As far as I know, IOTA has no mining, no blocks, no transaction fees. The security and consensus of the network is not divided among miners, validators, and users. Users of the network validate two old transactions (via proof of work) in order to be able to conduct one of their own. No one receives a reward and no one has to pay transaction fees. A miner-centralization like in Bitcoins or in Ethereums network is, therefore, not possible. Its field of application is set in the IoT, as the technology for data integrity and industrial appliances. Furthermore pay on demand, micro-payments, and machine to machine communication like sensor technology, smart cities, adaptive systems etc.
As a settlement layer, it aims for interoperability between many existing systems.
I'm also taking a deep look at the whitepaper to make a decisions on this interesting coin.
Topic: IOTA (Read 1460 times)
IOTA is a great project to invest in but first you need to know some things about it:
* **It is not based on Blockchain**
* **It has no miners**
* **It has no fees**
Tangle is the revolutionary idea that IOTA brings to the table when it comes to how transactions are deployed in the network - Before you create a new transaction, you have to verify with your device, 2 random transactions that are waiting for confirmation in the network.
The beautiful thing about this is that the network is so lightweight that you can use any device to verify those 2 random selected transactions - Computer, laptop, phone, car and even your fridge.
This makes it possible for the main goal of IOTA - The internet of Things - Imagine your fridge having his own identity and wallet that would make him eligible to send a transaction into the network when it runs out of milk so you could enjoy it fresh the next morning.
It also solves the scalability problem in blockchain whereas more people are using the network the more congested it gets - That’s not the case with Tangle because as more machines and devices are using it the faster the entire network becomes because of the 2 transaction confirmations every node has to make.
IOTA is in the beta testings because of its security breaches where they state that a device with the power of 34 % of the network hash power could easily tamper with its data - **That’s when they introduced the “Coordinator”** - Every minute the “Coordinator” makes a normal transaction with its signature on it, and we call these **Milestones**.
Every transaction (including Milestones) verifies two other transactions. When you want to know if a transaction is verified, you find the newest Milestone and you see if it indirectly verifies your transaction (i.e it verifies your transaction, or if verifies a transaction that verifies your transaction, or if it verifies a transaction that verifies a transaction that verifies your transaction, etc).
The reason that the Milestones exist is because if you just picked any random transaction, there's the possibility that the node you're connected to is malicious and is trying to trick you into verifying its transactions.
The people who operate nodes can't fake the signatures on Milestones, so you know you can trust the Milestones to be legit.
They are planning to use the “Coordinator” until the network matures and it would be almost impossible for someone to have the 34% hashing power of the network to atack it.
IOTA is getting more and more attention as being the main actor in the Internet of Things bringing security and scalability to the machines.
* **It is not based on Blockchain**
* **It has no miners**
* **It has no fees**
Tangle is the revolutionary idea that IOTA brings to the table when it comes to how transactions are deployed in the network - Before you create a new transaction, you have to verify with your device, 2 random transactions that are waiting for confirmation in the network.
The beautiful thing about this is that the network is so lightweight that you can use any device to verify those 2 random selected transactions - Computer, laptop, phone, car and even your fridge.
This makes it possible for the main goal of IOTA - The internet of Things - Imagine your fridge having his own identity and wallet that would make him eligible to send a transaction into the network when it runs out of milk so you could enjoy it fresh the next morning.
It also solves the scalability problem in blockchain whereas more people are using the network the more congested it gets - That’s not the case with Tangle because as more machines and devices are using it the faster the entire network becomes because of the 2 transaction confirmations every node has to make.
IOTA is in the beta testings because of its security breaches where they state that a device with the power of 34 % of the network hash power could easily tamper with its data - **That’s when they introduced the “Coordinator”** - Every minute the “Coordinator” makes a normal transaction with its signature on it, and we call these **Milestones**.
Every transaction (including Milestones) verifies two other transactions. When you want to know if a transaction is verified, you find the newest Milestone and you see if it indirectly verifies your transaction (i.e it verifies your transaction, or if verifies a transaction that verifies your transaction, or if it verifies a transaction that verifies a transaction that verifies your transaction, etc).
The reason that the Milestones exist is because if you just picked any random transaction, there's the possibility that the node you're connected to is malicious and is trying to trick you into verifying its transactions.
The people who operate nodes can't fake the signatures on Milestones, so you know you can trust the Milestones to be legit.
They are planning to use the “Coordinator” until the network matures and it would be almost impossible for someone to have the 34% hashing power of the network to atack it.
IOTA is getting more and more attention as being the main actor in the Internet of Things bringing security and scalability to the machines.
Java BigInteger is actually extremely slow for nearly everything, especially if you are using pow and mod. There are a couple of BigInteger libs that do a much better job, where speed ups with various functions range from 3x - 9x depending on what you are actually doing.
http://codeforces.com/blog/entry/17235 this one is a decent all rounder but its part of a larger project so you'll have to do a bit of additional work to integrate it. If you need a really fast multiply then you wanna implement a Karatsuba algorithm.
http://codeforces.com/blog/entry/17235 this one is a decent all rounder but its part of a larger project so you'll have to do a bit of additional work to integrate it. If you need a really fast multiply then you wanna implement a Karatsuba algorithm.
Java 8 version of BigInteger automatically uses the best algorithm depending on the number size. No need to implement Karatsuba, it's already inside BigInteger.
A small test for programmers:
There are two functions that convert from trits to bits and back - http://188.138.57.93/Converter.java. They use BigInteger class which works very fast, but I feel that it's still possible to speedup the functions by using only primitive types. Is there anyone who dares to solve this task? The functions work with very long numbers, like 4374-trit long.
There are two functions that convert from trits to bits and back - http://188.138.57.93/Converter.java. They use BigInteger class which works very fast, but I feel that it's still possible to speedup the functions by using only primitive types. Is there anyone who dares to solve this task? The functions work with very long numbers, like 4374-trit long.
Java BigInteger is actually extremely slow for nearly everything, especially if you are using pow and mod. There are a couple of BigInteger libs that do a much better job, where speed ups with various functions range from 3x - 9x depending on what you are actually doing.
http://codeforces.com/blog/entry/17235 this one is a decent all rounder but its part of a larger project so you'll have to do a bit of additional work to integrate it. If you need a really fast multiply then you wanna implement a Karatsuba algorithm.
A small test for programmers:
There are two functions that convert from trits to bits and back - http://188.138.57.93/Converter.java. They use BigInteger class which works very fast, but I feel that it's still possible to speedup the functions by using only primitive types. Is there anyone who dares to solve this task? The functions work with very long numbers, like 4374-trit long.
There are two functions that convert from trits to bits and back - http://188.138.57.93/Converter.java. They use BigInteger class which works very fast, but I feel that it's still possible to speedup the functions by using only primitive types. Is there anyone who dares to solve this task? The functions work with very long numbers, like 4374-trit long.
Do you develop sample applications for IOTA that runs on MCUs? And if yes, which MCUs?
No, first we create reference software written in Java.
discussing the underlying technology
Why didn't use CfB for his code snippets/code the Jiniri environment?
IOTA uses a blockless design that incorporates a specific type of Directed Acyclic Graph called 'Tangle' which allows for a lot of tx per second with no fees, making it ideal for micro-transactions. Looking forward to a productive and indepth discussion of the technology that fuels IOTA.
Do you develop sample applications for IOTA that runs on MCUs? And if yes, which MCUs?
If you want serious discussion about the technology make a topic here: https://bitcointalk.org/index.php?board=12.0
Everything else makes on sense.
Everything else makes on sense.
Opening a topic here for IOTA for the sole purpose of discussing the underlying technology and use-cases. NO questions about how to buy IOTA etc.
IOTA uses a blockless design that incorporates a specific type of Directed Acyclic Graph called 'Tangle' which allows for a lot of tx per second with no fees, making it ideal for micro-transactions. Looking forward to a productive and indepth discussion of the technology that fuels IOTA.
whitepaper: http://188.138.57.93/tangle.pdf
Relevant links:
www.iotatoken.com
www.cointelegraph.com/news/115508/iota-a-blockchain-less-gasp-token-for-the-internet-of-things
https://bitcointalksearch.org/topic/iota-1216479
IOTA uses a blockless design that incorporates a specific type of Directed Acyclic Graph called 'Tangle' which allows for a lot of tx per second with no fees, making it ideal for micro-transactions. Looking forward to a productive and indepth discussion of the technology that fuels IOTA.
whitepaper: http://188.138.57.93/tangle.pdf
Relevant links:
www.iotatoken.com
www.cointelegraph.com/news/115508/iota-a-blockchain-less-gasp-token-for-the-internet-of-things
https://bitcointalksearch.org/topic/iota-1216479
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