Naturally we are very interested in collaborating with like-minded projects that want to get stuff done, not just sit around theorizing or watching price charts. IOTA is a very potent and effective technology that solves issues that are faced by IoT, first and foremost fee less, scalable transactional settlements and data transfer. Too many crypto projects are all about some esoteric political movement or flat out financial speculation IOTA is not interested in this. Microsoft’s Azure Blockchain as a Service program is a great testament to their dedication towards emerging technologies, and we are really excited to be a part of this adventure.Īs for why we choose also to focus our collaborative efforts on the crypto-end toward communities and projects like Rootstock, GridCoin, ElectricChain and Ethereum is simply the fact that these are projects that are working towards real life solutions. One of the first major companies that IOTA will be partnering with is Microsoft. We are really excited to be a part of this project. If not, why projects like Ethereum, GridCoin, and ElectricChain in particular?ĭavid Sønstebø (DS): We are securing partnerships with some really interesting companies that will be unveiled in the near future.IOTA also just partnered with ChainOfThings ( – an initiative started to explore how blockchain/tangle can be applied to ensure security in the ecosystem of Internet-of-Things. JP Buntinx (JP): Which companies – other than coin projects – in the crypto world are you working with right now? That is, assuming there are any, and that you can disclose some information on that front. In fact, the IOTA project could even be used as an oracleto complete smart contracts. However, IOTA can communicate to blockchains, which allows for future collaboration between the Internet of Things and established digital currencies.
Tangle will allow IOTA to be efficient, scalable, and lightweight. This is a different way tot tackle the threat of double-spends with virtual currencies.Īdditionally, blockchains are not suited to make micro-payments. Instead, it uses “ Tangle“, a Directed Acyclic Graph shaping up a tangle. Once an IOTA transaction is broadcasted to the network, two previous transactions must be approved, and network nodes will need to make sure approved transactions are not conflicting. However, IOTA is quite different from Bitcoin and Ethereum, as it uses no blockchain. A decentralized cryptocurrency seems to fit the bill nicely when it comes to making micropayments. As more and more devices will be able to communicate with each other, payments will start playing a role at some point. This improvement will also be reflected in the price of the token itself, which could be positively affected in the future, once everything is implemented.įinally, it is important not to forget the infinite applications that this project entails on a global scale since it can be implemented in tools and machines of various kinds, allowing automatic interaction without the need for direct human intervention.The IOTA project is designed to create a secure and decentralized financial ecosystem for the Internet of Things. Its members have been very committed to the project and have been able to develop a method to improve transactions and the Tangle protocol. The announcement of the Coordicide protocol is certainly good news for the IOTA Foundation.
A white paper with more details will be released shortly.
#Iota tangle bug update#
The update will currently introduce a modular system that adds flexibility to the IOTA protocol.
IOTA has not revealed many details about this new technology or how it works. With this new update, IOTA wants to become the first DLT (Distributed-Ledger Technology) to solve the fundamental problem of the various blockchains, namely the trilemma, consisting of decentralisation, security and scalability. With this major milestone, we are poised to accelerate into our next phase of growth and enterprise adoption in the real world”. Now, we are bringing that promise to fruition. “We have been working towards the removal of Coordinator since IOTA’s inception. With the Coordicide protocol, a real evolution of the network is achieved, as stated by the co-founder of the IOTA Foundation, David Sønstebø: It was the reason for much criticism because there was a lack of resistance to censorship. In a recent post, the IOTA Foundation confirmed the implementation of the new Coordicide protocol, which provides a more decentralised mechanism to protect the network: Until now, the IOTA Tangle needed a coordinator, a security system that would ensure the success of transactions and the prevention of double spending, in order to protect the network from any external attacks.
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