IOTA summarized

ALT COINS IOTA (IOTA)
#1

Hey I’m Fredrik. Wanted to summarize what IOTA is for you who are unfamiliar with it.

IOTA is distributed ledger based on a protocol called the Tangle. The Tangle is a Directed Acyclic Graph where everyone in the network is involved in verifying a transaction. IOTA offers several benefits in comparison with other cryptocurrencies. There is no risk for centralisation, it has zero transaction fees, is scalable and quantum proof. The vision of IOTA is to become the backbone for IOT.

What do you guys think about IOTA?

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#2

Interesting, are there any projects built on IOTA yet?

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#3

Hi Fredrik, thanks for being in this space and sharing your knowledge. I really like iota and what they are trying to do. My concern has been that their wallet is difficult to use and buggy. I heard that there may be a revamp coming? Have you seen the new version and is it more reliable? Also is it true that there are no smart contracts yet in IOTA? I ask because Ivans video on Iota really highlighted the future need for smart contracts. This concerns me because the Ripple CEO mentioned IOT and I thought wow if Ripple competes in that space that will be interesting.

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#4

Fredrik, you said IOTA has zero transaction fees. How did they achieve that?

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#5

Much controversy in the centralisation, there is a Coordinator, David and Dom said it is 100% decentralized… I have my doubts (cause the Coordinator could be shut down right now (BIG maybe)). When CfB write, that is another level, but can’t say that I understand the code (my programming skills are not at that level at all), even the MIT PHD’s don’t get it… or, have conflit of interest…
See:




anyway, the “no fee” is thanks to the Tangle, the PoW that you make in every transaction, that in the future will be so much better, with the Speed of light being the limitation in transaction…

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#6

Because you verify your own transactions. In order to issue a transaction you need to confirm two other transactions first.

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#7

Yes, there are alot of interesting projects going on right now within health tech, identity of things, clean tech, micropayments, supply chain management for example. For more info I suggest you take a look at https://twitter.com/iotatoken.

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#8

I agree on the buggy wallet. been using the IOTA wallet for Android, however it don’t work with the same seed. Luckily tested with small amount of IOTA :slight_smile:

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#9

Yeah, it is kind of buggy some times. I think they are working on a upgraded version of the wallet though.

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#10

I am going to ask two noob question, hopefully thats ok. Why was iota put for sale? What gives it value? Thank you

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#11

The value of IOTA is based on two factors. Like a normal currency, the value of the coin depends on how many people is using it. However, IOTA also has a intrinsic utility value because of its zero fee transaction cost and since it removes the need for a middle man to record transactions.

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#12

I have not tested it but I have seen some screen shots on the new wallet. I think the new wallet upgrade contains mainly UX and UI updates. At the moment there is no smart contract functionality in IOTA. However, the dev team behind IOTA is currently working on a smart contract layer.

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#13

Bixo, thank you very much for the response!

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#14

Thank you very much for your response. Another simple question i would like to ask if i were to invest in iota to make profit, would my profit be at detriment to the iota system? m2m payments would become more expensive.

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#15

No, since the network is scalable it will not get more expensive as more people use IOTA.

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#16

ok thanks again bixo! ive heard of scalability, how does it work? this has been helpful for me!

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#17

When you broadcast a transaction to the network you need to confirm two other transactions. That means that the higher number the transactions per second is, the faster the confirmation time will be. I’m not sure about the math behind it, but I think it has to do with that the probability increases that your transaction gets confirmed.

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#18

Did I answer your question?

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#19

not really. i guess what my thinking is and what i want to know is, if iota becomes more expensive will it not become more expensive for m2m payments and less attractive to use.

#20

I dont get how iota/miota pice can be increase and not be more expensive to use