7 ms·

Of course it's not meant for IoT. It's written in Java, has the whole ternary nonsense going, and uses custom crypto, which would be really slow to implement, c

by andr 9y ago

Of course it's not meant for IoT. It's written in Java, has the whole ternary nonsense going, and uses custom crypto, which would be really slow to implement, compared to hardware-accelerated RSA or AES most cheap embedded chips have nowadays. I, for one, am excited for the moment a cryptocurrency arrives that is actually usable for its supposed use. Every time someone claims to be a cryptocurrency for X (be it file sharing, IoT, attention, etc.), X is really just speculation.

abrkn 9y ago
They've had some other scandals too! "Emptied IOTA Wallets: Hackers Steal Millions Using Malicious Seed Generators"[1] [1] https://www.ccn.com/a-number-of-iota-wallets-emptied-by-hackers-due-to-online-seed-generators/ https://www.ccn.com/a-number-of-iota-wallets-emptied-by-hack...
- gsich 9y ago
  That's not IOTAs fault.
  - bjl 9y ago
    It kind of is, since this functionality should've shipped with the wallet, like it does with every other crypto.
    - generalizethis 9y ago
      They've never been focused on P2P and have made that clear to users--obviously they didn't hear, "Be your own bank." when that was said.
  - davidgerard 9y ago
    It kind of is, given they put a link to it in their subreddit's sidebar. The key problem is that IOTA's incompetence is pervasive. e.g. https://hackernoon.com/why-i-find-iota-deeply-alarming-934f1908194b https://hackernoon.com/why-i-find-iota-deeply-alarming-934f1...
    - izelkay 9y ago
      That is a blatant lie. No malicious online seed generator has EVER been in the sidebar on /r/IOTA. In fact, the lead moderator warned months ago not to use the iotaseed generator.
- elevaet 9y ago
  Well that's what happens with any digital currency if you share your private key with a malicious party.
dsgriffin 9y ago
Any in particular you think might pull that off? There's a few I follow (VeChain, Monero, Nano, GET) but like you I find it quite hard to imagine more than a handful that could realistically achieve the aim(s) they've set out to do.
- TeMPOraL 9y ago
  Filecoin is the only one I looked into that seems like it could pan out. Its goal is to be an incentive layer on top of IPFS, that would make mirroring data ("pinning") over that protocol profitable.
JohnJamesRambo 9y ago
Have you looked into Stellar Lumens? I'd be interested to hear your thoughts on it and if it fits your requirement of being usable for its supposed use. It seems so on the surface to me, but I don't know what the look under the hood reveals.
- dangero 9y ago
  Stellar Lumens make sense. They have a small burn fee to limit network spam and their consensus algorithm is partially centralized through node federation, but it's a reasonable tradeoff used to achieve low cost, high throughput. This means it can work well in mobile environments, etc.
- andr 9y ago
  If I was to fork a cryptocurrency codebase, I would start with Stellar. Their architecture and code quality are probably the best out there.
shepardrtc 9y ago
Ripple, for cross-border payments. Already in use by several banks, Moneygram, LianLian, Western Union is rumored as well. Bank of England is a customer, a few other central banks are rumored to be getting into it. They have several pieces of software, all of which lead to using their cryptocurrency XRP.
- andr 9y ago
  The Bank of England is not a customer of Ripple. Their fintech accelerator used Ripple for a proof of concept, which "was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions.". No bank would use such a volatile currency for payments, for obvious reasons. If someone ends up using a technology based on the Ripple codebase, that's another story, but it is more like company X hiring the people behind Ripple for a consulting gig, then company X betting their fortunes on XRP. IOTA also claimed to have a partnership Microsoft, when in fact it turned out they used Azure for hosting. The lack of any journalistic standards in cryptocurrencies is a huge issue.
  - shepardrtc 9y ago
    How many other cryptos did they do a Poc with? Ignoring BoE, Ripple's customers that are using XRP in production are: Moneygram, Cuallix, Mercury FX, and IDT. There are also 100 customers using xCurrent (the pre-XRP product that's used to transfer fiat). Upgrading to xRapid would increase the speed and decrease the costs of such transfer, so I imagine there will a conversion of some of those 100 customers to using xRapid, and thus, XRP.
- xmly 9y ago
  Ripple is totally centralized. There is no better to use Ripple than a centralized any database. Ripple is just a old fashion money-wiring business, but uses the XRP as internal booking Symbol.
  - shepardrtc 9y ago
    > Ripple is totally centralized You are completely wrong. Ripple is decentralized by way of validation of transactions done through their distributed consensus protocol, which is done through validator nodes sitting across the world at places like MIT and Microsoft.
Rhapso 9y ago
It is actually really frustrating. The Tangle idea is pretty good, but the rest of it is crap. The product is getting such a bad reputation that using the good ideas for a better product later will be hard.
nuttycoin 9y ago
You clearly don't know much about IOTA. IOTA will require hardware that is customized to operate in trinary and perform IOTA PoW in a fast, energy-efficient manner. This hardware component is being tackled by JINN. No blockchain will work with IoT. Any decentralized ledger whose throughput cannot rise with transaction volume will not be scalable. I advise you read up on IOTA before saying outlandish things like "Of course it's not meant for IoT." The FUD is strong with IOTA because it threatens the success of so many other projects.
- moomin 9y ago
  To borrow a phrase from reddit: name checks out.
  - nuttycoin 9y ago
    Fantastic reply
- pavlov 9y ago
  IOTA will require hardware that is customized to operate in trinary and perform IOTA PoW in a fast, energy-efficient manner This must be the most insane "Internet of Things" project ever. How did they come up with this nonsense?
  - abrkn 9y ago
    No one knows.
  - nuttycoin 9y ago
    Is it really that insane? There is already a plethora of companies working with IOTA. No one knows much about the status of JINN due to prospective NDAs that would prevent any sort of chip production deals from becoming public. Companies are actively seeking out the foundation to see how they can become involved, not vice versa. An IOTA efficient IoT device would simply have a tiny JINN ASIC to perform the PoW necessary to attach a transaction to the tangle. I will add that I did mis-speak in that sentence. The hardware is not necessarily required, but will make the PoW for IoT devices negligible in terms of both transaction attachment times and energy usage. The tangle is expected to be running smoothly without the coordinator before any adoption of JINN hardware takes place.
koonsolo 9y ago
> I, for one, am excited for the moment a cryptocurrency arrives that is actually usable for its supposed use. Well, I have this feeling with Nano. Intstant, free and scalable transactions. The first 2 are definitely there. The last one looks promising, and some load tests for that are scheduled. That the entire network should be able to handle 7000 tps with the power of a single windmill is also cool. To me, this is potentially the internet money that was promised with bitcoin. I noticed sometimes these posts get downvoted, so here is an interview with the main developer. Decide for yourself: https://youtu.be/hAy4GDV7tvQ https://youtu.be/hAy4GDV7tvQ
- ac29 9y ago
  >I noticed sometimes these posts get downvoted If you wonder why people are downvoting you, its because at least this post reads like you are promoting some random cryptocurrency here and you haven't even bothered to say whether you have a vested interest in it succeeding (because you hold coins or otherwise).
  - koonsolo 9y ago
    Yes, I also own those coins. I guess if someone is interested incrypto and talks positive about a certain coin, there is a 99.99% chance they own it. I never saw this requirement with companies though. "My macbook is great because of x and y". Let's downvote him because he probably owns Apple stocks without telling.

by andr 9y ago

abrkn 9y ago

They've had some other scandals too! "Emptied IOTA Wallets: Hackers Steal Millions Using Malicious Seed Generators"[1] [1] https://www.ccn.com/a-number-of-iota-wallets-emptied-by-hackers-due-to-online-seed-generators/ https://www.ccn.com/a-number-of-iota-wallets-emptied-by-hack...

gsich 9y ago
That's not IOTAs fault.
- bjl 9y ago
  It kind of is, since this functionality should've shipped with the wallet, like it does with every other crypto.
  - generalizethis 9y ago
    They've never been focused on P2P and have made that clear to users--obviously they didn't hear, "Be your own bank." when that was said.
- davidgerard 9y ago
  It kind of is, given they put a link to it in their subreddit's sidebar. The key problem is that IOTA's incompetence is pervasive. e.g. https://hackernoon.com/why-i-find-iota-deeply-alarming-934f1908194b https://hackernoon.com/why-i-find-iota-deeply-alarming-934f1...
  - izelkay 9y ago
    That is a blatant lie. No malicious online seed generator has EVER been in the sidebar on /r/IOTA. In fact, the lead moderator warned months ago not to use the iotaseed generator.
elevaet 9y ago
Well that's what happens with any digital currency if you share your private key with a malicious party.

dsgriffin 9y ago

Any in particular you think might pull that off? There's a few I follow (VeChain, Monero, Nano, GET) but like you I find it quite hard to imagine more than a handful that could realistically achieve the aim(s) they've set out to do.

TeMPOraL 9y ago
Filecoin is the only one I looked into that seems like it could pan out. Its goal is to be an incentive layer on top of IPFS, that would make mirroring data ("pinning") over that protocol profitable.

JohnJamesRambo 9y ago

Have you looked into Stellar Lumens? I'd be interested to hear your thoughts on it and if it fits your requirement of being usable for its supposed use. It seems so on the surface to me, but I don't know what the look under the hood reveals.

dangero 9y ago
Stellar Lumens make sense. They have a small burn fee to limit network spam and their consensus algorithm is partially centralized through node federation, but it's a reasonable tradeoff used to achieve low cost, high throughput. This means it can work well in mobile environments, etc.
andr 9y ago
If I was to fork a cryptocurrency codebase, I would start with Stellar. Their architecture and code quality are probably the best out there.

shepardrtc 9y ago

Ripple, for cross-border payments. Already in use by several banks, Moneygram, LianLian, Western Union is rumored as well. Bank of England is a customer, a few other central banks are rumored to be getting into it. They have several pieces of software, all of which lead to using their cryptocurrency XRP.

andr 9y ago
The Bank of England is not a customer of Ripple. Their fintech accelerator used Ripple for a proof of concept, which "was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions.". No bank would use such a volatile currency for payments, for obvious reasons. If someone ends up using a technology based on the Ripple codebase, that's another story, but it is more like company X hiring the people behind Ripple for a consulting gig, then company X betting their fortunes on XRP. IOTA also claimed to have a partnership Microsoft, when in fact it turned out they used Azure for hosting. The lack of any journalistic standards in cryptocurrencies is a huge issue.
- shepardrtc 9y ago
  How many other cryptos did they do a Poc with? Ignoring BoE, Ripple's customers that are using XRP in production are: Moneygram, Cuallix, Mercury FX, and IDT. There are also 100 customers using xCurrent (the pre-XRP product that's used to transfer fiat). Upgrading to xRapid would increase the speed and decrease the costs of such transfer, so I imagine there will a conversion of some of those 100 customers to using xRapid, and thus, XRP.
xmly 9y ago
Ripple is totally centralized. There is no better to use Ripple than a centralized any database. Ripple is just a old fashion money-wiring business, but uses the XRP as internal booking Symbol.
- shepardrtc 9y ago
  > Ripple is totally centralized You are completely wrong. Ripple is decentralized by way of validation of transactions done through their distributed consensus protocol, which is done through validator nodes sitting across the world at places like MIT and Microsoft.

Rhapso 9y ago

It is actually really frustrating. The Tangle idea is pretty good, but the rest of it is crap. The product is getting such a bad reputation that using the good ideas for a better product later will be hard.

nuttycoin 9y ago

You clearly don't know much about IOTA. IOTA will require hardware that is customized to operate in trinary and perform IOTA PoW in a fast, energy-efficient manner. This hardware component is being tackled by JINN. No blockchain will work with IoT. Any decentralized ledger whose throughput cannot rise with transaction volume will not be scalable. I advise you read up on IOTA before saying outlandish things like "Of course it's not meant for IoT." The FUD is strong with IOTA because it threatens the success of so many other projects.

moomin 9y ago
To borrow a phrase from reddit: name checks out.
- nuttycoin 9y ago
  Fantastic reply
pavlov 9y ago
IOTA will require hardware that is customized to operate in trinary and perform IOTA PoW in a fast, energy-efficient manner This must be the most insane "Internet of Things" project ever. How did they come up with this nonsense?
- abrkn 9y ago
  No one knows.
- nuttycoin 9y ago
  Is it really that insane? There is already a plethora of companies working with IOTA. No one knows much about the status of JINN due to prospective NDAs that would prevent any sort of chip production deals from becoming public. Companies are actively seeking out the foundation to see how they can become involved, not vice versa. An IOTA efficient IoT device would simply have a tiny JINN ASIC to perform the PoW necessary to attach a transaction to the tangle. I will add that I did mis-speak in that sentence. The hardware is not necessarily required, but will make the PoW for IoT devices negligible in terms of both transaction attachment times and energy usage. The tangle is expected to be running smoothly without the coordinator before any adoption of JINN hardware takes place.

koonsolo 9y ago

> I, for one, am excited for the moment a cryptocurrency arrives that is actually usable for its supposed use. Well, I have this feeling with Nano. Intstant, free and scalable transactions. The first 2 are definitely there. The last one looks promising, and some load tests for that are scheduled. That the entire network should be able to handle 7000 tps with the power of a single windmill is also cool. To me, this is potentially the internet money that was promised with bitcoin. I noticed sometimes these posts get downvoted, so here is an interview with the main developer. Decide for yourself: https://youtu.be/hAy4GDV7tvQ https://youtu.be/hAy4GDV7tvQ

ac29 9y ago
>I noticed sometimes these posts get downvoted If you wonder why people are downvoting you, its because at least this post reads like you are promoting some random cryptocurrency here and you haven't even bothered to say whether you have a vested interest in it succeeding (because you hold coins or otherwise).
- koonsolo 9y ago
  Yes, I also own those coins. I guess if someone is interested incrypto and talks positive about a certain coin, there is a 99.99% chance they own it. I never saw this requirement with companies though. "My macbook is great because of x and y". Let's downvote him because he probably owns Apple stocks without telling.