IOTA (MIOTA) 2018-04-06T21:36:40+00:00

IOTA (MIOTA)

Project Description

Iota Purpose

IOTA is a revolutionary new, next generation public distributed ledger that utilizes a novel invention, called a “Tangle”, at its core. The Tangle is a new data structure based on a Directed Acyclic Graph. As such it has no Blocks, no Chain and also no Miners. Each participant in the network that wants to make a transaction has to actively participate in the consensus of the network by approving 2 past transactions. This attestation on the validity of two past transactions ensures that the whole network achieves consensus on the current state of approved transactions, and it enables a variety of unique features that are only seen in IOTA.
 
There is a fixed amount of MIOTA (1 million IOTA) at 2,779,530,283. IOTA is specifically designed for machines, so this high supply makes it optimal for tiny nanotransactions while still keeping efficiency in mind.
 

Strengths

– Scalability: Achieve high transaction throughput thanks to parallelized validation of transactions with no limit as to the number of transactions that can be confirmed in a certain interval
 
– No Transaction Fees: Has no transaction fees.
 
– Decentralization: Has no miners. Every participant in the network that is making a transaction, actively participates in the consensus. As such, IOTA is more decentralized than any Blockchain.
 
– Quantum-immunity: Utilized a newly designed trinary hash function called Curl, which is quantum immune (Winternitz signatures)
 

Weaknesses

– By being the first token to use Tangle instead of the blockchain, it is harder to find developers to work with IOTA.
 
– The fact that IOTA wrote its own hash function may lead to a number of problems since it has not been tested enough for it to build a system on it.
 
– Several vulnerability issues have been found by developers
 
– The fact that all systems work in binary and IOTA in ternary means that IOTA can’t benefit from existing security analysis tools that are designed to work with binary, and makes the code harder to read and understand
 
– Transactions in IOTA are 10KB (in contrast, Bitcoin transactions are on average 600B), meaning that this is not well-suited to devices with limited storage, like those used for IoT, one of the developers’ primary use cases.
 

Network Status

The IOTA network is still currently in beta.
 

Roadmap

IOTA doesn’t have a concrete roadmap for 2018 yet but in their beginning of the year announcement they said: “ In 2017 we have been conducting a lot of research on optimization of IOTA. 2018 is the year where these developments will be implemented, with the goal of reaching a production ready state by the end of 2018 and begin the international standardization process together with the industry.”
 

Governance

Users of the network can choose to host a light node or a full node. There are no rewards for hosting nodes, but the more full nodes there are in the network, the faster transactions go through because there are no more bottlenecks in a few full nodes. Companies might want to host a full node in order to always make sure their transactions go through as fast as possible.

Similarities

IOTA is similar to RaiBlocks as they are both an alternative to the standard blockchain architecture.
 

Notable partnerships

IOTA has a partnership with the following companies:
 

Exchange

MIOTA is currently traded on Binance and Bitfinex. They have announced that they will be traded on other exchanges in the beginning of 2018.
 

Stack

Without being a blockchain layer, IOTA has the same purpose as one.
 

Community

Reddit: 93 447 subscribers  
Twitter: 77.9k followers
 

Price history

Jan 2018: 3.73 USD  
Dec 2017: 1.40 USD  
Sept 2017: 0.80 USD  
July 2017: 0.40 USD
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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.

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