Official IOTA Foundation Response to the Digital Currency Initiative at the MIT Media Lab
https://blog.iota.org/official-iota-foundation-response-to-the-digital-currency-initiative-at-the-mit-media-lab-part-1-72434583a2The IOTA Foundation was established in Germany in 2017 to support the development of the IOTA platform and related technologies. The aim of the foundation has always been to operate in a collaborative manner with other parties. Over the last few months, however, the IOTA platform has been the subject of ongoing criticism by the Digital Currency Initiative (DCI) team at the MIT Media Lab. This document serves as the IOTA Foundation’s official and comprehensive response to these criticisms.
Editor’s Note:
All of the information and links contained in this multi-part document were publicly available prior to publication. None of the information contained herein is new or revelatory.
This is a collective effort by many members of the IOTA Foundation and IOTA Core team. The purpose of this aggregation is to add color and context to these complicated and multi-faceted issues, so that the entire Distributed Ledger Technology (DLT) community can decide the relevance of this information for themselves......
IOTA was introduced in Mrs. Peng's speech in Huawei NB-IoT Partner Annual Meeting.
https://twitter.com/xiongzm/status/949998536392757248https://mp.weixin.qq.com/s?__biz=MjM5MTM5ODQyMA==&mid=2651201312&idx=1&sn=187b42976da9bf688dcdc35401029701&chksm=bd44905b8a33194d459a41c8303fcb1b464465180e31798842d6403fa4bc17cdd718139c974b&mpshare=1&scene=1&srcid=0107eimmEDiII9BmZudv9ocZ&pass_ticket=kP4pPGQtVq%2FMzvlFj2QwXW44eht7cjUdPu%2BWt1Uvhmw%3D#rd.....4. Internet chain
Regardless of whether you are aware or not, the scene I describe is now approaching: in the case of all things interconnected, all our physical equipment, material assets are digitized, and it is liquid, it has a digital identity, it has a sensor , So each machine has its own IP address, ID, and the machine uses its own bank account and wallet, and the machine can automatically complete a financial transaction with another machine.
But the transaction cost of bitcoin is very expensive, if you buy a cup of coffee with bitcoin may not be worth, because the transaction costs more expensive than the coffee itself. If trade friction costs so much, interoperability between machines, or micro-transactions between IoT devices, is almost impossible . IOTA is to solve this problem, specifically for the Internet of things born "blockchain" technology.
IOTA is currently the fourth largest cryptocurrency in the world. It is worth noting that IOTA uses an interesting distributed ledger technology to decentralize it. Unlike the standard blockchain technology used by most companies, the IOTA method is Tangle. DAG (Directed Acyclic Graph) structure, although it is a blockchain, in fact, it has neither block nor chain.
IOTA has improved the block chain must pay the fee to the miner's design, the person who issued the transaction does not need to pay the transaction fee. This zero-transaction fee design, especially for the future era of Internet data exchange, build the future era of machine economy. IOTA cleverly reached through tangles (Tangle) has not been able to achieve the blockchain zero transaction fee service.
At the end of November 2017, the IOTA Foundation has partnered with Microsoft, Fujitsu, Cisco, Samsung and more than 20 other companies to launch the first publicly available data market for the Internet of Things. This work is particularly intriguing where the market is fully supported by the IOTA distributed ledger. IOTA cryptocurrencies with the same name can be used for circulation in IoT products worldwide......