Category: Background

The incentive to run a full node for IOTA and to perform PoW without monetary compensation

The incentive to run a full node for IOTA and to perform PoW without monetary compensation

Lately, a lot of voices came up that expressed skepticism.

“IOTA will not work because there is no incentive to run a full node nor an incentive to provide hash power for a secured distributed ledger.
That leads to a low overall hash power and lots of opportunities to attack the Tangle.”
-some people say.

Is that true?

While this is a valid question to ask, my answer is no.

Let me talk about this incentive first.

Homo oeconomicus

Humans are often described as economical creatures, that act only in their best interest, not necessarily malicious, but in accordance to their needs.

If you give them a few options for a decision (either an economic decision or a decision while playing a game like Monopoly), they will likely choose the one that doesn’t benefit everyone but themselves at first.

This game theory of the Homo oeconomicus does not describe a person as an opportunist but as rational proceeding Agent.

When we think about mining Bitcoin, people do mine Bitcoin as long as they get rewarded.
Sometimes they choose the selfish model of being a miner, like block-withholding or like pool hopping, and sometimes they are loyal and as good miners, they stay at one mining pool and accept the terms of rewards.

These pool rewards could be:

a) Pay-per-share     or     b) proportional paid

And sometimes, people decide to try a double-spend, because the incentive still is money.

Either way: the decision making is important since we usually don’t want to miss revenue and we want to flatten our costs, especially while mining.

From a miner’s PoV, the incentive is not just giving the blockchain more hash power and security, because then he could do it for free.

Mining, of course, is incentivized by earning money alone.

Something like working for free is not even an option, hence the skepticism. 

Now, IOTA seems to be different in many ways.

There is no mining, there are no fees.

And as a result, we don’t have the incentive to earn money with mining at all.

The first initial thought of people, naturally, is that we cannot provide enough hash power.

The difference

What people miss here, is that we have a significant difference at hand.

IOTA is a perfect technology to enable new markets and business models.

The intrinsic value of the tech does not need to satisfy people in exchange of hash power.

Blockchains can only perform transactions, when a block is found and when the fees are paid.

IOTA does function without it, why would we conclude that we need that same incentive for IOTA like we need for Blockchains, where the very basic functionalities are quite different then IOTAs.

The incentive is, therefore: If I want to use IOTA, because the tech is incredibly helpful for my company, then I conduct a transaction and reference two other transactions per proof of work automatically.

This alone is enough to provide the needed hash power because companies want to use IOTA.

Another difference is that IOTA is not for human applications alone, like Bitcoin with its currency replacement-model.

Of course, there is a variety of other applications, but the main field of Bitcoin remains: People store money and send it to other people.

IOTA instead, can function as such a currency replacement, but its main use-case is enabling the machine to machine economy.

It is so much more than a currency replacement, that the comparison alone seems like a dysphemism.

This is about data-integrity, interoperability, real decentralization, e-health, e-governance, giving the consensus back to the people.

And ultimately, building a new economy.

It’s no surprise that big companies have already shown interest and on top of that, formed foundations with IOTA.

Reference: Trusted ID AllianceDLT Research and Innovation Network (e-health),  Decentralized Identity Foundation

We also have use-cases that will be enabled rather early, so they are not just an article on someone’s desk.

Innogy and Dr. Carsten Stöcker are experimenting with such a system right now and considering their latest article, it won’t take that long.

The longer IOTA is in development, the more companies will work with it, because there is just no competitor that can provide the same functionalities and possibilities.

Personal motives to run a full node

Another key point of my argumentation is that there are still some people that believe in the technology IOTA and decide to run a full node nonetheless, even if there is no monetary incentive.

The arguments for running a full node for private persons are therefore still mentionable.

  • You are aware of the fact that running the full-node is beneficial for the tangle topology and you want to help. (Yes, that exists)
  • You have lots of transactions to make and don’t want to rely on a light node-server, as there is no guarantee that they are online when you need them.
  • You have a web app running and need the stable connection
  • You want to have maximum speed, so you choose the full-node
  • You want to have a copy of the Tangle database, that is generated when using a full-node. (good for several reasons)
  • In the future, maybe you provide a service and earn money for a full node.The only financial argument would be:
  • You invested and want to support the Tangle as much as possible

Conclusion

I conclude, that IOTA will work as intended. Like it already does today.

The founders had enough time to think about a reliable system, that solves the problems of tomorrow.

Not just on the Internet, but in the Internet of Things.

Using IOTA is not about making money with your graphic card, it’s about solving real world issues and enabling a new stage of development: the fourth industrial revolution.

As I repeatedly wrote, the 4th industrial revolution will be a disruptive time. It’s still unclear where we are heading, but the fusion of automation and online technologies will change almost everything.

Eventually, some companies won’t keep up, because similar to the “dot.com bubble”, the 4th industrial revolution does not only generate winners.

Only the innovative firms will survive.

People and customers will have a plethora of more opportunities due to the distributed ledger technology, due to no fees and due to new markets and technologies that grow on top of that.

And since customers keep companies alive, everyone will benefit. This incentive is way more important than mining.

If they want to use IOTA, they set up an army of full nodes and server farms in a matter of weeks.

Inside of the mesh-net of the Internet of things, this PoW and the stream of nano-payments will ensure that there is no way that we have a shortage of hash power or that the missing incentive “money” would become a problem.

If the game theory around the Homo oeconomicus would apply to the decisions of the industry, IOTA (in comparison to Blockchains) would still be the better choice in hindsight of the challenges of the future.

A snake doesn’t need feet to move. The tangle doesn’t need an incentive for mining or mining at all.
Companies and people will use this important technology anyway.

Feel free to give me your thoughts in the comment section.

Have a nice week,

Limo.

If you are interested in the latest news, look at my video section for “Sunday Banter” or in German: “Sonntagsplausch” and subscribe to my Youtube channel and my Twitter Page to get the latest updates.

 

 

 

 

Images were taken from:
https://themerkle.com
http://ilmenterrante.altervista.org/
https://www.rtinsights.com
https://www.ophtek.com

 

The Tangle is safe. A Commentary

The Tangle is safe. A Commentary

Preamble

This is my personal opinion, my personal blog and my personal intention to stop misinformation. Cryptoland has the habit of using every piece of information in their best interest. If you read opinions about some technological flaws and a sudden conclusion, be aware that it has been written for a reason and a purpose.
The only way to obtain an objective PoV on these things is to join slack and watch conversations and questions like the following with your own eyes.

IOTA started as a “camouflaged” project, many people argue. While this is not true (press) lot’s of people claim we have a manipulated market, a too high price and therefore many people that would like to see a lower price.
It’s just a wrong assessment because they ignore the last 3-4 years of development, of public relations, of legit companies collaborating with IOTA, a great vision, a fantastic demonstration of the scalability while stress testing the Tangle and a huge ecosystem around it. People that are claiming the latter, are denying the efforts of dozens of people over a timespan of a few years.

Read about everything and come to your own conclusion. Everything else is trivial, pointless banter of investors, doing their job.

Cryptoland-Investors don’t have judgment, they have intent.
I suggest you assess the intentions of all articles, that will come out in the next 72 hours, which are written in layman’s terms because this can’t be broken down to a few simple arguments. 


Commentary

With the Bitfinex listing of IOTA and a “sudden” positioning on #6 on Coinmarketcap.com, thousands of new people were flying into the ecosystem IOTA, asking questions and discussing the tech on every level.

Slack and Reddit have been overrun.

While it is true that IOTAs concept is not easy to comprehend in the beginning, it’s untrue, that IOTA has a vulnerability that was mentioned in a few Reddit threads.

Information of this magnitude is spreading like a wildfire, especially in cryptoland, where investors take every little piece to improve their position and to react as fast as possible.

Naturally, people with an interest in lowering the price via fear, uncertainty and doubt, FUD, to rebuy at a lower point, are already spreading their hypothesis everywhere.

As a logical result, some people already used these claims in a wrong context.

So in order to prevent this wildfire to prevail, I wrote a small summary of what has happened in Slack and how the developers addressed their solutions.

Still: It’s good and important to have solid criticism from everyone like this, and IOTA and the founders are doing good in answering all questions concerning this not too easy to understand technology.

The origin of these statements that “IOTA is vulnerable to attacks” is summarized here:

 

Concerns that MUST be addressed. from Iota

The real discussion didn’t take place on Reddit, though, but in the official IOTA slack in the #tanglemath channel.

As a sidenote: The discussed (presumably impossible) attack cannot be performed right now anyway, because the coordinator, a node that sets the milestones, is preventing anyone from attacking the tangle.
And I’d like to add here, that this is all in accordance with the roadmap to give the tangle a good start. The coordinator will be shut off in July (or when the tangle overcomes its infancy status, to prevent a 34% attack).
So no, IOTA is not a centralized ledger.

To be able to make up your own mind, you have to read the full conversation of ~80 pages.

PDF of the insightful discussion: unfiltered_convo_tangle_security_june_17

Also, the scenario was discussed “under certain conditions”. The certain conditions demand a thorough understanding of math, computational engineering, cryptography and the way the Tangle works.

The dense, hard to comprehend dialogue, had problems to get off the ground, because the definition of a global mesh-net, the availability of a supercomputer and the purpose of the attack were unclear and needed adjustment, that took over an hour time before the actual attack was more or less discussed.

These two sides were addressing their points and it wasn’t always easy to follow this constructive meant dialogue but it turned out good and will continue to do so.

David Sønstebø (Founder of IOTA, Jinnlabs), Come-from-beyond (Founder, Lead Dev of the Tangle), Dr. Popov (Founder, mathematician, and brain behind the Tangle),  Sunny Aggarwal (Berkeley Student) and Micah Zoltuh (Computer Engineer), as well as a few other developers, were discussing several specific points on the agenda: “Is a malicious person/group able to perform an attack on the tip selection algorithm, because it is possible to direct proof of work on certain tips, to pursue a double spend or to slow it down.”

The questions/statements that were derived out of this conversation are written in the Reddit post above. Again, I suggest you read the actual conversation in the given PDF.

Summary

CFB addressed the Reddit statements in a short manner (delivered by Winston because CFB is not on Reddit)

“Thanks for the questions.”

Q                      Potential for tangle orphaning as a result of tip selection, particularly by way of maliciously increased own weight.

 A                     “This is not possible since own weight is always 1. (See white paper)”

The potential necessity for fee market resulting from above concern.

  “Concern #1 is invalid, and therefore concern #2 does not apply.”

Potential for attacks during periods of low transaction volume. Potential for attack by abandoning Monte Carlo Markov Chain tip selection, and/or maliciously selecting tips.

“The tip selection algorithm doesn’t affect transactions with passed adaptation period. Before that period is over, a merchant may refuse to accept a payment (as we see now with some merchants refusing to accept Bitcoin payments with less than 3 confirmations).”

An incentive for network attacks resulting from the disparity between the growth rate of PoW and growth of network value. (Linear vs O(n2 ))

“To do a sudden 34% attack, the adversary must be omnipresent (impossible in real IoT network, impossible in our current network because it mimics IoT with mutual tethering). We assume the normal operational mode of IOTA where bandwidth is utilized at near 100% (even 90% is very improbable, bandwidth is always scarce). So, the sudden attack will affect only edge nodes which may stop being operational. In practice, the owners of the affected edge nodes will just reset them and re-adjust their blacklist table to filter out the adversary.”

“NOTE: A non-sudden “attack” is not an attack. Those transactions will be absorbed by tangle like legitimate transactions, and help to improve throughput and time to finality.”

The general weakness of Iota PoW algorithm.

“Does not apply.”


CFB added:

“Other news to report: Someone attempted a 300% attack on main net yesterday. The Tangle easily absorbed it within a few minutes and we got a nice increase in network functionality while those transactions percolated through the Tangle.

Here’s to hoping that an attacker is kind enough to hit us with a bigger attempt tomorrow so that we don’t have to pay for our 1,000 cTPS stress-test.”


 

My conclusion

The discussion was an interesting and insightful dialogue about the intrinsic functionalities and security measurements of the Tangle, although not always easy to understand. Why would I jump to conclusions then? Why would you?

It turned out, that neither under the present conditions nor under future conditions such an attack is feasible according to the devs.
The “attacker-side” didn’t present a way for an attack and furthermore, they had zero proof.

So, if anyone is losing his mind right now. Stay calm, everything is fine 🙂

If you have more issues and questions, feel free to join slack and engage a constructive discussion, which is always welcomed.

Limo

 

 

 

AMA – Answers for newcomers!

AMA – Answers for newcomers!

Hello, newcomers!

As dozens of people are flying into our great big family every hour, I think it makes sense to provide you with a little bit of help.

This guide won’t be fancy with pictures, this guide will be “first aid”.

 


You want to understand IOTA?

Read this Reddit post and follow the links! That should be a good basis.

Also a good source: https://learn.iota.org/faqs

For any other things I started an AMA:

Just press F3 or press search in your browser if you’re looking for a specific keyword because I won’t sort the answers. 

 

Questions:

1)Why do I have to generate addresses to see my balance in my wallet?

IOTA does not save a local wallet file (like wallet.dat for BTC) so your seed is basically your “password”. If you generate addresses the system iterates through the database and checks if there is balance connected to your used addresses.

That way, you can access your funds all over the world, as long as you have your seed and a connected and synched wallet.

2)Why is my node not syncing?

Different reasons. First, it’s a difference if you use a light or a full node.

  • Do you have a synched server node for your light wallet? (www.iotasupport.com)
  • Do you have opened all your ports in your router?
    • Important are the ports you see behind the server node address (mostly 14265, 15600, etc)
  • Same applies for the full node
  • Are you fully synched?
    • GUI: click on View -Status
      • compare milestones with the milestones in #botbox of the main slack (not YDX)
    • Do you have enough synched neighbors? (Get neighbors in #nodesharing)
    • Are the ports, that your neighbors are using, opened in your environment (port forwarding is what you’re looking for)?
  • Do you have the latest version?
  • Do you have a good connection?

3)Should I spam with my light wallet, and if not why?

The light node is connected to a full node. Don’t do spamming with a light node, because it doesn’t make sense resource-wise as you reduce the connectivity of the light node server.

4)My transaction has been pending for over an hour, what should I do?

Try to replay(should work for 99% of all transactions). If it doesn’t work, try a new transaction from scratch. Spamming the network is always good for everyone, including you.

5)How do I keep my IOTA safe?

Your iotas are bound to your seed only.
First, make sure you have a secure + unique seed, so either you generate a seed over the seed generator in the GUI or you come up with 81 letters long, Latin, CAPITAL phrase, with a few 9’s included.

Don’t use a phrase like HERE9DO9I9STORE9MY9IOTA9DONT9HACK9ME.
Good example:  (no, there is no money on that seed and you should never use THAT seed for you.)

QXAWCPVROVGJKWGMAVTQCGWXVHHQGJIROSLGVGWKNXXPJAYJNEBPWYANPUOWJWVSCMXSLMJP9RPQLSNIW

Since the seed is valuable, you can just print and secure it, offline, printed on paper, on diverse USB sticks, encrypted with KeePass.
With your seed, you are able to access your tokens everywhere on the planet with an internet connection and a fresh wallet.

Don’t lose it, it’s basically your money.
If you lose the seed, you will never restore the iotas, so make sure that is never going to happen!

6)Can I reuse addresses?

The help section of the GUI tells us:

“You can use an address for receiving as long as you have not used it for any outgoing transaction. What this means is that once you have sent a transaction with a specific address as input, you should never use it again. This is because IOTA uses Winternitz one-time signatures which degrade security exponentially after each reuse.”

7)Why do I have to replay transactions and how to do this?

Because sometimes, your transaction didn’t get referenced by the network. There is a good chance to get it confirmed but not all transaction get confirmed. Like about 2/3, so in all other cases you should try replay once.
If it never confirms, you can try a new transaction from scratch.

8)How comes when I enter my (old) seed into an updated wallet, my balance is zero? What can I do?

You need to generate addresses. See question 1

9)Since there’s a huge incentive at gaining control of more than 34% of the nodes, to steal money from the network, where’s the incentive for people to run full nodes thus creating a long-term, stable and wide community? 

Getting control over 34% of the nodes is hard to accomplish with mutual tethering. You had to look manually for all these nodes. A logistical nightmare.

  • The incentive to run a full node is: you believe in the tangle and you want to support it
  • You have a project on top of IOTA, so you need a secure connection
  • You don’t want to rely on the availability of a Lightnodeserver, so you run a full node.

10)Why must I attach an address to the tangle before using it, and what happens if I don’t?

edit: You can use the address already. Nothing happens, but you won’t see it in the history.

11)How can I check my transaction on the network? Are there any explorers?

There are some explorers.

Explorer with some features: iota.cool

  • Current transactions
  • Address details
  • Tangle graph
  • Network load

Unofficial IOTA Explorer #1: tangler.iotabr.com

Unofficial IOTA Explorer #2: iota.tips

 

12)Can we see recent distribution charts somewhere?

If you analyze the addresses in the tangle, or if you look at this assessment: https://medium.com/@IngoFiedler_96862/the-distribution-of-iota-tokens-dc70ea49b148 you can get an idea of how

the iota are distributed.

Keep in mind that we have thousands of new users since March, so the distribution has HUGELY increased

13)Why did YDX stop trading?

IOTA will be listed starting with 13th June on known exchanges.
YDX stopped because they are preparing for a possible IPO and they need to upgrade their systems.
YDX is not connected to the IOTA foundation so their actions are independent

 

14)Do I need to set up a new address, every time I receive iotas?

Nope, not every time, see question 6

15)What would happen if I send out a new transaction before my previous transaction confirms(with a GUI)?

Before sending a new transaction, wait for the previous transaction to be confirmed.

16)How many % of iotas total supply are already distributed?

See question 12

17)When should I re-broadcast and when should I replay?

From www.iota.learn.org/FAQ:

“Rebroadcasting is basically sending the exact same transaction to all of your neighbors again. Most of the time, apart from a situation where you’re sure that your neighbors didn’t get your transactions, Replay is more useful to get your transaction accepted by the network.

Replay is the process by which you “re-attach” your transactions to a different part of the Tangle, in the hopes of getting your transaction accepted. As such, you are completely redoing the transaction process (tip selection and Proof of Work).”

 

18)Why does my transaction, my address not confirm?

Maybe a connection problem, maybe the coordinator is offline, under maintenance right now (today, June 5th. In coming times, it won’t be shut off without announcement)

Check question 2

19)All my transactions are pending and don’t confirm, what can I do?

Check question 2 or replay.

20)Do we get another snapshot? What does that mean?

Yes, we get another snapshot before the 13th June.
A snapshot is a method to reduce the size of the tangle database.

You possibly need to claim your tokens, once the snapshot is successfully performed.

21)What is claiming?

Claiming means, that you transfer your tokens from the old databases (before the snapshot) into the new database (after the snapshot)

If you forget that, you will never be able to get access to your tokens again, so always stay in touch and claim if necessary.

This is your duty, so don’t blame the IOTA foundation if you didn’t keep track of the recent developments.

Not every snapshot has a claiming period, the ones that have it will be announced accordingly.

22)Is it right that I should use an adresse to receive only once? What if I did use it twice or more?

You can use an address as long as you want. If you use that address for an outgoing transaction once, you should generate and use a new one from then on. Look at question 6.

23)What does the network spammer do exactly?

It conducts zero-value transactions.
Since IOTA has the condition that you have to confirm two other transactions before you can send one yourself, you give more than you take and help other transactions to confirm.

Your node does Proof of work, similar to hashcash, to confirm the two other transactions.

Spamming is therefore good for confirmation timings.

24)Is there a new IOTA wallet for android too?

Yes. see: https://play.google.com/store/apps/details?id=org.iota.wallet


http://iotawallet.info/ is responsible for that. Keep an eye on that or contact the developers in the main slack.

 

25)Is it wise to share the node addresses you’re connected to? Or is it wise to keep that private?

You shouldn’t share your neighbors with everyone. Mutual tethering should happen in private messages.

26)If a transaction never confirms, is it possible to “cancel” it?

No, just ignore it.

27)When will IOTA be on other exchanges like Bittrex?

Starting from 13th June, many exchanges gonna list IOTA.
We can expect a lot more announcements in the following days and weeks as IOTA is a highly appreciated asset for them.

28)Should I keep my iota on YDX or on other exchanges or transfer them to my wallet. 

Always keep them in your own hands!

29)What is the max amount of transaction per second?

Almost infinite.

IOTA theoretically is only hindered by physical and infrastructural bottlenecks.  IOTA scales as much as the internet and future storage systems allow it to.

So we can expect a lightning fast transaction settlement system that overcomes almost every problem of existing systems.

30)If IOTA is for IoT how will the bots deal with volatility? 

There is a solution on the way, but I don’t have the pay-grade to know details.

31)What features does it have? What about smart contracts or is just made to be fast?

From www.reddit.com/r/IOTA

“IOTA is a new distributed ledger. Both its technological underpinnings and unique features open up new use cases which were never before possible with old blockchain technologies. IOTA was created as an open source distributed ledger software project. While it was inspired by the immutability of blockchain technology, it solves nearly every problem inherent in blockchain protocols. Instead of a blockchain, a directed acyclic graph (DAG), the Tangle, is used. IOTA is mostly made for the IoT as the interoperability technology for data integrity and industrial appliances. Furthermore pay on demand, micro-payments, and machine to machine communication like sensor technology, smart cities, adaptive systems. To make it short: as the backbone for the Internet of Things.

Features:

Infinite scalability, lightweight design, quantum secure, no transaction fees, no blocks, no mining, POW for transaction approval, JINN-processor-supported in the future, ternary (not binary).
Smart contracts will be enables soon. On top of that, Oracles will be implemented. We get more info about that in the following months.

32)When will IOTA be on Azure (Windows) and also on IBM cloud?

IOTA is part of the testing lab for Azure and I’m pretty sure that IBM also is looking into it, but I guess most of that is behind NDA’s and I have not more information about that.

 

33)Will IOTA be traded in iota, Miota or Giota?

IOTA will be traded in Miota

 



I will possibly add other questions but these are all for now.

May Report #2: The Silence Before The Storm

May Report #2: The Silence Before The Storm

Development Update

Since a few weeks we are waiting for the new version. Just now, a small hint arrived that this may soon™ be over:

I’ll give you a short list of what we can expect and as an addition, a small summary of the biggest things you might have missed. The May Report 2.


The most important piece first: In a few days, IOTA will show its capabilities.

 

Right now, a day after Doms small update (above), the Coordinator is online again, but not attached to the Tangle.
That means:

  • An update of the new IRI is imminent.
  • As Dom pointed out: There will be no snapshot, for now.
  • We can expect big announcements in the following days (Maybe also when and where IOTA will be listed).
  • The wait is finally over!
  • With the new version, the spammers can be used for the main net again.
  • Countless new full nodes will be set up, mine including (Let’s meet in #nodesharing when the new IRI/GUI is here).
  • After the update the Tangle and the confirmation timings will be faster than ever.
  • YDX can withdraw all iota.
  • We’re getting closer to the “liberation of the Tangle”, when the Coordinator will be shut down in July. Then, the Monte Carlo Random Walk algorithm will be activated instead.
    That way, the tip-selection and protection of the network will be ensured, while the scalability can unfold perfectly.

Take a look in our slack in the next days to catch the next instructions and announcements. That way, we can build the Tangle topology, again, -in no time.

If you are a developer, please take a minute of your time and look at the ecosystem fund, if you want to work with and for IOTA:


Consensus 2017

Cryptocurrencies, in general have come very far.
Consensus 2017 was held nowhere else than on the New York Broadway. Hundreds of participants, CEO’s, thousands of enthusiasts were there, to share their knowledge and to show the world that Blockchains (and the Tangle) are here to stay.

As a part of Dominik Schieners US-journey, He also participated in the “IoT & Blochchain: Powering the Connected Device Economy“-Panel on Monday 22th.

 

 

David Sønstebø wanted to participate, but due to an unforeseen accident he stayed in Norway and sent Dominik Schiener instead.

Dom did a great job in describing his vision to the plenum, while the content of the discussion were not actually focused on a comparison of IOTA to Blockchains.

Instead, the discussion were hold on a meta-level and the experts shared their thoughts and insights about the chances of collaborations of banks and Blockchains, their personal vision and the problems and chances they may face in the future.


Also part of Consensus 2017 was Dr. Carsten Stöcker who took part in a panel discussion about “Energy Markets“.

Carsten, as always, did a great job in explaining his vision and afterwards, he also found a moment of his time to explain why he didn’t get into IOTA’s details. -For a good reason.

He furthermore announced that IOTA is on the testing roadmap for “Share&Charge” where IOTA is used to tag IoT devices.

 

 

 

David added: “We’ll unveil more info on the ‘Digital Twin project’ together next week, so stay tuned for that”

Exciting times!


DIF

The next announcement is a “medium heavy” sensation.

The “Decentralized Identity Foundation” formed around IOTA and Microsoft, Bigchain DB, Blockstack, Accenture and a lot more known companies.

The DIF is aiming for progress in the field of identification.

The different workgroups concentrate on the following fields:

 

More info on the workgroups you can find here:

https://github.com/WebOfTrustInfo/rebooting-the-web-of-trust-fall2016/blob/master/draft-documents/DID-Spec-Implementers-Draft-01.pdf

https://github.com/decentralized-identity/hubs/blob/master/explainer.md

https://tierion.com/chainpoint

For now, it’s unclear how and where these researches take place and what will be achieved, but considering the big list of known companies on the list, we can expect some interesting projects and fruitful results.

 


If you need a good comprehensive blog-post by Dominik Schiener, with an up-to-date overview of IOTA, I recommend this:


Wilfried Pimenta, IOTA Foundation member was also diligent in presenting IOTA:

Furthermore:

With the keynote: “Introduction to the IOTA Foundation and the Tangle, the next generation distributed ledger / blockchain for the Internet of Things


Upcoming presentations


Mentionable Articles

 

  • [German] Der Altcoinspekulant ist zurück! Ich werde ab und an als Gastautor mitwirken und freue mich, dass der Altcoinspekulant von Lukas Fiedler und einer Reihe an Experten fortgeführt wird.


These are the most important updates for now.

This week will presumably open a lot of doors, so stay tuned!

Have a nice week,

Limo

May Report #1

May Report #1

Since we’re on a long dry spell for a few weeks now, it’s good to hear that there is still movement if we take a closer look.

The problems of the network, that has suffered quite a bit, are caused by the reduced amount of spammers in the main network.

As mentioned again and again: the devs are stress testing the new version, so they need all available hash power to ensure its functionality and security.

That’s the right way!

That being said, if people want to support the Tangle in its current situation: set up your own full node, with fresh neighbors and spam the Tangle, even if it’s just for a few days. 

As an addition: Yassin, the private escrow from iotaexchange.com has problems to withdraw iotas because the majority of transactions won’t confirm. And the list gets longer!

There is no fraudulent or malicious intent involved. With the new version, we all get the funds laying on YDX.

When this new version is ready to be used, we will also see a new era of speed, reliability, scalability and opportunities.

Blockchains will have a very hard time when the majority of developers, companies, and investors realize the true potential of IOTA.

That moment will occur, when the stress-test results are published, IOTA hits exchanges and the people feel the speed of IOTA firsthand.

A moment everyone is looking forward to.

In the meantime, have a look at the newest changes, additions, and developments in the IOTA ecosystem.

 


Growing Community

The main Slack of IOTA, the room for development, interesting conversations, the soil of good ideas has grown to a huge number of 3000 people already.

Last week, @Eragmus uploaded a little plot with an exponential curve of all members over time.

This trend is continuing upwards as lots of people are looking for an entry into “Yassin Dex”, but we also have a good amount of people, that followed the call of the ecosystem fund.

Either way, this is a splendid sign of what IOTA has become: A fast growing community that is interested in the disruptive capabilities of this distributed ledger technology.


New Developers

A few striking additions have been announced.
These guys were already working with IOTA for a while, but the time has come to give them credit and to show who’s working behind the scenes.

On the official blog are nice introductions of Paul HandySabri GoldbergAlfred Keller, Alon Elmaliah

Great people with enthusiastic, likable attitude, capabilities and of course a big impact on the whole project.

Kick-ass additions!


Participations

The IOTA Foundation is built of experts in their special fields, therefore it’s no surprise that they do what they do: they present their ideas and possibilities in conjunction with IOTA.

Dr. Navin Ramachandran, practicing Radiologist and well-known researcher from London, presented IOTA on TechUk on 8th May.

Thanks for your efforts!

Right now, Co-Founder Dominik Schiener is visiting a few important companies at the US-west coast (no info about who, when, what) , and after that, he is going to present IOTA at Consensus 2017 in New York, a great opportunity in the world of Blockchains, Fintech to show the world what’s coming after Blockchains.

Founder David Sønstebø’s plans to speak at Consensus 2017 changed due to an unforeseen accident, where David suffered an injury at his zygomatic bone.

Let’s hope for a speedy recovery!

Next on the agenda are the Accenture Open Talks on May 30th, where IOTA presents its technology.

We have to keep in mind, that these are personal efforts, and not a matter of course that they put in their free time and energy to represent IOTA again and again.

Sure, that sounds like I was praising them like some saints, but to be honest: which project you know, has founders and devs that work relentlessly to spread the word, to build an ecosystem and community?

If there is one, I’m pretty sure it’s there for a way longer time, and it’s already listed, like Ethereum or Bitcoin.

These efforts here all happen before a listing, in very serious realms, hence my enthusiasm that IOTA is a spectacular project that has to be reckoned with!


Articles:

Here is just a small selection of the newest articles about IOTA.

Since the respective authors took their time, I suggest, you read them on your own:

 

https://www.linkedin.com/pulse/building-4th-industrial-revolution-iota-atit-bhavsar

http://www.cio.com/article/3196401/internet-of-things/iota-launches-2-million-fund-for-iot-focused-blockchain-derivative.html?utm_campaign=sflow_tweet#tk.rss_all

IOTA Tangle Takes the Blocks Out of Peer-to-Peer, Distributed Ledger Networks

 


The overwhelming Bull market

Since the Blockchain technology as a whole gains attention everywhere, billions of Dollars are flooding into these new markets.

The recent astonishing bull market reached a total capitalization of almost $70 billion.

Most of these listed technologies are functioning on a Blockchain, so they all share the same problem: scalability.

The recent adoption, therefore, is both: good and bad because once the mass markets try to use Blockchains, they rise in value but also suffer

the consequences that we know as slow transactions, higher transaction fees and as an end result, a technical barrier to progress.

The Tangle, as we know, is scaling better, the more people use it. -Without fees.

So my personal opinion is that, with the rising adoption, there is no better investment as IOTA.

As of today, IOTAs cap is around ~$200 million. The listing alone will show how much it can rise and believe me, it will, just because the technical

circumstances of IOTA in this “blockchain-era” are absolutely outstanding.

I said it when the market cap was at $20 million (x10 since then), and I’m still going to stick to that when we hit $2 billion market cap:

There is no limit!


The next weeks will be vital and hopefully filled with great milestones. Well, we do not know otherwise.

Stay tuned and have a nice week,

Limo

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