Topic: What do you think about IOTA? (Read 107 times)
Just of recent, i was considering investing into IOTA, not until now that i saw thread. I have always see IOTA to be a promising project, but now that you have said that IOTA has issue with wallet. Now, considering the use of exchange wallet for the storage of IOTA, don't you think this might be a form of risk? Most especially considering some news that now spread this days as regarding the hacking o some online wallets on exchanges or the delisting of a particular coin on some exchange, where you won't be able to get back your coin.
I think IOTA is pretty promising, as it is a cryptocurrency that runs on a Directed Acyclic Graph (DAG), and not on a blockchain.
The idea is that DAG can present solutions to some blockchain's issues. In a DAG network there should be no miners, no fees... And IOTA uses some kind of Proof of Work.
Is Directed Acyclic Graph (DAG) Blockchain’s New Competitor?
But there is one thing that I really don't fell good about IOTA. It's about their Coordinator, which is like a Proof of Authority.
The Coordinator is a special node run by the Iota Foundation. It's main purpose is to protect the network from attacks, until the network is big enough to sustain a large scale GPU attack.
The Coordinator makes special transactions called Milestones, which are signed by the Coordinator and are "trusted and legit".
The problem is that now the IOTA network is no more decentralized than Ripple Unique Nodes. What if the Coordinator is compromised?
In future the Coordinator is to become optional or even useless, but as for now IOTA system looks like a centralized service. It's important that investors and users knows about this, even if this is information is polemic and controversy.
https://medium.com/@ercwl/iota-is-centralized-6289246e7b4d
https://www.reddit.com/r/Iota/comments/7c3qu8/coordinator_explained/
The idea is that DAG can present solutions to some blockchain's issues. In a DAG network there should be no miners, no fees... And IOTA uses some kind of Proof of Work.
Is Directed Acyclic Graph (DAG) Blockchain’s New Competitor?
But there is one thing that I really don't fell good about IOTA. It's about their Coordinator, which is like a Proof of Authority.
The Coordinator is a special node run by the Iota Foundation. It's main purpose is to protect the network from attacks, until the network is big enough to sustain a large scale GPU attack.
The Coordinator makes special transactions called Milestones, which are signed by the Coordinator and are "trusted and legit".
The problem is that now the IOTA network is no more decentralized than Ripple Unique Nodes. What if the Coordinator is compromised?
In future the Coordinator is to become optional or even useless, but as for now IOTA system looks like a centralized service. It's important that investors and users knows about this, even if this is information is polemic and controversy.
https://medium.com/@ercwl/iota-is-centralized-6289246e7b4d
https://www.reddit.com/r/Iota/comments/7c3qu8/coordinator_explained/
I don't have much confidence in IOTA myself because of the team, but IoT is a big upcoming industry and definitely worth getting into when these opportunities present themselves.
I think IOTA is pretty promising, as it is a cryptocurrency that runs on a Directed Acyclic Graph (DAG), and not on a blockchain.
The idea is that DAG can present solutions to some blockchain's issues. In a DAG network there should be no miners, no fees... And IOTA uses some kind of Proof of Work.
Is Directed Acyclic Graph (DAG) Blockchain’s New Competitor?
But there is one thing that I really don't fell good about IOTA. It's about their Coordinator, which is like a Proof of Authority.
The Coordinator is a special node run by the Iota Foundation. It's main purpose is to protect the network from attacks, until the network is big enough to sustain a large scale GPU attack.
The Coordinator makes special transactions called Milestones, which are signed by the Coordinator and are "trusted and legit".
The problem is that now the IOTA network is no more decentralized than Ripple Unique Nodes. What if the Coordinator is compromised?
In future the Coordinator is to become optional or even useless, but as for now IOTA system looks like a centralized service. It's important that investors and users knows about this, even if this is information is polemic and controversy.
https://medium.com/@ercwl/iota-is-centralized-6289246e7b4d
https://www.reddit.com/r/Iota/comments/7c3qu8/coordinator_explained/
The idea is that DAG can present solutions to some blockchain's issues. In a DAG network there should be no miners, no fees... And IOTA uses some kind of Proof of Work.
Is Directed Acyclic Graph (DAG) Blockchain’s New Competitor?
But there is one thing that I really don't fell good about IOTA. It's about their Coordinator, which is like a Proof of Authority.
The Coordinator is a special node run by the Iota Foundation. It's main purpose is to protect the network from attacks, until the network is big enough to sustain a large scale GPU attack.
The Coordinator makes special transactions called Milestones, which are signed by the Coordinator and are "trusted and legit".
The problem is that now the IOTA network is no more decentralized than Ripple Unique Nodes. What if the Coordinator is compromised?
In future the Coordinator is to become optional or even useless, but as for now IOTA system looks like a centralized service. It's important that investors and users knows about this, even if this is information is polemic and controversy.
https://medium.com/@ercwl/iota-is-centralized-6289246e7b4d
https://www.reddit.com/r/Iota/comments/7c3qu8/coordinator_explained/
You're not the only one that has problems with the IOTA wallet, apparantly according to their CEO they outsourced the making of the wallet to an English university. The CEO said that they only made the wallet on persistance of the community who wanted one. I'm hearing a lot of stories aobut IOTA and buggy code, missing funds and wallets that don't sync. I personally don't like IOTA very much since the CEO doesn't really care about the people that invested.
Guys, I wanted to share with you some thoughts about IOTA. I bought some IOTA a few months ago with doing a good research really. I have read many articles about it and many reviews ans it seems to be promising.
However, I think IOTA has serious issues with the wallet. Sending and receiving IOTA is a big challenge. Personally I spent so much time and effort trying to send IOTA from the wallet to the exchange. For a while, I thought all my IOTAs got lost somewhere in the tanglenet. I was desperately re-broadcasting the unsuccessful send orders and changing the port all the time. Luckily after a few days I got them out of the wallet to the exchange. Another serious issue is that, everytime you want to receive IOTA, you must use a new address. If you forget that, and used the same address twice or more, your tokens will get lost. I do not like this at all. I still hold IOTA at the exchange, but I don't feel comfortable with that at the moment.
I do not understand how a project with a marketcap of billions cannot make a decent wallet!
My advice to everyone who wants to buy IOTA is " Do NOT transfer IOTA to the wallet, keep them at the exchange wallet ". This is not optimal, but if you are really fund of IOTA, keep your tokens in the exchange. This is just a personal opinion and based on my experience.
This is not spreading FUD, but I wanted you, who do not know these issues, to be aware of these issues. IOTA is a big and interesting project, but they gotta solve their problems.
So please, stay vigilant!
What do you think guys?
However, I think IOTA has serious issues with the wallet. Sending and receiving IOTA is a big challenge. Personally I spent so much time and effort trying to send IOTA from the wallet to the exchange. For a while, I thought all my IOTAs got lost somewhere in the tanglenet. I was desperately re-broadcasting the unsuccessful send orders and changing the port all the time. Luckily after a few days I got them out of the wallet to the exchange. Another serious issue is that, everytime you want to receive IOTA, you must use a new address. If you forget that, and used the same address twice or more, your tokens will get lost. I do not like this at all. I still hold IOTA at the exchange, but I don't feel comfortable with that at the moment.
I do not understand how a project with a marketcap of billions cannot make a decent wallet!
My advice to everyone who wants to buy IOTA is " Do NOT transfer IOTA to the wallet, keep them at the exchange wallet ". This is not optimal, but if you are really fund of IOTA, keep your tokens in the exchange. This is just a personal opinion and based on my experience.
This is not spreading FUD, but I wanted you, who do not know these issues, to be aware of these issues. IOTA is a big and interesting project, but they gotta solve their problems.
So please, stay vigilant!
What do you think guys?
Jump to: