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Weighing up IOTA

makeorbrake

Currently researching IOTA and have summarised it with the following advantages/disadvantages;

- No transaction fees
- No scaling issue (although I have read that latency may be an issue with IOTA, that it can order mulitples of transactions but to then validate them all transaction by transaction rather than block by block results in a latency issue. I'm unsure if this is the case and if it is, what the implications of it are??
- Ideal for IOT, machine to machine transactions and micro-transactions
- Smart contracts about to be facilitated through Qubic
- Claims to be quantum computer proof (although I'm unsure how exactly?)
- No miners, so no powerful stakeholder group to hold it back
- Seems like a strong development team?
- Based in Germany - and with that, its developing within a stringent regulatory environment
- Partnering with some strong players such as Bosch, VW & Fujitsu. However, some have speculated about the strength of such partnerships (IOTA was previously linked with microsoft but this was found to be tenuous).

Disadvantages

- Not decentralised right now until the coordinator roll is dropped. Some speculate that IOTA may not be able to drop the COO?? Naturally, if they can't then it's far from ideal....its effectively a centralised crypto and most people wont buy into that.
- Not interoperable with other crypto's
- Rolled their own hash function which seems to be a no-no in the crypto world. MIT found a vulernability which IOTA quickly patched. How long does it need to be out in the world to be tested and to assure people that it wont be broken/exploited??

How do folks critique IOTA and where it stands in relation to the above and any other factors you can think of?

It seems to me that it's main rivals in the race are EOS and Cardano. I have not researched these properly yet but how do you think it compares with these? Are there any other crypto's competing against it?

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makeorbrake

This is an excellent summary of the status of the IOTA project and sets out what needs to happen next.

Status Q - The IOTA Forecast

Still have not bought in but I think there's no immediate rush. This is going to be a slow burner. Watching intently from the sidelines for now. Getting the COO decentralised will be a major milestone. On scalability there seems to be an acknowledgement that there are problems to be overcome there yet - until economic clustering is brought in to play.

I figure I'll bail in in a few months. Would be a plus point if Ledger Nano is fully supported by then (and I'm still speculating on one final major shunt downwards below $5k on BTC to clear out retail 'investors' before the institutional money comes in...which of course has implications for all other coins).

hottipper

Built on IOTA - nice to see some crypto projects coming to ireland
https://irishtechnews.ie/limerick-secures-e6-5m-in-eu-funding-to-become-a-smart-positive-energy-city/
http://council.ie/limerick-backed-by-e6-5m-eu-funding-to-become-a-smart-city/
http://cityxchange.eu/

JohnnyFlash

hottipper wrote: »

Built on IOTA - nice to see some crypto projects coming to ireland
https://irishtechnews.ie/limerick-secures-e6-5m-in-eu-funding-to-become-a-smart-positive-energy-city/
http://council.ie/limerick-backed-by-e6-5m-eu-funding-to-become-a-smart-city/
http://cityxchange.eu/

Iota is being used as the platform for this smart grid and future network trials? Any link to that amigo as it’s very much news to me? Iota is a complete laughing stock of a technology amongst cryptographers and security experts. I hope this isn’t one of these classic crypto news stories where they turn up at the same conference A’s Microsoft/Siemens/European Union/NASA and make some vague twitter post about a ‘partnership’. Then dump their coins after the price hike to their loyal and gormless ‘fans’.

smacl

JohnnyFlash wrote: »

Any link to that amigo as it’s very much news to me?

News to you perhaps Johnny, a cursory look with Google shows its well publicised,

https://www.bitrates.com/news/p/eu-grants-iota-foundation-23-million-for-smart-city-project-cityxchange

https://blog.iota.org/green-light-from-the-eu-commission-for-iota-and-the-european-smart-city-consortium-cityxchange-f7928aef33ac

https://cryptoglobalist.com/2018/07/18/qubic-project-and-cityexchange-partnership-will-push-iota-miota-to-3-mark-in-2018-heres-why/

Iota is a complete laughing stock of a technology amongst cryptographers and security experts. I hope this isn’t one of these classic crypto news stories where they turn up at the same conference A’s Microsoft/Siemens/European Union/NASA and make some vague twitter post about a ‘partnership’. Then dump their coins after the price hike to their loyal and gormless ‘fans’.

Sorry Johnny, but this seem to be just another dose of your vitriolic and entirely empty rhetoric.

makeorbrake

@smacl: amazing the info a Google search will throw up. :-)

Nice to see the Iota Foundation actively recruiting talented people week on week also.

JohnnyFlash

All 3 links contain materially false information. This smart city initiative is part of Horizon 2020 - an EU lead r and d programme. IOTA are entitled to apply for funding as part of this, but are100% not leading this.

I’ll follow up on this tomorrow with the relevant links from sources that aren’t iota themselves, or clickbait crypto sites.

rapul

Oh dont tease like that Johnny you'll have us all on the edge of our seat for the night now

makeorbrake

Just ignore - it's yet another attempt at disruption of a genuine discussion of a topic. Nobody said anything about iota 'leading' anything with regard to that project. The individual can have a deep and (un)meaningful discussion with himself about who's leading what because nobody brought up the matter of leadership. Others are involved - and are using IOTA as part of that. The IOTA Foundation are a tad busy with other things themselves.

hottipper

JohnnyFlash wrote: »

Iota is being used as the platform for this smart grid and future network trials? Any link to that amigo as it’s very much news to me? Iota is a complete laughing stock of a technology amongst cryptographers and security experts. I hope this isn’t one of these classic crypto news stories where they turn up at the same conference A’s Microsoft/Siemens/European Union/NASA and make some vague twitter post about a ‘partnership’. Then dump their coins after the price hike to their loyal and gormless ‘fans’.

https://blog.iota.org/green-light-from-the-eu-commission-for-iota-and-the-european-smart-city-consortium-cityxchange-f7928aef33ac
yeah its an r and d project but thats how it gets started still early days, hard to migrate off a platform once its in place, i just posted an example of blockchain projects in ireland which i think is good to see.

makeorbrake

hottipper wrote: »

i just posted an example of blockchain projects in ireland which i think is good to see.

It is good to see - thanks for posting.

smacl

hottipper wrote: »

https://blog.iota.org/green-light-from-the-eu-commission-for-iota-and-the-european-smart-city-consortium-cityxchange-f7928aef33ac
yeah its an r and d project but thats how it gets started still early days, hard to migrate off a platform once its in place, i just posted an example of blockchain projects in ireland which i think is good to see.

I was at a conference a couple of months ago (primarily geospatial) and ESB and OSI are both presented on use of blockchain going forward.

JohnnyFlash

smacl wrote: »

I was at a conference a couple of months ago (primarily geospatial) and ESB and OSI are both presented on use of blockchain going forward.

Not trying to put you on the spot dude, but which conference? I’d be very surprised if companies aren’t looking at blockchain as a tech - along with things like AI, ML, IIOT etc. I’d be eating my tie in mirth if they were looking at implementing something like IOTA as part of it.
I’ve taken a look at the Horizon 2020 submissions this morning. IOTA appear to have spent more time on their website telling people they are involved than actually submitting expression of interest. All fur coat and no knickers.

makeorbrake

Vice Chairman of Airbus Group Joins IOTA Advisory Board.

Current vice chairman of Airbus Group, Hodžić , joins the IOTA advisory Board - alongside Volkswagen Groups Chief Digital Officer, Johann Jungwirth. Dr. Rolf Werner - Head of Central Europe at Fujitsu - took up a roll with the IOTA Foundation in April which involves him overseeing IOTA business in Germany, Austria & Switzerland.

Large industrial players are taking note of the potential of IOTA whilst IOTA themselves acknowledge that collaboration with industry is the way to go in the further development and application of IOTA technology.

smacl

JohnnyFlash wrote: »

Not trying to put you on the spot dude, but which conference? I’d be very surprised if companies aren’t looking at blockchain as a tech - along with things like AI, ML, IIOT etc. I’d be eating my tie in mirth if they were looking at implementing something like IOTA as part of it.
I’ve taken a look at the Horizon 2020 submissions this morning. IOTA appear to have spent more time on their website telling people they are involved than actually submitting expression of interest. All fur coat and no knickers.

Survey Ireland 2018. Conor Cooney and Paul Moran of ESBI gave one of the talks, including "Integrating Blockchain technology with GeoUnderground allows us to provide a seamless sharing of constantly updated locational data and status of each asset and each contract along with the verification and history of each piece of equipment, pipeline and property status, via the cloud". James Kavanagh of the RICS talked about use of blockchain with regards to ILMS. Dr John McCarthy of Arup discussed use of blockchain in relation to autonomous vehicles.

While none of these specifically discussed IOTA, all are looking at blockchain in heavily IOT based contexts (i.e. mobile, out-doors, utilising and array of sensors to monitor resource use). IOTA seems like the logical choice here as the principal IOT focussed blockchain that is gaining traction in these markets.

Not sure what exactly has you eating your tie with mirth here Johnny, are you suggesting that large companies looking to implement blockchain across IOT are not looking at IOTA or there is a better candidate for this task? Perhaps you could enlighten us.

grindle

Fujitsu are the tech leads for Horizon2020 & IOTA are firmly rammed up Fujitsu's hole - i'm not sure what you're not getting Johnny? Part of this project is about streamlining renewable industries while expanding their base and collecting masses of data through the IoT - this is precisely IOTA's wheelhouse.

makeorbrake

Some more movement with intent to have the coordinator removed once and for all. https://coordicide.iota.org/

Worztron

Hi. Does IOTA stand for 'Internet of Things Association'? Thanks.

grindle

Worztron wrote: »

Hi. Does IOTA stand for 'Internet of Things Association'? Thanks.

Internet of Things Application

Worztron

grindle wrote: »

Internet of Things Application

Hi grindle.

Hmm. I just saw this:

grindle

Worztron wrote: »

Hmm. I just saw this: https://www.reddit.com/r/Iota/comments/7knlul/iota_is_not_an_acronym_for_internet_of_things/

That's funny that he said that specifically if it was comefrombeyond, because I definitely remember him explaining 'Application' or 'Applications' to people a while back. 'Apocalypse' seems like one of his memester replies.

Could be both to his mind, 'Apocalypse' is definitely a harder sell to businesses.

Worztron

So I've not gotten 3 possibilities:

Internet of Things Apocalypse
Internet of Things Application(s)
Internet of Things Association

grindle

Worztron wrote: »

So I've not gotten 3 possibilities:
Internet of Things Apocalypse

Internet of Things Application(s)

Internet of Things Association

Internet of Things Apostasy
Internet of Things Allegedly
Internet of Things Alchemy
Internet of Things Abz-from-5ive

stockshares

Lads is IOTX a genuine rival to IOTA.

Would these be the two main competitors in the Internet of Things space

makeorbrake

Has it's obnoxious partisan fanboys like any other project but I like how the IOTA Foundation is going about its business.

Latest Collaboration:
IOTA, Dell and Linux Foundation collaborate to rate the trustworthiness of data

makeorbrake

IOTA will release their latest version of the Trinity wallet shortly. It will offer the ability to purchase IOTA directly via the wallet - not requiring use of a crypto exchange.

https://twitter.com/Vrom14286662/status/1194365801194766336/photo/1

makeorbrake

70 page analysis on IOTA provided by market strategy and research company, Fundstrat.

LINK

JohnnyFlash

makeorbrake wrote: »

70 page analysis on IOTA provided by market strategy and research company, Fundstrat.

LINK

Paid for by IOTA.

makeorbrake

I have the unmentionable one on ignore list. However, someone tells me he's pointing out that Fundstrat's report is paid for by IOTA.

That's transparently disclosed in the report. Secondly, McKinsey, Gartner, Fundstrat - these guys don't carry out research without it being commissioned and paid for. There's nothing new or out of the ordinary here. Furthermore, if they don't retain objectivity in the production of said research and subsequent report, their credibility is shot.

So I'd encourage critique to come from the point of view of spelling out specifically what's inaccurate in the report. I'd be fascinated to hear that.

maninasia

IOTA launched their beta non coordinator network. Getting rid of CWB . They do seem to be making solid progress. One to have a bit of investment in I believe.
They also dropped the stupid jinn hardware idea which was never realistic and they are focusing on binary.
Basically they seem to be getting their **** together.

makeorbrake

maninasia wrote: »

IOTA launched their beta non coordinator network. Getting rid of CWB . They do seem to be making solid progress. One to have a bit of investment in I believe.
They also dropped the stupid jinn hardware idea which was never realistic and they are focusing on binary.
Basically they seem to be getting their **** together.

The CFB saga has been unfortunate. It smacks of unprofessionalism - albeit by all accounts he is a very talented individual. It's best that he has parted ways if they can't all get along.

I don't think it's so much that they have dropped trinary and JINN. They're still interested in pursuing that. However, I guess this is where the realism is kicking in. They need to develop for binary based systems to establish actual use now.

I think it's very interesting to watch the progression of a project like this. From the early days when they made many mistakes with regard to communication and over-promising. From Sønstebø getting into flame wars, etc.

They've moved away from that. Going down the standarisation track is well worthwhile - alongside continuous development in terms of partnerships/collaborations.

They need to get the coordinator dropped for good. If they can execute on that, then the project looks promising.