What is happening to IOTA? - GitHub - Programmer explains

ivanli (66) in iota • 7 years ago

IOTA is one of the 10 biggest cryptocurrencies at the moment when it comes to the market cap. IOTAs goal is to be the cryptocurrency at the backbone of IOT (internet of things) and power the machine to machine transactions in the future. Instead of using a blockchain IOTA instead uses their own technology Tangle. In this video we take a look at their progress on GitHub.

As mentioned above instead of using a blockchain like Bitcoin or Ethereum IOTA have developed their own data structure called Tangle. If you want to learn more take a look here

It will be definitely interesting to see the cryptocurrency IOTA going forward and how the market will value it in the future when it comes to the iota price.

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iota cryptocurrency tangle

7 years ago by ivanli (66)

$50.71

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anonymint (65) · 7 years ago (edited)

You’re apparently unaware of the fundamental flaws in the consensus technology of IOTA.

I’ve debated Come-from-Beyond (the lead developer of IOTA) numerous times over the past couple of years.

IOTA is technobabble nonsense that will diverge if they ever remove the centralized Coordinator servers. Centralized server systems are meaningless and not innovations. We are interested in decentralized systems.

The creator of IOTA was ostensibly also the creator of the Nxt scam. And he even refuses to refute (archived here) that he’s running another scam and seems actually proud of it.

$0.33

4 votes

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luisneira (53) · 7 years ago

Thanks for the insight... I like to check different views in the development of this new players, I will keep an eye to what you are explaining here. A well argued post would be well appreciated

$0.18

2 votes

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anonymint (65) · 7 years ago (edited)

I have a well argued secret Gist (on Github) already at the level of comparing all the preexisting consensus algorithms for blockchains to my new invention. There is a public link to that document already as an Easter egg for you to find in my Steemit posts.

As for detailed argument about IOTA’s consensus algorithm, the short answer is they don’t have one. They put some technobabble BS in their whitepaper about how if every payer and payee autonomously decide to employ a Monte Carlo strategy, then consensus forms.

But game theory analysis doesn’t work like that. Instead users would employ various strategies due to concepts such as the Arrow theorem and Condorcet’s paradox. And they damn well know it. That is why they run a Coordinator on centralized servers to force all payer and payees to a single tangle ordering. But that accomplishes nothing. It is just Visa all over again.

IOTA is a scam. Period.

After my project is launched and I have sufficient funds to hire some PhDs, we’ll go about writing research papers which formally prove these statements and other statements I’ve made about proof-of-work, proof-of-stake, SPECTRE, Byteball, and other DAG systems. It’s not the wisest and most efficient use of my core expertise to spend all my time formalizing mathematical proofs of the unsoundness of the other consensus protocols (or in IOTA the complete lack of any consensus protocol). I best focus on conceptualization, marketing, and implementation, which are my core strengths.