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IOTA is an open-source distributed ledger protocol that goes 'beyond blockchain' through its core invention of the blockless ‘Tangle’.
The IOTA Tangle is a quantum-proof Directed Acyclic Graph, with no fees on transactions & no fixed limit on how many transactions can be confirmed per second in the network. Instead, throughput grows in conjunction with activity in the network; the more activity, the faster the network. Unlike blockchain architecture, IOTA has no separation between users and validators; rather, validation is an intrinsic property of using the ledger, thus avoiding centralization.
IOTA is initially focused on serving as the backbone of the emerging Internet-of-Things (IoT)..
What is IOTA? In this video I will cover the basics of IOTA(MIOTA) for beginners. I will go over some of the main features as well as the consensus methods using Tangle technolog ...
Organization: IOTA Foundation
Name: Dominik Schiener
Address: Strassbrugerstrasse 55 c/o Nextland
Creation date: 1997-09-30
Expiration date: 2023-09-29
In this paper we analyze the mathematical foundations of IOTA, a cryptocurrency for the Internet-of-Things (IoT) industry. The main feature of this novel cryptocurrency is the tangle, a directed acyclic graph (DAG) for storing transactions. The tangle naturally succeeds the blockchain as its next evolutionary step, and offers features that are required to establish a machineto-machine micropayment system.
The whitepaper of IOTA is 28 Pages long.
The most influencial keywords are: Transactions, Tips, Attackers, Approve, Tip selection, Nodes, Weights, Time, Possible attack, and Random.file_downloadOpen Whitepaper
Digital currency for the real world – the fast and free way to pay for everything in life. WIth instant transactions, zero fees*, and scalable network *There is required POW work to do, when you want to send transaction through network (there is 0 fee in terms of absolute value, but you need to "pay" in your computational power) Dev fund (premine): 7 000 000 NANO
Don't let your memes be dreams! Banano is a fourth-generation cryptocurrency that offers feeless, instant and green transactions. It utilizes a novel DAG (Directed Acyclic Graph) based block-lettuce™ architecture, where each user possesses his own blockchain. Banano is a meme cryptocurrency with a free and fair ongoing distribution.
Aidos Kuneen is an open source project that focuses on privacy, decentralization and scalability.
IOTA was founded back in July 2017.
Its source code was released publicly on github on October 2016
under the GNU General Public License v3.0 license.
Organization wise, IOTAs Development is Semi-centralized and is being developed under the lead of Dominik Schiener.
The consensus on which the IOTA network is run is called Tangle, while
the underlying algorithm is called Kerl.
In the current state of IOTA currently is Beta version
Welcome to r/IOTA! -- IOTA is a quantum-resistant distributed ledger protocol launched in 2015, focused on being useful for the emerging m2m economy of Internet-of-Things (IoT), data integrity, micro-/nano- payments, and anywhere else a scalable decentralized system is warranted. IOTA uniquely offers zero fees, no scaling limitations, and decentralized consensus where users are also validators. The digital currency 'iota' has a fixed money supply with zero inflationary cost.
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The Google Trends chart displays the search interest on google in IOTA relative to its peak over the last year. A rising chart shows growing interest int he project.
Every change to the codebase of IOTA is registered as a commit. More active projects have many commits, dead projects nearly none.
Extending a project results in many new lines of code. Changing existing code results in nearly the same amount of additions and deletions. Projects that are growing show a large number of code additions with relatively few deletions.
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|lock_open GNU General License|
Convert between MIOTA and USD with the live IOTA prices, aggregated from all big exchanges that trade IOTA.
Volume from exchanges is considered untrusted if the exchange has little reputation and no License but reports suspiciously high trading volume in particular coins.
Sergey Ivancheglo -
Member board of directors & founder
He holds a Bachelor of Science with specialization in electronics and artificial intelligence. He has been working as a software engineer for more than 20 years, and since 2011 he has been primarily focused on Distributed Ledger Technology. Since childhood, he has been interested in the development of computer games, which later transformed into an interest in Massively Multiplayer Online Games and Virtual / Augmented Reality.
Co-chairman of the board of directors & founder
Co-chairman of the board of directors & founder
Member board of directors
Member board of directors & founder
Managing director, ecosystem development fund
Senior product manager
Senior software engineer
Senior research scientist
IOTA is short for Internet of Things Application, and it provides seamless transactions between the devices present on the Internet of Things (Garner, 2018).
IOTA (MIOTA) attempts to become the main currency for all transactions of the Internet of Things (IoT). For this to happen Iota needs to solve the current problems of scalability, transaction speed, and centralization that has kept other cryptocurrencies on their toes. IOTA (MIOTA), is a cryptocurrency, specifically designed to process financial transactions that are faster, safer, cheaper, smaller and scalable (IOTA Support, 2018). This technology addresses the major concerns of scalability and transaction fees linked with other cryptocurrencies. IOTA offers a unique technique of facilitating transactions by eliminating the need for blockchains. Unlike many other cryptocurrencies, it uses distributed ledgers. This enables it to delete the ‘miners,’ and serve the purpose of faster and cheaper transactions using a mathematical concept of Directed Acyclic Graphs. This is the main essence of the IOTA technology which separates IOTA with every other cryptocurrency out there (Everything Tangle, 2017).
The actual goal of IOTA is to provide a seamless transaction which is both faster and cheaper. In order to do this, IOTA has replaced the blockchain technology with its own technology knows as Tangle (IOTA Foundation, 2018). Tangle is a system of interlinked and individual transactions that are stored across the decentralized network of users. When a transaction is initiated, it needs to verify two previous random transactions, meaning each user plays the role of a miner by processing the previous transactions.
However, it is difficult to process transactions on a decentralized network like Tangle, as the data that needs to be obtained comes from outside the execution environment. To address this problem, IOTA has developed its own protocol, known as Qubic, which provides the solution in the form of quorum based computing (IOTA, 2018). In layman terms, Qubic offers support to the Tangle technology in form of multiprocessing capabilities.
IOTA was founded by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov in 2015 (IOTA Support , 2018). Dr. Serguei Popov, a Ph.D. in mathematics, developed the mathematical model of the technology they call ‘Tangle’, while it was transformed into code form by the software geniuses Sergey Ivancheglo and Dominik Schiener. The whole project is headed by David Sønstebø who is said to be an excellent businessman and equally talented in technology. The team is well reliable and trustworthy, owing to the fact that they have all been in the Crypto industry for a considerable time in their career.
IOTA undoubtedly has an unmatched potential to be used as a major means of transaction in many real-world scenarios. Recent developments have occurred which are all in favor of the technology. Among them is the acceptance of IOTA as a technology of the future that will lead the IoT industry. To advance this purpose, Süddeutsche Zeitung, one of Germany’s biggest newspaper, held its annual summit in 2018. At the summit, Dominik Schiener (IOTA’s co-founder) met and held a panel discussion with Helge Braun, Head of the Chancellery & Federal Minister for Special Affairs for Germany. The summit also featured Angela Merkel (German Chancellor), Jean-Claude Juncker (President of the EU Commission), and several ministers of the German government. Among the attendees were the top administration of many high-ranking German companies (Mueller, 2018).
The team behind IOTA, at IOTA Foundation is reportedly working with Deutsche Telekom, Europe’s largest telecommunication providers, and Deutsche Bahn, world’s second-largest transport company to adopt IOTA and contribute to the IOTA’s Data Marketplace (Mueller, 2018). Adding to this, Jaguar Land Rover, which is one of the leading automobile manufacturers in Europe, is working on a project that will reward its drivers with IOTA cryptocurrency in exchange for sharing data related to their location, road quality, car health, navigation, etc. (Chavez-Dreyfuss, 2019). All these developments regarding IOTA technology shows how serious and impactful this cryptocurrency can be.
In January 2018, a wave of IOTA thefts swept the internet. A conman set up a website that claimed to guide the masses with the basics of IOTA and provided them with services like seed generation for their IOTA wallets. Deep down the otherwise seemingly safe website lied the scam of stealing IOTA coins from the user’s wallets. Fortunately, Europol with the help of German and British authorities, and the support of the IOTA’s active community was able to track down and arrest the man behind the notorious scam (Cimpanu, 2019).
Additionally, what is considered the biggest achievement and the latest development regarding IOTA is that it is set to become standardized. According to Richard Soley, CEO of Object Management Group (OMG), the IOTA technology will be standardized by the International Organization for Standardization (ISO) by the end of the next year (Jain, 2019). After standardization, new horizons will open up for IOTA; it will become open-sourced, widely recognized and adopted, resulting in a boom in the IOTA’s market capital share.
The IOTA Foundation is the main body representing and developing the IOTA technology. Under their hood, they have many projects which aim at renewing, updating and developing the code frequently.
As mentioned earlier, Tangle is the technology that enables the IOTA currency to become a decentralized asset, unlike all other cryptocurrencies which are based on blockchain technology. In December 2018, IOTA Foundation in partnership with Cybercrypt A/S developed a lightweight trinary cryptographic hash function that is designed to provide security against all known cyber and crypt-based attacks. The hash function has been named Troika (Harbor, 2018).
|Security||The developers of IOTA and its hash function Troika boasts the security of their technology which does not work with blockchains. In fact, the IOTA Foundation has announced that they are willing to give shares worth up to $220,000 to anyone who can find loopholes in their technology.|
|Transactions per second||IOTA technology is much quicker than other cryptocurrencies. To put things in perspective, IOTA can process 500-800 transactions per second as compared to bitcoin’s 7 transactions per second.|
|Transaction cost||IOTA, apparently, does not charge any processing fees. Its transaction cost is zero.|
|Enery consumption||As IOTA is not based upon blockchains, it does not require mining. Therefore, IOTA is very energy-friendly. Since the validation process of IOTA’s transaction does not involve heavy computations, it is not energy-intensive. All it requires is a minimal amount of energy from the devices of its users.|
|Product availability||IOTA exists in an actual product form. It is being used in many applications, while many industrial giants are making use of the technology to incorporate it into their IoT projects.|
|Adoption||With IoT in its initial phases, the use of IOTA is limited. We can say the technology is a little ahead of its time and is currently premature.|
|Transaction speed||Since part of the IOTA transaction process requires verification from other users; the speed depends upon the number of active users present on the network. At present, people have demonstrated IOTA’s transaction speeds which take up to 4-5 minutes to send and receive IOTA coins. More participants in the network will result in faster transaction times.|
|Decentralization||The coin is centralized though the Coordinator. Coordicide has not been implemented yet!|
|Exchange availability||While some exchanges offer IOTA, including Binance, Coinone, Trade.io, it is not available on many known exchanges like Coinbase and Bittrex.|
|Privacy||IOTA technology complies with the rules and regulations of the EU General Data Protection Regulation, which means it secures the transactional data of its users.|
With the industry talking about the Industrial Revolution 4.0 and the paradigm shift to the Internet of Things, IOTA offers a strong and impactful resource in its core. The possibility that IOTA could eliminate all middlemen from the financial transactions and make transactions more scalable further affirms that it is certainly the technology of the future if the IOTA foundation manages to breach the chains of the trilemma by integrating the Coordicide.
Coordicide, which is being named as the next step in IOTA’s evolution, is a project that eliminates all the coordinators and middle parties from the financial transaction, rendering IOTA a long-term decentralized platform (Markus, 2019).
Another project supporting the IOTA technology is the Trinity Wallet being launched by the IOTA Foundation that is designed specifically for IOTA cryptocurrency.
IOTA technology has seemingly many real-world applications. With the developments towards IoT, the use of IOTA increases day by day. The technology has massive potential of proving itself to be technology of the future.
IOTA was created with the sole purpose of making the financial transactions faster and more secure while cutting down on the processing fees. It uses a decentralized technology known as Tangle, as opposed to the blockchain concept that all other cryptocurrencies perform on. It solves the problem with apparently zero- processing fees while allowing for much smaller transactions. The technology was developed for the ‘Internet of Things’ devices and is, therefore, the technology of the future. Keeping these facts under consideration, it would not be wrong to say that there is no other substitute for IOTA.
IOTA has already partnered with many industrial giants and is working on many different projects at the moment. The Foundations has developed the IOTA Data Marketplace in partnership with Bosch (Bosch Connected Devices and Solutions GmbH, 2019), is working on an innovative parking app with Edag (Lange, 2019). A smart city project is in the testing phase in collaboration with Fujitsu and Samsung (Paradigm, 2019).
Also, IOTA Foundation is looking to generate seed funds with the start-up studio Nova for entrepreneurs that aim to contribute to the decentralized ledger technology (O'Brien, 2019).
The IOTA Foundation, together with the IOTA User community is working continually with the aim of developing and improving the IOTA technology. Recently, the IOTA Foundation has announced $5 million in grants to research that aims to develop, optimize and facilitates in improving the IOTA technology (Greve, 2019).
The team behind IOTA is the IOTA Foundation led by David Sønstebø. Among the founders are Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. The supervisory team is led by Richard Soley, while the executive members all possess top-notch resumes and have ample experience in the relevant field (IOTA Support , 2018).
|# 1||Bitfinex||MIOTA/USD||$ 0.300000||$ 2,877,945||check|
|# 2||Bitfinex||MIOTA/BTC||$ 0.300539||$ 797,130||check|
|# 3||Binance||MIOTA/ETH||$ 0.305614||$ 360,873||check|
|# 4||Binance||MIOTA/BNB||$ 0.304390||$ 265,085||check|
|# 5||Bitfinex||MIOTA/ETH||$ 0.301976||$ 92,174||check|
|# 6||Binance||MIOTA/USDT||$ 0.306113||$ 5,782,515||check|
|# 7||Binance||MIOTA/BTC||$ 0.305148||$ 5,149,415||check|
|# 8||Bitfinex||MIOTA/EUR||$ 0.299768||$ 76,769||check|
|# 9||Bitfinex||MIOTA/JPY||$ 0.298907||$ 20,347||check|
|# 10||Bitfinex||MIOTA/GBP||$ 0.299792||$ 15,505||check|
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