Trusted Project

IOTA

IOTA

IOT

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Crypto Anonymous posted on June 17, 2019 23:01:13

Always proclaimed as the next generation cryptocurrency, utilizing so-called DAG technology. Technically speaking IOTA is not even a blockchain. The technology and its implementation are highly experimental and their main focus is to be THE cryptocurrency for IoT. Gotta give the project credit for still being around. However the project is not without some criticism, as few are anyway of course. However some (near) scandals have put the project often in bad light, such as overhyping or misrepresenting influential partnerships and a nasty debate between the IOTA team and MIT about a major vulnerability in their cryptographic function. Also despite the centralized coordinator necessity being promised to removed at some point, this still remains a sensitive issue. Read more about some of the past issues: https://www.coindesk.com/iota-2-7-billion-cryptocurrency-developers-love-hate. Or here the rebuttal in the fight with MIT: https://medium.com/iota-demystified/debunking-the-iota-vulnerability-report-c40fb07a6ae8. I would suggest anyone looking at IOTA to familiarize yourself with the good and the bad of this project and make your own judgments, because although I don't think this project is inherently shady and in fact likely to overcome a lot of its struggles, but it does seem to have some issues of its own where interested participants should be aware of.


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stellarowl12 posted on June 17, 2019 13:01:02

Big fan of this project that takes a whole different approach to the Distributed Ledger Technology field. They move slowly but surely even after attacks from prominent members of other communities. Their Trinity wallet was a god send after 1+ years of using their old and clunky GUI wallet. Also they are indeed centralized but they have put forth a plan to remove their central "Coordinator" called the Coordicide.

Once that has been fully implemented and after Qubic (their smart contracts layer) becomes operational, IOTA will truly be a force to be reckoned with in the cryptocurrency world.

Maybe all the large organizations like Jaguar Land Rover, Austin city mobility, Bosch, and Taipei city know what they are doing when they decide to formally and publicly partner with IOTA foundation to use their tech.


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