Category: Official announcements

IOTA Exchange listing on 13th June – Preparations

IOTA Exchange listing on 13th June – Preparations

Thousands of investors, companies and the majority of the IOTA community are looking forward to it and now we have a date.

Beginning with the 13th June, in nine days, exchanges are going to list IOTA as a tradeable asset.

The official blog post of David explains the circumstances very well and incentivizes other exchanges to follow the call.

 

What can you do to prepare for this big event?

  • Follow all major exchanges on Twitter
  • Register on all major exchanges and validate your person before it starts trading IOTA, to ensure that you’re able to trade once the listing is announced.
  • Get a working Bitcoin/IOTA wallet
  • Don’t spend all IOTA on trading, just what you can afford to lose.
  • Participate in discussion in Reddit
  • You are a developer? Think about helping IOTA and earn bounties: Ecosystem Fund

 

Which Exchanges are going to list IOTA? 

We don’t know! Since IOTA is an open source NGO, there will no Exchange prioritized, so they list it on their own without the decision made by the IOTA Foundation.

According to the founders, all big exchanges are interested, that means Bitstamp, Bitfinex, Poloniex, Kraken, Bittrex, maybe also the Chinese ones like Huobi and OKcoin.

 

What prices can we expect at the beginning? 

Well, that question came up almost 20 times each day for the last months.

That depends on how the markets will react.

Will ICO investors and whales cash out, or do the new interested investors predominate, that waited for this moment for a long time?

Keep in mind that IOTA was mostly traded on YDX, the escrow based trading platform. (That stopped trading until further notice. Will start again after Exchanges listed IOTA. Presumably the 17th. )

While YDX was always a dependable and secure market, many people were afraid to lose their funds, as a consequence they didn’t invest yet.

Some companies don’t use BTC, so they likely will invest when IOTA is able to be traded for fiats like Euro or Dollar.

The current market situation is also important: Cryptoland is in a big bull market right now, either because these technologies are on the verge of mass adoption, or because it’s a periodical bull market that can also end very soon.

 

If Bitcoin suddenly changes into a bear market, the impact on altcoins and also on IOTA is pretty hard to predict.

IOTA is seen as a potential Bitcoin or Blockchain killer in general.

This originates from the undisputable technical benefits it has over common Blockchains in terms of scalability and the tremendously growing ecosystem that is already attracting the industry.

No one can predict which side wins, but we will see that very soon.

On the long run, my personal opinion is that IOTA is the best cryptocurrency to invest in.

If there are no technological flaws, we will likely see a few billion in market cap very soon. Or more.

One example of how cryptoland is reacting to good news and opportunities was Ripple, that was pumped from 250 million market cap to almost 17 billion in a timespan of only 4 months. That is insane.

For now, all we can do is read articles, compare the tech, the possibilities and keep an eye on Twitter, especially Hashtag #IOTA and #IOTAtoken -and think about the existing solutions for assets like Bitcoin or Ethereum.

Are they able to resolve the rising fees, the slowly extending confirmation times or not?

IOTA is not stigmatized with the common Blockchain problems like a rising difficulty, decentralization due to big mining farms and therefore an uncertain future.

However, IOTA isn’t easy to understand at first, so maybe the majority of investors needs time to digest all these new features and perks IOTA inherits.

That being said, as an investor you have the duty to make your homework before you put your (life) savings in a cutting edge technology.

Again: don’t trade more than you can afford to lose.

Happy trading!

Limo

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

The IOTA Ecosystem Fund: 2000000 $ for Development and Adoption

The IOTA Ecosystem Fund: 2000000 $ for Development and Adoption

Once again, the IOTA grassroots movement made a difference in showing the world that this is no ephemeral cryptocurrency but a serious endeavor that leads to a technology, that possibly changes everything.

The generous sponsors of the ecosystem-fund are part of the “Ecosystem-club”, initiated by Luey Forje, one of the early investors and a well-known community member.

The known sponsors are: Marc Bettinger, Achim Heiniger, Denzel Schwimmer,  Tristan Turner, Khaoudy Yassin and some more sponsors which decided to stay anonymous.

IOTA has a big healthy community of voluntarily working people and sponsors that are unified and goal-oriented in bringing the technology to life.

The ecosystem fund is meant as a development booster to attract creative thinkers, developers and the possibility of funding people’s ideas if they are beneficial for IOTA.

The IOTA foundation announced in the official blog post a selection of possible applications in the following fields:

  • Proof of concepts
  • The creation of Libraries/Modules
  • Research and development of new IXI Modules
  • Tutorials for Learn.iota.org
  • Hackathons

But there is more to it!

You could work on a coordinated marketing campaign, you could ask for specific projects that are not covered by the former list.

I’m pretty sure that the founders are open-minded and like to hear lots of ideas because that is the very purpose of this fund!

Therefore, I want to encourage everyone with a good idea to apply for a funding!

Your application can be submitted here: FORM


Link -> Reasons to become a part of IOTA

 

 

April Report #2

April Report #2

I know, this update comes pretty fast after April Report #1, but that is the IOTA-sphere these days, progress everywhere!


Again a great IOTA Foundation-update:

Welcome, Wilfried Pimenta de Miranda!

 

Mr. Pimenta de Miranda lives in and around Oslo, Norway and is a working with new emerging technologies and disruptive systems for progress.

On his LinkedIn profile, he writes:

I shape strategic innovative ventures and initiatives that open new pathways to value creation and growth models for business and society. I bring disruptive digital technologies to life: Blockchain / Distributed Ledger Technologies, Artificial Intelligence (AI), Internet of Things (IoT) and Internet of Me / MyData. Together with a team of world leading technologists and industry thought leaders, we empower true innovators ready to transform their industries and organizations from eHealth, Transactive energy systems, Smart cities, connected/autonomous Mobility, Shipping & Logistics.

The IOTA ecosystem and the foundation are clearly gaining traction because they are able to acquire such professional experts like Mr. Pimenta de Miranda.

After last week’s addition of Regine Haschka Helmer plus the already existing circle of advisors and core-devs, we already have the most promising crypto-enterprise at hand.

I know that hype isn’t very appreciated, but it’s pretty hard to suppress with this frequently dropped high-quality news!

 


IOTSummit 2017 with IOTA

For any other crypto, this would be an enlightenment, for IOTA this isn’t the first solid opportunity to present its unique features.

Still, the IOTsummit is one of the most important places to be for innovations on an international stage.

The European summit will be, again, and yes I know I use this word often, a great opportunity to showcase IOTA to bring more solid companies into the ecosystem.

These are the best news!


New IRI and stress-test

Improvements of the IRI are beeing tested and deployed, once the stress tests are done and important measured values are taken.

That will be the moment when IOTA reaches an important milestone: the scalability will be tangible.

The difference of the main net (1st picture) and the test net (2nd picture) is incredible right now.

That may be partly explainable because a big share of main net-spammers is currently used in the test net.

Still, the overall transaction confirmation-rate seems to be pretty high


There is a new Tangle-explorer made possible by @Scottjp and the help of @utamaro and also @raganius!

IOTA.tips

This clearly arranged explorer is a nice addition to the existing explorer IOTA.cool

Both explorers are important and necessary to handle the needs of a lot of people once, IOTA is adopted widely.


And interesting for speculators:

A nice price chart plus market cap: IOTAprice.com made by @wilowfoot



The next weeks will be very interesting as rumors say that we get news on the official exchange listing when the stress tests are done.

Have a nice day,

Limo

April Report #1

April Report #1

April is here, jokes are delivered, as well as some really incredible news from IOTA.



Let’s begin with the newest foundation-member Regine Haschka Helmer!

A look at her vita reveals that she’s obviously a great marketing expert with lots of successful years.

From their Website:  In 2006 she became CEO of ID Media and was responsible for the strategy and creative lead for customers such as Ebay, Deutsche Post, Deutsche Telekom, Sony, Swatch, JTI, Microsoft, Volkswagen and Toshiba.

2007, She founded Seedlab GmbH, a digital business development agency where she is assisting companies/startups for “realization of innovative, digital strategies and business models….900 successful projects of which many have received renown awards, Regine is one of the pioneers and creative heads in the European digital industry.  

To draw a conclusion:
With Regine Haschka Helmer, the IOTA Foundation, again, was able to add a professional, successful business-expert for IOTAs needs.

The coming years are years of transformations and digitalization where industrial processes are changing and new technologies are emerging.

We know, that the Internet of Things is already a key-term, so we also know that IOTA needs networking business experts such as Regine Haschka Helmer to become a force to be reckoned with.

I’m curious to see the work results of this great collaboration.

Welcome, Regine Haschka Helmer!

 



The official IOTA Development Roadmap has been published!

As an open source project a major milestone for transparency.

I cannot repeat all inherent information because everyone needs to read the roadmap himself, but I can tell you guys what I think about it:

  • Companies can see the efforts and the status of development of this enterprise
  • Developer see the actual progress and can decide whether they want to participate or not
  • All interested people can see where we are going: Flexibility.

Flexibility is the most important feature for a technology meant as the interoperability protocol of the Internet of Things.

This roadmap shows between the lines, what IOTA is going to be and that there are no borders and limitations left when it’s ready.

IOTA is no cryptocurrency, but a whole system meant to support progress for everyone.

IOTAs infancy in “cryptoland” will soon be over if we see more of these important steps.

Great work everyone!



Since most investors just lean back, I have a small message: If you just wait for a big ROI, you actively prevent movement from happening in your favor. 

Get up and protect your investment! Take parts of your funds and create software, tutorials, videos, advertisements to support IOTA on its long way.

If you do nothing, you practically do the worst.



Concerning the stress-tests:

Even with just a few nodes, IOTA is already showing its capabilities of a scalable, incredibly fast technology.

When the test net grows bigger and is expanded with servers of e.g. Digital Ocean or AWS, we will see fascinating numbers and a really big tangle graph.

I’m looking forward to that, as it will open a lot of doors if these stress tests are successful.



A reminder that IOTA LEARN is working and starting to take effect:

We now have the first few entries, tutorials and FAQ-answers.

If you are an interested developer or a techie on his way to become a dev, please visit https://learn.iota.org/ to become a part of this fantastic ecosystem.

Hundreds of people are already part of the community, so if you have questions, everyone would be happy to help.

Don’t miss that opportunity!

“We often miss opportunity because it’s dressed in overalls and looks like work”
― Thomas A. Edison”

 



To round up the first April Report:

If you are in the area of Chicago, you can visit and participate here:

A big opportunity 😉

and later on in Germany:



April is starting with a density of a neutron star. It seems to me as if IOTA is already generating traction like a big player, and that before exchange-listing.

2017 will be great!

Have a nice day,

Limo

“Organic Artificial Foods” (OAF) and the farming revolution

“Organic Artificial Foods” (OAF) and the farming revolution

As IOTA is already known in rural areas, I’m happy to announce the foundation of the NGO “Organic Artificial Foods” (OAF), which is using the open-source technology for their own purposes.

OAF offers a new innovative solution to provide citizens with organic food around the corner.

Communities in the field of cryptocurrencies, in general, share the sentiment that future markets will rely on blockchain solutions for the everyday life, such as buying groceries.

Since IOTA is mostly made for the machine economy OAF, therefore, invented a new system that is using IOTA as the interface technology between autonomous machines and the needs of families in rural areas, to close the gap between this cutting-edge technology and breakfast.

To understand this innovation we must look into the bionic/a.i. research, where autonomous vehicles and robotics are tested.

Lately, the semiconductor facilities “Pecker Tec” in Nashville, TN which are working closely with OAF, tested some “granny-slappin’ good” central processing units for cows.

These chips are able to receive IOTA per wireless network and furthermore, to activate the milk-glands in a matter of seconds, without transaction fees!

As unbelievable as it sounds: this makes it possible to get fresh, warm milk, everywhere, safe, untampered, fast, decentralized, with IOTA.

Chairman Bill Randy Pecker about their new system:

Howdy, I don’t know where you comin’ from but our cow is busier than a cucumber in a women prison, you gon’ like it

The experienced 3 times winner of the famous “Nashville Monstertruck Festival” promises this solution within the next 5 months, so that people don’t need to buy milk in a supermarket anymore because they are often too far away if you need groceries spontaneously.

After that, we can also expect adapted systems for chickens, pigs and bankers, Pecker promises.

We are eager to see that technology in action!

 

 

 

March Report #2

March Report #2

Hello!

Since I’m a little bit busy in the world outside, I had not enough time to deliver, but finally, here I go.

First a thing about Tangleblog.com.

I decided to start a small video-series, bilingual, where I explain basic stuff around blockchains, IOTA, proof of concepts and so forth.

At first, I will make a few videos for the German people since I often read that they have not enough sources.

But after that I’m going to make more or less the same videos in English.

You can start watching the videos here:



So now the real development related topics of the IOTA ecosystem:

We have basically four things worth mentioning.

First of all, the splendid development-hub “IOTA learn”. This is the latest and really important step for the extension of the ecosystem, especially like the name tells us: for development.

We have some functions here:

  • Developers can share their experience.
  • Developers can upload tutorials.
  • FAQ’s are listed for newcomers.
  • New users who struggle to understand development-related topics can get an overview.
  • Users can start to learn coding by following tutorials.
  • People can create real use-cases with their ideas.
  • The ecosystem can grow and the community can expand.
  • A blog is set up to show the newest development-related info.

This doesn’t look like the biggest step on the road map but to be honest, IOTA benefits hugely through this new hub.

We now have a central drop-in center for coders, teacher, students, entrepreneurs so that the software around IOTA can be developed in a grass-roots manner.

The IOTA foundation furthermore set up 3 bounties for the first 3 uploaded tutorials:

So I can only encourage you guys to participate in this unique opportunity and to built something with the help of IOTA learn.



The Sub-reddit /r/IOTA is growing steadily.

If you need a central point of discussion and news, you are invited to subscribe to Reddit/r/IOTA

Reddit is one of the most frequently visited pages on the planet, so needless to say, if IOTA will reach a certain point of adoption, this subreddit will be THE address for almost everything.

You shouldn’t miss that. Subscribe and be on the safe side!



The development of the IRI and IOTA as a whole is going into the next round, today the devs announced a new test-round for the latest changes.

If the public stress-test is successfully conducted, we can expect some interesting news.

Some people may think: why does it take so long to hit exchanges?

There are two answers to this.

  1. The most important point on the agenda is development of the software, the ecosystem and use-cases.
    Proof of concepts and real-world applications are the best way to ensure success for IOTA. Therefore it’s the best way to work in that order.
    First developments, then, when resources can be spared: exchanges. Not the other way around.
  2. Development of cutting-edge technology is a long way. The devs are well advised to test anything and if there are slightest doubts about some intrinsic functionalities, then they have to get rid of that first.
    There is no better way than quality assurance. Not only big companies handle their development like this, but all good enterprises.
    So let’s be happy instead that we have so thoroughly working devs at the top.

Last but not least: David announced that IOTA will deliver a newsletter once a week.

That’s just fantastic. Finally, we get the most important information frequently, every week.



We can conclude that IOTA is on a great, healthly way right now!

I’m pretty excited and curious what we will see in April.

See you soon folks, have a nice day!

Limo

March Report #1

March Report #1

After a short break from blogging, I’m here with the latest development around IOTA.

After the overwhelming news with Canonical and Innogy IOTA is finally showing its real character: An interoparable protocol and global standard for the IoT is forming.

Instead of hype-news to boost the price, we now see that the strategic management is driving the project into real-world-collaborations to make a difference.

We didn’t had to wait long for a press-reaction:

E.g.: International Business Times

Coinspeaker

Coindesk

Additional coverage by Ingo Fiedler, Research Director Blockchain Research Lab, University of Hamburg:

Properties of a Token-Based Machine Economy

The Distribution of IOTA Tokens

 

Here are the latest background news around the development of this cutting edge technology:



New transitioning-period (possibly) incoming due to some necessary changes:

Since the IOTA Reference Implementation (IRI) needs to be updated and prepared for the needs of the ecosystem, we can expect a further change and a following claiming-period.

This means that, when the time has come and the new IRI is pushed into Github, people need to claim their funds on their old seed and shift them into a new seed. This is supposedly possible with the GUI-wallet and done in a few minutes.

(image of the wallet-integrated claiming-procedure)

I  recommend to join our slack and look into it every now and then, to be able to keep track of everything.



 

IOTA on Mobile World Congress 2017 in Barcelona

Since IOTA partnered with Canonical, a micro billing solution has been presented on the Mobile World Congress between Feb. 27 and March 2nd in Barcelona.

I’m pretty sure we will get a comprehensive report soon, where new collaborations and additions will be written down for us.

A meaningful congress like the MWC is a perfect opportunity for IOTA to get new partners on board.

We shouldn’t take the foundations great work for granted though.

They are working relentlessly for a successful enterprise of IOTA, thanks for that!

 



 

Consensus Masterclass

Last but not least, an insightful protocol of the community-developer interface of the “Consensus Masterclass”.

Scott stepped forward and saved the following conversation for us.

To be honest: This is pretty long but worth a read if you struggle to understand the “consensus” of  the IOTA Tangle.

If you have technical questions, it’s always a good way to join our slack and reach out for our developers to get solid answers!

Link to the Forum-entry.

 

One exemplary answer was this:

 

Come-from-Beyond then explained what these pictures show and how to view consensus within IOTA:

The main question that arises sounds approximately this way: how can you achieve a consensus if Random Walk Monte Carlo algorithm gives different gray squares?

Let’s look at these pictures… we see that green squares are referenced no matter what gray square was picked by the Monte Carlo. This is the nuance which some people don’t see.

We come to consensus on the status of green squares only.

More time passes – more transactions added – and eventually those white squares will be colored with green too.;

We don’t know if young transactions are legitimate or not, but old ones are legitimate with very high probability (if they are referenced by the majority of tips returned by the Monte Carlo Random Walk).

Participants were then invited to ask questions:

Question by Pascal L:
If each node has a different view of the tangle, then that would mean also a different set of Tips, right?
Now the consensus was reached here because we all used the same view of the tangle with the same set of Tips…what if I have a different set of tips that reference other transactions?

Come-from-Beyond:
If our views diverge too much we won’t come to consensus, private subtangles branch-out and extra effort is required for them to branch-in later. There will still be some “green” transactions even we diverge, these are transactions we came to consensus on. They’ll be just very old though. Worse connectivity between you and me = older txs with “green” status will be.


Question by Scott J:
Before I didn’t realise at what point transaction get ‘confirmed’ without a Coordinator. So effectively, it is when they are referenced by all tips?

Come-from-Beyond:
Not by all tips, you set confirmation level for yourself. You may decide that if 95 tips of 100 returned by Monte Carlo reference your tx then it’s legit. Some merchants may wait for 99 of 100.


Question by Michael K:
Is every node free (no protocol rules etc.), which squares have to be picked for a new tip for referencing?

Come-from-Beyond:
The protocol doesn’t enforce tip selection algo, but for the system to work the nodes should use similar algos. A higher difference in the algos – longer adaptation period will be (adaptation period = time required for a tx to become “green”).

Michael K:
And if a group is using a different alog, which is placing a lot of tips, which are referencing to ‘old’ transactions (the green squares on the left side in the example)?

Come-from-Beyond:
If their algo is too bad then their txs won’t be referenced by the others. We use algo which benefits others for using it too.

Michael K:
So there is an algo (tip selection) in the reference implementation, which you should follow, or at least should not differ too much, because you will risk that the group which is using the reference implementation (or a similar tip selection algo) will never reference your tips?

Come-from-Beyond:
Yes.


Question by Pascal L:
So all nodes should still have close to all transactions to come to consensus. The less transactions of the whole tangle I have, the smaller the number of confirmed transactions.
Ah and that is why a narrow tangle is not good, as then one missing transaction can lead to all other transactions to not be confirmed?

Come-from-Beyond:
Yes, narrow tangle is bad


Question by Michael K:
If some nodes will never refer some tips, these tips still exist as tips also from their point of view, or do tips which didn’t get a reference over a a specific time ‘die’?

Come-from-Beyond:
They keep sticking around.

Michael K:
Why is it necessary to keep them sticking around, even if they didn’t get any reference over a very long time?

Come-from-Beyond:
It’s not necessary, they are just kept on some nodes, recently joining nodes will likely not see these tips

Michael K:
So a node can safely forget about this tips after a specific time?

Come-from-Beyond:
Yes.

project Shift
Shouldn’t we implement a “lost old tip” tie-up algo also? I mean, if they are open forever, they can always be referenced and create a useless branch. If somehow we “close” them by doing some housekeeping and tie them up to a recent one?

Come-from-Beyond:
The protocol doesn’t enforce this, you can create something for removing tips but they don’t interfere into tangle evolution


Question by Pascal L:
Whats the big difference then between the tangle and a blockchain? If the tangle still needs most of the transactions to get confirmed transactions, then why should it scale that much better?

Come-from-Beyond:
In tangle there is no a single point of bottleneck (miners).

Pascal L:
No, but there still is the bandwidth and size issue?
If every machine uses it to make transactions, then that will be 100k’s if not million transactions second. No node could ever keep up with that?

Come-from-Beyond:
Nodes can split the burden and solve this problem in swarm-like manner. IOTA is designed with this approach in mind.

Pascal L:
So I have that picture in mind where we have that huge tangle that no single node can run, now I was thinking that can be solved making branch tangles or sub tangles, that branch of and from there on will reference only the branch tangle transactions.
Which if I understand it right is the same logic of offline tangels…but if thats the case, how can double spends be detected?

Come-from-Beyond:
They can’t be detected if you don’t see most of issued txs, if majority of txs reference your tx then there is no a doublespending with high probability.

If you are a small merchant with low-end hardware then I suggest you listen for new txs and pick part of them and then fetching txs they reference until you see your tx.


Question by Pascal L:
So how do offline transactions work on a offline tangle?

Come-from-Beyond:
We add extra assumptions like the inability of all participants to doublespend before connection to global tangle is restored. If you can’t use such an assumption then you can use multisigs, create a big multisig address, make sure it’s confirmed and then go offline.

Once your connection is restored you’ll need to broadcast your private subtangle to the rest of the network and connect it by issuing a tx referencing the both tangles.

Pascal L:
So offline tangles will be used for inner company transactions or where ever, where there is trust that the original funds don’t get moved until the offline transactions are merged to the main tangle?

Come-from-Beyond:
There are several tricks to assure that doublespending won’t happen, if we remove trust-based ones then we still have security deposits – an assurance that you won’t doublespend and if you will then it will be covered from the deposit.

Also, multi-sig: if Samsung sells you hardware with IOTA inside and it’s digitally signed then you can be sure that it won’t doublespend.


Question by Pascal L:
So assuming that IOTA will gain adoption to where most IoT devices use it and there are 100k’s of transactions per second, who will run those super nodes that can handel such amounts of transactions? Large company’s?
Cause obviously my Notebook will not be able to run a full node then any more.

Come-from-Beyond:
Why supernodes?

Pascal L:
Lets say there are 100k TPS…won’t that require a really strong server?

Come-from-Beyond:
Yes, or 100 weak ones.

Pascal L:
Now thats the interesting part! So there could be pools for full nodes, like there are pools for Bitcoin mining? So hundred small businesses could connect and pool a full node?

Come-from-Beyond:
Yes, as an example: https://en.wikipedia.org/wiki/MapReduce7

If you find that this has sparked further questions feel free to ask them below or join us in the IOTA Slack here: http://slack.iota.org

 



I’m curious what March brings us next. Considering the latest development and the great efforts of the IOTA-Foundation, I’m pretty sure we will see a lot more in the first quarter of 2017.

An exchange listing is on our doorstep as far as I can tell.

Let’s be patient and be happy about the overall fantastic achievements of IOTA so far.

Thanks for reading,

Limo.

 

February Report #3

February Report #3

Happy Tuesday everyone.

As February is almost over, the IOTA ecosystem is delivering like a clockwork.

Today I have some special piece of gold to report as Ubuntu and Canonical, the private company behind Ubuntu announced a collaboration with IOTA: This is madness.

What does this mean?

It means, that one of the most important open-source associated company decided to work with IOTA for its technical and disruptive potential.

You may think: well, why not google? The answer is decentralization.

Getting canonical onboard is a statement that IOTA isn’t going for a fast profit, but for real-world changes, that are needed.

For me personally the most important line:

Now Canonical is working with the IOTA Foundation on use cases that showcase new, machine-oriented business models and micro-billing solutions for the telecommunications market. With the global telecommunication market expected to reach more than $1.5 Trillion in revenue by 2020, IOTA together with Canonical are uniquely positioned to solve one of the biggest problems that telecom companies face today: how to reimagine billing for machines.

In my opinion, this may be even bigger than we think, considering the software possibilities and adoption-character this piece of news inherits.

Ubuntu’s Twitter account has roughly 250.000 follower, almost every developer knows and likes this Linux-distribution and surely, this has a positive aura for everyone involved.

Since I’m in Slack most of the day, I can tell that yesterday, after Ubuntu’s tweet, dozens of new people joined slack and this will keep going, as CORE already mentioned that this was just the beginning. IOTA’s slack has almost 1400 people in its rows.

We can except countless new developers to work with IOTA through this news. There are many ideas for proof-of-concepts, lots of possibilities out there, so I conclude that this is by far the biggest step IOTA made until today.

We all want an exchange listing as soon as possible, but with this news, the delayed listing is just a mere side fact. Great job by CORE, again!



 

This brings me to the second topic: the reason for the delayed exchange listing:

Stress tests. 

Core decided to test the tangle with all they have so that we see a smooth start at the very beginning of a listing.

It’s still IOTA’s mantra not to hype when there is still room for improvement.

We have waited for over a year now, we can wait a little bit longer. Especially when instead collaborations like the former are mentioned.

IOTA will grow out of cryptoland, so why should it concentrate on an exchange listing?

Business before pleasure.



 

The third topic is an editorial announcement for my blog:

I will now write “Salty Plum Of The Month” to deal with special persons that need a little bit of information.

A friendly humorous reminder that most salt out there is unnecessary. My knee-slapper way of dealing with internet trolls.



 

 

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