Topic: IOTA - page 730. (Read 1473405 times)
So they are all integer and total # is 1 quintillion minus 1, right? - https://en.wikipedia.org/wiki/Names_of_large_numbers
Maybe. There is ambiguity in number names, e.g. sometimes a billion contains 9 zeros, sometimes 12. There are 18 decimal places in Iota amounts.What is the rationale to create such a huge amount of coins?
Micro-Transactions.
Exactly, 10^18 units is not that much if we recall share size of IoT market.
So they are all integer and total # is 1 quintillion minus 1, right? - https://en.wikipedia.org/wiki/Names_of_large_numbers
Maybe. There is ambiguity in number names, e.g. sometimes a billion contains 9 zeros, sometimes 12. There are 18 decimal places in Iota amounts.What is the rationale to create such a huge amount of coins?
Micro-Transactions.
So they are all integer and total # is 1 quintillion minus 1, right? - https://en.wikipedia.org/wiki/Names_of_large_numbers
Maybe. There is ambiguity in number names, e.g. sometimes a billion contains 9 zeros, sometimes 12. There are 18 decimal places in Iota amounts.What is the rationale to create such a huge amount of coins?
So they are all integer and total # is 1 quintillion minus 1, right? - https://en.wikipedia.org/wiki/Names_of_large_numbers
Maybe. There is ambiguity in number names, e.g. sometimes a billion contains 9 zeros, sometimes 12. There are 18 decimal places in Iota amounts.
Come-from-Beyond, mthcl or David just one additional question: Is the amount of IOTA-Token/Coins really 999’999’999 and there are 9 figures after decimal point, so one more than Bitcoin have? So IOTA has even smaller units like a Bitcoin Satoshi? Thanks for clarification.
No. There will be 999'999'999'.999999999.So they are all integer and total # is 1 quintillion minus 1, right? - https://en.wikipedia.org/wiki/Names_of_large_numbers
Come-from-Beyond, mthcl or David just one additional question: Is the amount of IOTA-Token/Coins really 999’999’999 and there are 9 figures after decimal point, so one more than Bitcoin have? So IOTA has even smaller units like a Bitcoin Satoshi? Thanks for clarification.
No. There will be 999'999'999'.999999999.
Come-from-Beyond, mthcl or David just one additional question: Is the amount of IOTA-Token/Coins really 999’999’999 and there are 9 figures after decimal point, so one more than Bitcoin have? So IOTA has even smaller units like a Bitcoin Satoshi? Thanks for clarification.
Thx, Could you link your academic background please?
It is nice to put a face to the name. I thought that you would be older
But in my opinion, at least as I see it right now, it'll be based more on raw data from the IoT ecosystem.
Make sense.
The weight of the Proof-of-Work behind it. If it was false, it would not be confirmed in Tangle.
For instance, in Rootstack and Ethereum, smart contracts may need interest rate and stock price from outside to trigger the contracts, will Iota be able to provide these kind data?
Hmm, theoretically sure, but not necessarily. It all depends on how the use-cases evolves. IOTA doesn't discriminate, it can be used for all kinds of micro-transactions. But in my opinion, at least as I see it right now, it'll be based more on raw data from the IoT ecosystem.
The weight of the Proof-of-Work behind it. If it was false, it would not be confirmed in Tangle.
For instance, in Rootstack and Ethereum, smart contracts may need interest rate and stock price from outside to trigger the contracts, will Iota be able to provide these kind data?
In essence it means that IOTA can act as an oracle for other platforms, meaning it can provide data that smart contracts in Rootstock or Ethereum can act upon.
Why is that? I meant what makes Iota so reliable and special for other systems to treat its data as facts.
The weight of the Proof-of-Work behind it. If it was false, it would not be confirmed in Tangle.
In essence it means that IOTA can act as an oracle for other platforms, meaning it can provide data that smart contracts in Rootstock or Ethereum can act upon.
Why is that? I meant what makes Iota so reliable and special for other systems to treat its data as facts.
Thx, Could you link your academic background please?
https://scholar.google.com/citations?hl=en&user=z62rjg0AAAAJ&view_op=list_works&sortby=pubdateGreat credentials! Does mthcl mean Math Call?
Is tangle pruning planned, or is bloat not a concern?
Pruning should be considered after we see how popular oracling function will be.
What does oracling function do? I can't remember that you wrote about it.
In essence it means that IOTA can act as an oracle for other platforms, meaning it can provide data that smart contracts in Rootstock or Ethereum can act upon.
That is what I asked the OP to provide in bullet points and why this solves those issues. I want to know why creating an entire infrastructure to solve these varied issues is preferable to correcting them in existing projects. Adding those points to the op would not be the worst idea I can think of either.
Good idea. This is what I tried to explore more in the 'summary' post over at Medium, though I kept it at a technical minimum to make it as layman friendly as possible.
Now some of the issues that the Tangle solves cannot be replicated by a blockchain, so I guess you are asking why we aren't instead trying to incorporate a Tangle in an existing project. The reason is quite simple: it's LITERALLY impossible. Just look at how infinitely slow Bitcoin progresses and how everyone gets a heartattack at the mere notion of making some changes to it. The rest of the technological world will not stop and wait for Bitcoin to catch up. IoT wont, Quantum Computers wont and the economy wont. So we started anew. Another motivation for this choice is simply that we don't believe in these omnisolutions. It's impossible to create the perfect key that opens all doors, there are ALWAYS flexibility trade-offs for adding features.
IOTA is meant to be purely a transactive token in real time, so it makes sense to create this 'pure token' that solves a problem, solves it really well and solves it NOW, not in a hypothetical ~5+ years down the line perspective.
Thx, Could you link your academic background please?
It is nice to put a face to the name. I thought that you would be older
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