Connect with us

IOTA

Is IOTA less secure than Bitcoin? Hans Moog clears up the criticism

Published

on

  • IOTA is not merely less secure than Bitcoin because a larger number of nodes will presumably use the pruning mode. 
  • According to Hans Moog, developing several independent nodes is the best protection to prevent an inflation bug.

IOTA has always faced a massive amount of criticism in the past, with the biggest criticism always being that the Tangle is less secure than the Bitcoin blockchain. In a recent interview, German YouTuber “Blocktrainer” reiterated this argument, stating that it is not only less secure, but will also lead to a centralization of nodes. The YouTuber reasoned this with the fact that only a few nodes will store the complete history of all IOTA transactions in the network:

IOTA does not remember the history of a transaction, but only remembers the input on an address and this state is what is remembered. But if you now imagine IOTA being used internationally, […] there would be so much load in this network beyond a certain basic noise that a low-cost node would no longer be able to handle it. In other words, there are again only single nodes that know everything […] and then you have node centralization.

Hans Moog, one of the most prominent developers at the IOTA Foundation didn’t miss the opportunity to dispel this “myth.” As Moog stated, it is true that IOTA nodes can be configured to delete old data that is no longer needed, but that does not make the system “any less secure.” In fact, Moog said, Bitcoin has the exact same option with “pruning mode” that was introduced with Bitcoin Core 0.11 in 2014.

The reason why Bitcoin, Ethereum, IOTA and pretty much any major cryptocurrency that exists has such a feature in their node software, is due to the fact that it does not impact the security and nodes do not even access this old data anymore as part of their consensus mechanism.

Moog admitted that IOTA nodes will produce more data than Bitcoin nodes, so there will “most likely be more people” enabling pruning mode and fewer people maintaining a full history of everything that has ever happened. The YouTuber argues that this will make it harder to find bugs like an inflation bug. But concluding from this that there is less security is wrong, he says:

This is of course not entirely wrong but even IOTA nodes will store the recent history of at least a few weeks or even months. I don’t think that finding a bug years later is of any use – nobody would agree to roll back the Bitcoin network to a state of i.e. 2018 if you would discover a bug in that time period.

The better way to catch bugs in node software is to have “multiple different implementations by multiple teams so if one is broken, only the nodes using that software will fall out of sync.” This is exactly what IOTA has done  with Bee and Hornet, according to the IOTA developer.

Advertisement

News Source

IOTA

Its finally here! IOTA Foundation launches Smart Contracts Beta

Published

on

  • The IOTA Foundation has announced the beta release of it Smart Contracts. 
  • The new release comes with a series of interesting features, including zero fees and EVM compatibility.

The IOTA Foundation has announced the release of its IOTA Smart Contracts Beta today, 21st October. The beta release of the Smart Contracts came with a series of other new exciting features. The advantageous features that come with the Smart Contracts Beta include fully programmable smart contracts, interoperability between smart contracts, and low-to-zero fees. Others are choosing programming languages, Ethereum Virtual Machine (EVM) compatibility, and automatically generated and verified boilerplate code. The fully functional Smart Contracts also aims at resolving some current scalability and transaction fee issues in the crypto space.

The newly-released Smart Contracts Beta technology is versatile and interoperable with exceptional features that complement the current standard in the industry set by its predecessors such as Ethereum. It comes with Ethereum Virtual Machine support. Hence, users can choose between three programming languages: Ethereum’s Solidity, Rust, and Go to further incentivize testing. In addition, the release comes with zero-fee smart contracts. This supports the Foundation’s commitment to the two cornerstone principles of this emerging digital economy- interoperability and standardization. 

With the Smart Contracts Beta, IOTA offers users a first-time opportunity to create and execute custom smart contracts on a feeless network. The Smart Contracts allow developers to set their own execution fees. This spurs the possibility of reducing fees, considering that different chains can compete to execute a smart contract. 

IOTA Smart Contracts Beta introduces interoperability and scalability 

Another unique feature of IOTA Smart Contracts is its interoperability and scalability. With this, all Smart Contracts will be able to wrap assets onto the base layer by leveraging native tokenization on the ledger. Hence, all smart contracts and digital assets developed on the IOTA network are fully interoperable with no need for trusted relays. This will allow dApp developers to enjoy powerful new composability. Also, this will introduce more possibilities for users to engage in the ecosystem. 

Advertisement

Furthermore, the Smart Contracts Beta comes with more amazing features like the Smart Contracts Schema tool. This new feature involves the automatic generation of many of the standard-form sections of smart contracts. Users can now begin to input the functionalities they desire to include into the smart contract that they are writing. With the newly introduced feature, the system will automatically initiate and test the appropriate boilerplate code. According to the IOTA Foundation, the Schema tool is currently working on Go and Rust smart contracts. As time goes on, the functionalities of IOTA Smart Contracts will expand in the future. Also, it will include more convenient features such as automatically-generated client codebase libraries. 

In a statement, the co-founder and chairman of the IOTA Foundation, Dominik Schiener, said: 

We have integrated some of the defining features of IOTA – interoperability, flexibility, feeless transactions – into a smaller contract solution for a new generation that we believe will become industry standard once it is released on the IOTA mainnet.

News Source

Advertisement
Continue Reading

IOTA

IOTA Foundation Announces the Beta Release of IOTA Smart Contracts

Published

on

IOTA Foundation has announced the beta release of IOTA smart contracts functionality with a few notable features such as zero fees, improved scalability, and Ethereum interoperability.

IOTA Foundation announced the news in a blog post on Thursday, October 21. According to the announcement, IOTA smart contracts are to address some of the drawbacks of existing solutions like high fees, scalability, interoperability, and limited composability.

According to the team, with its smart contract solution, IOTA aims to launch smart contract blockchain networks on top of IOTA. These smart contract chains will enjoy the security of IOTA’s base layer and scalability provided by Tangle’s DAG architecture.,

Advertisement

To bring interoperability, IOTA Smart Contracts now supports the Ethereum Virtual Machine (EVM) and any smart contract written in Solidity. The blog post reads:

“While this is an early implementation, it already provides extensive compatibility, bridging the biggest smart contract ecosystem onto IOTA’s feeless base layer. This means that Solidity contracts can easily be ported to IOTA, reducing implementation time and benefitting from the vast ecosystem of Solidity tooling and products available on the market today. This already includes full access to the MetaMask wallet.”

iota-logo

IOTA smart contract platform will empower developers to set their own IOTA smart contract execution fees. smart-contract chain developers have full flexibility to define their chain and tokenomics. The team believes that this feature will result in several chains competing for work against each other, which in turn will lead to the lowest fees possible to execute a smart contract.

To offer a flexible development environment, IOTA smart contract platform supports Solidity, Rust, and GO (TinyGo). The team released the alpha version of IOTA Smart Contracts Protocol in March 2021 that supported Rust and the WebAssembly framework, providing a development environment similar to Polkadot and NEAR protocol. The addition of Solidity and EVM is new in this beta release.

Advertisement

About scalability, the blog post reads:

“IOTA Smart Contracts is a sharded smart contract network, where each smart contract chain is limited by its own scalability and is not hindered by the rest of the network.”

As Crypto Economy reported, in April 2021, IOTA underwent a major upgrade, called Chrysalis, that transformed IOTA into a wholly new blockchain in the IOTA community with the new protocol, implementation, and cryptography. The IOTA Smart Contracts beta is currently available on IOTA 2.0 DevNet.

Advertisement

In the next release, IOTA will be available on the current IOTA mainnet, called Chrysalis, before switching to the fully decentralized IOTA 2.0 protocol, a process called Coordicide. The announcement reads:

“The current IOTA mainnet and the fully decentralized future IOTA 2.0 protocol have some fundamental differences, making it difficult to support both at the same time. Our primary focus is, therefore, to support smart contracts on the current IOTA mainnet using the Hornet node software from now on.”

IOTA Foundation has announced the beta release of IOTA smart contracts functionality with a few notable features such as zero fees, improved scalability, and Ethereum interoperability.

Advertisement

IOTA Foundation announced the news in a blog post on Thursday, October 21. According to the announcement, IOTA smart contracts are to address some of the drawbacks of existing solutions like high fees, scalability, interoperability, and limited composability.

According to the team, with its smart contract solution, IOTA aims to launch smart contract blockchain networks on top of IOTA. These smart contract chains will enjoy the security of IOTA’s base layer and scalability provided by Tangle’s DAG architecture.,

To bring interoperability, IOTA Smart Contracts now supports the Ethereum Virtual Machine (EVM) and any smart contract written in Solidity. The blog post reads:

Advertisement

“While this is an early implementation, it already provides extensive compatibility, bridging the biggest smart contract ecosystem onto IOTA’s feeless base layer. This means that Solidity contracts can easily be ported to IOTA, reducing implementation time and benefitting from the vast ecosystem of Solidity tooling and products available on the market today. This already includes full access to the MetaMask wallet.”

iota-logo

IOTA smart contract platform will empower developers to set their own IOTA smart contract execution fees. smart-contract chain developers have full flexibility to define their chain and tokenomics. The team believes that this feature will result in several chains competing for work against each other, which in turn will lead to the lowest fees possible to execute a smart contract.

To offer a flexible development environment, IOTA smart contract platform supports Solidity, Rust, and GO (TinyGo). The team released the alpha version of IOTA Smart Contracts Protocol in March 2021 that supported Rust and the WebAssembly framework, providing a development environment similar to Polkadot and NEAR protocol. The addition of Solidity and EVM is new in this beta release.

About scalability, the blog post reads:

Advertisement

“IOTA Smart Contracts is a sharded smart contract network, where each smart contract chain is limited by its own scalability and is not hindered by the rest of the network.”

As Crypto Economy reported, in April 2021, IOTA underwent a major upgrade, called Chrysalis, that transformed IOTA into a wholly new blockchain in the IOTA community with the new protocol, implementation, and cryptography. The IOTA Smart Contracts beta is currently available on IOTA 2.0 DevNet.

In the next release, IOTA will be available on the current IOTA mainnet, called Chrysalis, before switching to the fully decentralized IOTA 2.0 protocol, a process called Coordicide. The announcement reads:

Advertisement

“The current IOTA mainnet and the fully decentralized future IOTA 2.0 protocol have some fundamental differences, making it difficult to support both at the same time. Our primary focus is, therefore, to support smart contracts on the current IOTA mainnet using the Hornet node software from now on.”

News Source


Advertisement
Continue Reading

IOTA

IOTA Feeless Protocol to Mint Native Assets and Smart Assets

Published

on

Getting into a match with an NFT that is minted as a unique, verifiable, and secure game ticket . The possibilities of tokenization with native assets is endless.

Whether from rare collectibles to electric cars, football clubs to smart cities, native assets have the power to transform industries and economies.  Also, the capability to transform the concept and exchange of value itself.

When IOTA’s Digital Asset framework is released, digital assets will be even more ubiquitous due to the network’s zero-fee based architecture.

Advertisement

The most eagerly awaited feature from IOTA is the “Digital Asset Framework.” In IOTA, Layer 1 assets are known as native assets, as they are native to the IOTA mainnet.  Layer 2 assets are known as smart assets, as these exist on the smart contract layer, and have greater programmability.

Minting is the process which facilitates creation of native assets or smart assets. Native asset, native token, smart asset, smart token are all terms interchangeably used to denote token, but for improved clarity, a piece of art work is known as an asset; and coins are referred to as the tokens.

A native asset also known as the “colored coin” is a customized IOTA token works like a digitized token which represents a tamper-proof and finite asset in the real world.

Advertisement

The term colored coin grew from the idea of issuing real-world assets like real estate on the blockchain. Native tokens can represent any kind of asset or contract.  They are minted by tagging IOTA tokens.  Since they tag IOTA tokens they do not bring down the overall supply of IOTA tokens.

There are no third parties required either for its creation or for storing them digitally. With the IOTA Feeless Protocol, creating native assets is very inexpensive. It is possible to distribute the assets for free on the ledger.

To mint a native asset, users can take a normal IOTA token and assign a unique identity to it when executing a transaction.

Advertisement

The act of minting native assets happens at the base level of the IOTA ledger where it is secure, traceable, and immutable. IOTA tokens are assigned a particular meaning, by adding a “tag”, basically giving them a name.

At present, one IOTA Token equals one native asset, and the process for transferring the native assets is exactly the same as transferring an IOTA token.

IOTA recently published a blog post on the business ecosystem of IOTA. The blog helps understand the components and frameworks of IOTA.

Advertisement
Continue Reading