire supply coins in either Developers or in this case the original funders hands. That creates matter of trust, and amount of responsibility some people are prepared to handle.

In case if you didn't read my last reply on Slack:

Just to give you a clear picture guys. This is not only since I posted something here that he and the developers provide such references to wikipedia with such abstract articales, this was also going on since the beginning as I was trying to figure out if it is a legitime approach. All people in the iota slack then come up with such articles. This is their plan to hide the scam.

Haha, you took it too seriously, it seems. Dude, you are marked as a troll in my note book. I'm talking to you only because your are funny, after all that nonsense you posted - no way you understand what you are talking about when it's related to tech.

He's just a "investor" not as developer. He believes in this project. I talked with him in slack. I doubt that he understands it.

Think about it you do not have thew whole tangle. You should approve two transactions. So without going two a third party and aks it for state you can you confirm in the dark, which implies that your transaction maybe is not legitim.

Try to ask such a question on slack they will give you that as answer https://en.wikipedia.org/wiki/Holographic_principle.

As already pointed out they are trying to make an unspottable scam, where they constantly try to tell you that you do not have the knowledge to understand. They also claim that they have some revolutary technique behind iota that currently nobody is aware of and do not release information about it. At the current state they running their system with a centralized coordinator and they haven't released any information how it should run without it.

Be aware...

I'm so offended, because I value your opinion very much. Just like the others. 

You are a nobody, can not expect from others what you do not provide either. Answer the questions in this thread about IOTA or stfu and enjoy your scammed money.

I expected a direct answer to the direct question...

Who can recall the chain letters. You, considered "lucky" by the organizers, receive a letter which instructs you to spread it to, let's say, 4 people and push them to each send it to 4 other people and so on. The moment you found 4 people you are done confirmed in the game.
For the game to continue there must be ever more newcomers.
IOTA transaction confirmations wok in similar way, with a major difference, the "newcomers" can return again and again.
At the moment people are buying IOTA and holding it, But for the tangle to function holders should just have another wallet and send their iotas forth and back. the more actions the faster it gets, until the real use of iota, communication machine to machine, comes to life, and will have the machines keep the tangle alive automatically and we enjoy free transactions among each other.

I guess you speak about Ethereum sharding or so. I think this discussion should not happen in the IOTA thread.

Because they claim the opposite. Whom should I trust, to them (who proved their expertise) or to you (who is a random dude from the Internet)?

why? I'm not so much into Ethereum, I'm focussing on other projects.

Tell this to Ethereum devs, they'll be laughing hard at you.

Because a tangle on it's own works if everybody has the whole tangle, but in a real world scenario you need network logic. You cannot assume that everybody has the whole tangle like in the tangle whitepaper. And there is no information on this part besides:


In other words that means as long as you do not run a complete full node you have to trust others, which makes it more or completely centralized as the tangle grows.

means you give your processing power and data in third party hands they compute something and then they have the current state (from that cluster). Because you cannot verify/confirm tx on your own (because you do not have the necessary information) you are completely dependent on third party, which makes it in fact centralized. And all that gets even worse as the tangle grows.

Because...

?

I'm waiting for a whitepaper. Releasing a tangle whitepaper whithout an "iota swarm" whitepaper is like releasing no whitepaper. They say this whitepaper will come next year ^^.

https://www.youtube.com/watch?v=tYbRyVrrUDY
https://iotasupport.com/whatisiota.shtml
http://learn.iota.org/faqs

jeez...

and last, most important