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IOTA - Next Generation Blockchain

Sat Sep 17, 2016 8:49 pm

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http://www.iotatoken.com
https://twitter.com/iotatoken

Iota

Iota is a brand new and novel micro-transaction cryptotoken optimized for the Internet-of-Things (IoT). Unlike the complex and heavy blockchains of Bitcoin and the like, which were designed with other uses in mind, Iota is created to be as lightweight as possible, hence the name "Iota" with emphasis on the ‘IoT’ part.

The number of connected devices that will permeate our modern landscape in the coming decade is estimated to be 50 billion(!) Each of these are designed to make the world a better and more seamless place for us. Tied to this fantastic promise are of course a ton of obstacles to be overcome, of which one major one is micro-transactions. These connected IoT devices must be able to automatically pay miniscule amounts to one another in a frictionless manner without having to compromise on product design by introducing additional hardware. This is why Iota was conceived.

While it was developed as a solution to scalability issues faced in IoT, the underlying protocol is agnostic and can be applied in any other use-cases that utilize micro-transactions.

In order to achieve these audacious goals Iota’s design diverged radically from blockchain cryptocurrencies. It still retains the core principle ideas of the distributed consensus blockchain, but in order to be able to scale to the size of the coming Internet-of-Things ecosystem with tens of billions of devices that are connected to each other, it needed to be very lightweight and efficient. This problem is solved by Iota’s core innovation: the tangle.

Tangle

A Tangle is a Directed Acyclic Graph (DAG).

Image

Tangle vs Blockchain

Iota’s blockchain solves the following problems of its blockchain cousin:

Centralization of control
As history shows, small miners form big groups to reduce variation of the reward. This leads to concentration of power (computational and political) in hands of few pool operators and gives them ability to apply wide spectrum of policies (filtering, postponing) on certain transactions. Although there are no known cases where pool operators abused their power, there have been several instances where the opportunity were present. This possibility in a monetary system powering a multibillion (in USD) industry is completely unacceptable.

“Obsolete” cryptography
Although large scale quantum computers do not exist yet, future oriented companies have already begun initiating the steps towards quantum-resistant cryptography. From a security point of view it makes perfect sense to assume that hardware capable of cracking classical cryptoalgorithms may appear in the very near future, so preparation is the only defense.

Inability to conduct micropayments
Transaction fees are used to cover miner expenses and mitigate spam-attacks. They also set a threshold on the minimum amount of a payment below which money transfers become inexpedient.

Partition intolerance
Blockchain-based currencies are unable to survive long-sustained partitioning of the network because this may lead to reversal of a large number of transactions. It is also impossible to initiate an intentional partitioning in cases when it is required.

Discrimination of participants
Existing cryptocurrencies are heterogeneous systems with clear separation of roles (transaction issuers, transaction approvers). Such systems create unavoidable discrimination of some of their elements which in turn creates conflicts and makes all elements spend resources on conflict resolution.

Scalability limits
Some cryptocurrencies have hard limits on the maximum transaction rate and this limits cannot be removed in a decentralized manner. A magic number of a limit set before the launch cannot satisfy requirements of a system unless it is set by a person with extraordinary prediction skill. A too low value may hinder growth of the userbase, a too high value may open system to different kinds of attacks.

High requirements for hardware
Bitcoin-derived cryptocurrencies use its original script-based approach which allows implementation of a wide range of use-cases. Other currencies use an approach similar to one used by banks but add extra features. They both substantially raise requirements for hardware because of complex transaction processing logic.

Unlimited data growth
Storing of all state transitions leads to fast growth of data while does not increase stored balance information significantly. This inefficiency cannot be removed even with data pruning technique and high popularity of the currency may lead to its collapse.

Tangle-blockchain interoperability

Iota does not seek to replace the blockchain entirely, it also acts as a supplementation to the current blockchain ecosystem by acting as a oracle for smart contract platforms like Ethereum and Rootstock. Additionally it increases security of blockchains by enabling the ability to include checkpoints for transactions.



special thanks to: Jimmy2011 and Kushti for reviews.

Also worth noting: Sergio_Demian_Lerner's thread about DAG in crypto here:
https://bitcointalk.org/index.php?topic=1177633.0

http://cointelegraph.com/news/115508/io ... -of-things

A little FAQ section
On necessity to have quantum-resistant algorithms: Look here - http://9to5google.com/2015/11/11/google ... ecember-8/
On resource requirements: A cheap microcontroller and 16 KiB RAM should be enough for payments once payment channels with peers are established
On IoT market capitalization: http://www.mckinsey.com/insights/mgi/in ... ion_impact
On supported platforms: Most of popular OSes with help of http://www.jwrapper.com
On hardware support: Included
Tutorials http://www.iotasupport.com/tutorials.shtml Image https://www.youtube.com/watch?v=Wbhkao9Lobk

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Last edited by piebeyb on Sat Jan 07, 2017 12:19 am, edited 2 times in total.
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ofeliawitty
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Re: IOTA - Next Generation Blockchain

Sat Sep 17, 2016 10:04 pm

I would like to add that there are no IOTA tokens in exchange but there is a trading channel in their slack.

I have been quite interested in this project. thanks for bringing it here.

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Re: IOTA - Next Generation Blockchain

Sat Sep 17, 2016 10:22 pm

I would like to add that there are no IOTA tokens in exchange but there is a trading channel in their slack.

I have been quite interested in this project. thanks for bringing it here.
yeah thanks for that, we also want to get a new community for this project and IOTA trading can be done through the use of OTC channel slack, slack channel contact us here

https://slack.iotatoken.com/

@blackjincrypto
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Re: IOTA - Next Generation Blockchain

Fri Sep 23, 2016 6:56 pm

IOTA tutorial ( English )

https://www.youtube.com/watch?v=0_z7TUKEE-Y&list=PLoeNC0klKpbCdXrtITbKT2vf6vha6-T7G


I hope this can help people to learn about IOTA, immediately made another tutorial video update
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Re: IOTA - Next Generation Blockchain

Fri Sep 23, 2016 6:58 pm

thanks. did they release the new wallet version yet? 1.0.7?

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Re: IOTA - Next Generation Blockchain

Fri Sep 23, 2016 7:03 pm

thanks. did they release the new wallet version yet? 1.0.7?
yeah it's soon to be released in the near future after testing the Pre-Release version 1.0.6, we will immediately release to version 1.0.7
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Re: IOTA - Next Generation Blockchain

Fri Sep 23, 2016 9:24 pm

Great man!, IOTA the next cryptocurrency in future.

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Re: IOTA - Next Generation Blockchain

Sat Sep 24, 2016 8:26 am

Great man!, IOTA the next cryptocurrency in future.
yeah, I think this is a good project and I look at this project has a lot of good people that I analyze it will be great
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Re: IOTA - Next Generation Blockchain

Sat Sep 24, 2016 4:11 pm

Great man!, IOTA the next cryptocurrency in future.
yeah, I think this is a good project and I look at this project has a lot of good people that I analyze it will be great
Waiting for the latest developments, hopefully quickly added to the market bittrex!

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Re: IOTA - Next Generation Blockchain

Mon Sep 26, 2016 4:37 pm

Great man!, IOTA the next cryptocurrency in future.
yeah, I think this is a good project and I look at this project has a lot of good people that I analyze it will be great
Waiting for the latest developments, hopefully quickly added to the market bittrex!
yeah, I agree with you :)
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Re: IOTA - Next Generation Blockchain

Mon Sep 26, 2016 5:08 pm

yeah, I think this is a good project and I look at this project has a lot of good people that I analyze it will be great
Waiting for the latest developments, hopefully quickly added to the market bittrex!
yeah, I agree with you :)
I also agree with you all, with this one project that was so promising with a good breakthrough for the future that will come with IOTA coins ..
despite the many obstacles in the wallet, but look at the performance of the owner of the coin serious IOTA provide comfort and trying to improve her purse, and looking for convenience to the owners of the coin IOTA .. :)
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Re: IOTA - Next Generation Blockchain

Mon Sep 26, 2016 6:39 pm

I am so happy with my Gi amount lol

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Re: IOTA - Next Generation Blockchain

Mon Sep 26, 2016 7:09 pm

I am so happy with my Gi amount lol
1 Giota 0.024 BTC
http://iotawallet.com/
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Re: IOTA - Next Generation Blockchain

Mon Sep 26, 2016 7:16 pm

i havent been in iotaslack for a while. the price is increased?

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Re: IOTA - Next Generation Blockchain

Mon Sep 26, 2016 7:38 pm

i havent been in iotaslack for a while. the price is increased?
yeah wait for the release of version 1.0.7 at least it makes it better than the previous version, the price increases on OTC slack
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Re: IOTA - Next Generation Blockchain

Wed Sep 28, 2016 12:37 am

I am so happy with my Gi amount lol
1 Giota 0.024 BTC
http://iotawallet.com/
Very expensive, more expensive than eth 8-)

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Re: IOTA - Next Generation Blockchain

Wed Sep 28, 2016 2:46 pm

I am so happy with my Gi amount lol
1 Giota 0.024 BTC
http://iotawallet.com/
Very expensive, more expensive than eth 8-)
yeah I'm still waiting for the news to be updated here to tutorials and other information about IOTA development in the immediate future, at least the price today may be greater when it really rolls out to all the people :)
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Re: IOTA - Next Generation Blockchain

Thu Sep 29, 2016 9:06 am

I am so happy with my Gi amount lol
1 Giota 0.024 BTC
http://iotawallet.com/
Giota? What is that? IOTA is not correct? Whether it is a fraction like bitcoin? eg 0.00100000 BTC is the same as 1 mbtc?
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Re: IOTA - Next Generation Blockchain

Thu Sep 29, 2016 9:16 am

I am so happy with my Gi amount lol
1 Giota 0.024 BTC
http://iotawallet.com/
Giota? What is that? IOTA is not correct? Whether it is a fraction like bitcoin? eg 0.00100000 BTC is the same as 1 mbtc?
Image

above is the image in fractional units of IOTA, I hope it is the information that you need to know the unit Giota
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Re: IOTA - Next Generation Blockchain

Mon Oct 03, 2016 7:03 pm

what are already planning to create an online wallet that allows users to conduct transactions easily IOTA, I have not seen it really worked in it and still wondered about the purses that are currently not working well and should be tested using the IP node for the wallet

Seeing how bitcoin works to provide convenience to the user to make transactions easier, I think there is no harm IOTA trying to develop an online wallet
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Re: IOTA - Next Generation Blockchain

Mon Oct 03, 2016 8:51 pm

what are already planning to create an online wallet that allows users to conduct transactions easily IOTA, I have not seen it really worked in it and still wondered about the purses that are currently not working well and should be tested using the IP node for the wallet

Seeing how bitcoin works to provide convenience to the user to make transactions easier, I think there is no harm IOTA trying to develop an online wallet
we still have a very long process, but it is necessary for an ease, I am not a developer IOTA and only part of the people who campaign for IOTA
Thanks for your feedback and ideas, I also think the same as you wish IOTA has an online wallet, but let us see further developments, I will announce the good news in this thread
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Re: IOTA - Next Generation Blockchain

Tue Oct 04, 2016 6:01 pm

what are already planning to create an online wallet that allows users to conduct transactions easily IOTA, I have not seen it really worked in it and still wondered about the purses that are currently not working well and should be tested using the IP node for the wallet

Seeing how bitcoin works to provide convenience to the user to make transactions easier, I think there is no harm IOTA trying to develop an online wallet
we still have a very long process, but it is necessary for an ease, I am not a developer IOTA and only part of the people who campaign for IOTA
Thanks for your feedback and ideas, I also think the same as you wish IOTA has an online wallet, but let us see further developments, I will announce the good news in this thread
Do IOTA will create an online wallet, to make it easier for the transaction to the holders of coins or infestor ..?? :)
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Re: IOTA - Next Generation Blockchain

Thu Oct 06, 2016 7:03 pm

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Re: IOTA - Next Generation Blockchain

Sat Dec 31, 2016 1:21 pm

Welcome Navin Ramachandran to the IOTA Foundation

https://twitter.com/iotatoken/status/814549148938752002
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Re: IOTA - Next Generation Blockchain

Sat Dec 31, 2016 1:26 pm

Welcome Navin Ramachandran to the IOTA Foundation

https://twitter.com/iotatoken/status/814900486813995009
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Re: IOTA - Next Generation Blockchain

Sat Dec 31, 2016 1:27 pm

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Re: IOTA - Next Generation Blockchain

Mon Jan 02, 2017 9:23 pm

IOTA Year in review, Year in preview

https://medium.com/iotatangle/iota-year ... .nkwg23j8a

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Re: IOTA - Next Generation Blockchain

Sat Jan 07, 2017 12:18 am

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Sat Jan 07, 2017 2:34 am

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