IOTA Is Not The Next Bitcoin

Notice: even though the new management has no accesss to data for accounts which joined Firstcoin after 14th of February 2018, these accounts may however still be eligible for compensation subject to an assessment. If you joined Firstcoin after the 14th CLICK HERE to submit an application. Please note this offer is only valid up until the 31st of July 2018. Next-generation digital currency IOTA Is Not The Next Bitcoin by the success of Bitcoin.

Soon, a startup operating a cryptocurrency ATM network will join us, providing project participants with varying shares. Popularizing the club provides you with rewards. Based on the 40-years plan developed with the participants of the Green project on more than 20. 000 hectares 10 millions extremely fast growing trees and plants are settling and has already been settled. We primarily involve those communities, associations, groups and sharing economy startups in our project who can contribute to the long-term stability of Firstcoin through their openness and large numbers. There are no limitations, it works everywhere.

You can send Firstcoin just as easily as an e-mail, and it is almost just as fast. It does not matter what hidden part of the world you are in, you can send and receive Firstcoin in seconds. There are no banks to slow down your transactions, so they are completed almost immediately, even on the weekends. Firstcoin is based on the unique technology of Bitcoin. Thanks to block chain technology you can track coin generation and transaction authenticity. The network checks and authenticates itself, so it cannot be circumvented. Just like Bitcoin, Firstcoin is unaffected by problematic banks, governments, countries, authorities, or governments.

You can quickly and easily download a Firstcoin wallet, or register online without limitations or even entering personal information. Transactions are anonymous and personal information is not shared. You can open or download a Firstcoin wallet free of charge. There are no monthly account fees, there is no need for a bank card. Even the transactions are almost free. Firstcoin simulates the value adding limitation of gold. At most 110 million can be mined, so it cannot inflate like real currency, which countries have a tendency to print in large quantities.

We primarily concentrate on expanding the number of Firstcoin participating businesses. Besides programmers, a large part of our team includes internationally known marketing and networking specialists with considerable connections. Copyright 2018 Firstcoin Project – All rights reserved. Enter the characters you see below Sorry, we just need to make sure you’re not a robot. It is based on a new distributed ledger technology, the Tangle, which overcomes the inefficiencies of current Blockchain designs and introduces a new way of reaching consensus in a decentralized peer-to-peer system. IOTA is the missing puzzle piece for the Machine Economy to fully emerge and reach its true potential.

IOTA is envisaged to be the public and permissionless backbone protocol for the IoT that enables true interoperability between all devices. The IOTA Foundation houses the academic researchers, developers, industry experts, and other engineering and business professionals working on the development and adoption of the IOTA protocol for the machine economy and the IoT industry. General administration: Operations, communications, finance, human resources, and legal. Public Policy: Social initiatives, collaborations with Governments and NGOs, and governmental regulations advocacy.

Development: Academic research, IOTA core protocol development, theory to working code, protocol standardization, and new technologies. Ecosystem: Community development, developer resources and advocacy, educational material, events and hackathons. Industry Streams: Industry adoption, key account management, proof-of-concept development, strategic development, alliance management. The potential of distributed ledger technologies can only be unlocked if they are deployed freely and openly, enabling global ecosystems to be formed and giving anyone the opportunity to participate and innovate. Even just a cursory glance at the history of the internet corroborates this fact.

Germany which will act as a neutral and independent entity to further research and develop the IOTA protocol and other open-source platforms, and to setup a framework for the open ecosystem around the IOTA protocol to grow and prosper. Why establish the IOTA Foundation in Germany? The ultimate goal for the IOTA project is it to achieve mainstream adoption of the IOTA protocol, and establish IOTA as the main currency for machines. As such, being headquartered and regulated in an environment which enables and further accelerates this adoption is of utmost importance.

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Germany is one of the most highly regulated countries, and is largely taking the lead for establishing regulations of digital ledger technologies on both national and EU-wide levels. This gives the IOTA Foundation a unique opportunity to work closely with regulators to help shape smart and effective policies and quickly adopt them. Many of the largest industrial, automotive and retail companies are headquarterd in Germany giving the IOTA Foundation a unique opportunity to work closely with them to integrate the IOTA core protocol into their businesses and invite them to participate in the IOTA Foundation and Ecosystem. A thriving startup ecosystem, especially in Berlin and Munich. Germany is also one of the countries which has pioneered the concept behind cooperatives. Many large German corporations are owned by non-profit foundations, and as such have a radically different mindset that is not driven by pure profits, but by the greater good for society.

Even though the IOTA Foundation is headquartered in Berlin, Germany, it is a global organization which operates in more than 10 countries already including Israel, Brazil, Norway, United Kingdom, USA, Taiwan and Singapore. If there are no fees with IOTA, how does the IOTA Foundation make money? IOTA is simply an open-source protocol which enables trustless and decentralized transaction settlement and secure data transfer, and will serve as the foundational protocol for the future machine economy and IoT industry. The IOTA Foundation was mandated to further develop the open-source IOTA protocol, bring the protocol to production-readiness and enable a pathway for its full-scale adoption. The initial funding for the non-profit IOTA Foundation came from the IOTA community in the form of IOTA token donations.

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It is worth noting that these initial IOTA token donations still constitute a significant portion of the Foundation’s assets. To learn more about the IOTA Foundation’s sources of funding, see The The IOTA Foundation. What can I do with IOTA? With these two features a plethora of potential use cases are possible for the very first time. The main focus of IOTA is to enable the emerging IoT, but beyond this IOTA plans to be the transaction settlement and data integrity layer for the Internet of Everything. This includes smart cities, smart grids, infrastructure, supply chain, financial services, peer-to-peer payments, insurance, and much much more. The official IOTA desktop GUI is available here.

Simply choose the right executable for your operating system. The more user-friendly Trinity wallet is currently on beta release. What is the difference between a Light Node and Full Node? The IOTA GUI makes it possible to choose between a Full Node and Light Node. The Full Node automatically runs an IRI instance in the background, which in turn means that you need neighbors in order to participate in the Peer-to-Peer network to synchronize with the Tangle.

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If you run the Full Node, you have no “trust requirements”, as you are completely and independently participating in the network. What is needed to issue a transaction? Tip selection and validation:┬áIn the Tangle a tip is a transaction which has not been validated previously by any other transactions. Proof-of-Work: Once the tips are selected and validated for consistency, a tiny amount of Proof-of-Work is required where some computational resources must be spent to find the answer to a simple cryptographic puzzle. Once these four steps are completed, and assuming the transaction is valid, some other transactions in the network will with high probability randomly choose it for validation, either directly or indirectly. When interacting with any of the libraries or wallets which are supported by the IOTA Foundation, you can be sure that your seed will never leave your side.

All the essentials, such as signature generation, validation and so forth are done client-side, meaning that it’s done locally. As such, your seed is never sent to your remote node and you don’t have to worry about any security issues by only using the Light Wallet. My transaction has been pending for a long time, what is the problem? New transactions choose two tips to validate randomly, so sometimes transactions, through no fault of their own, are simply unlucky and not selected for validation. This is a natural, expected and indeed important behavior of the Tangle. Rebroadcast, Reattach and Promote, what is the difference? You only need to find two new transactions to approve and perform the necessary Proof-of-Work again.

In contrast to reattach, you do not move the original transaction but rather issue new transactions on top of it in an effort to increase its chances of being validated by the network. Generally, if your transaction has not confirmed, promoting is more effective than reattaching. Rebroadcasting is hardly ever needed except in rare circumstances. Can I run a private Tangle?

At the time of writing, there is no way of running a private Tangle – yet. The IOTA Foundation is currently establishing a framework with a set of tools that will enable you to run your own private Tangles. Currently you can use the Mainnet and Testnet, which should be well suited for any of your testing purposes. Where can I find neighbors in order to run a Full Node?

You can look for neighbors in our community Discord chat room. What are the system requirements for running a Full Node? What is the difference between a Seed and Private Key in IOTA? Normally with asymmetrical cryptography there is a unique public address which may be disseminated widely, and a unique and secret private key which is known only to the owner. 256 bits in the case of sha256. In IOTA, because a variation of the Lamport One-Time signature scheme is employed, it works a little differently. Thus, once a private key associated with a public address is used to digitally sign a message, this public address should never be used again for any purpose.

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For more information on the IOTA signature scheme see, How Addresses Are Used. The reason transaction bundles are necessary has to do with the one-time-signature scheme described in the previous question. Because an account cannot securely sign more than one transaction, it must completely empty its balance on every transaction, and any remainder balance must be deposited into a different address index in the wallet. Reference outside two external transactions, branch tip and trunk tip. Transaction references the external trunk tip. Bundles have the additional useful property of signing metadata attached to payments, which may be provided in additional zero-valued transactions in the bundle. It is helpful to first have a good understanding of how Blockchain works.

This video by 3Blue1Brown is an excellent place to start. Blockchain, there are many differences, as well as many similarities. Data StructureA Blockchain is a sequential chain of blocks where each block references its chronological predecessor, similar to a linked list. Blocks contain multiple transactions, and are added in more-or-less regular, discrete time intervals. Directed Acyclic Graph, or DAG for short.

In a Blockchain, because many miners are working to add the next block to the chain, with significant overlap between the transactions included in their respective blocks, transactions are forced through a bottleneck by design – this is how the double-spend problem is resolved and how consensus is ultimately achieved. Blockchain achieves consensus through the “longest chain” rule. Miners are incentivized to add the next block to the chain with block rewards and transaction fees. Which miner gets to add the next block is determined by a fair and decentralized lottery-like system known as Proof-of-Work where computational resources must be spent to solve a cryptographic puzzle. When a miner sees two valid blocks referencing the same parent block, this is known as a fork. The miner then has to choose onto which side of the fork of the chain to try and add the next block.

IOTA Is Not The Next Bitcoin

The probability that miners working on either side of the two competing chains continue to find blocks at roughly the same time decreases exponentially for each subsequent block. Consensus around which chain should be accepted as valid is achieved by saying the “longest chain” wins. With IOTA, consensus follows the heaviest Tangle rather than the longest chain. The more activity there is in the Tangle, the more validations occur, and the faster transaction finality becomes. Unlike Blockchain where Proof-of-Work is employed as a decentralized lottery of sorts, in the Tangle this serves merely as a spam and sybil prevention measure. As more and more transactions occur, more and more cumulative Proof-of-Work is added to the system making it more secure against attacks.

The Tangle grows more secure as more activity is added. The value sent is always equal to the value received. This enables feeless micro and even nano-payments which the emerging machine-to-machine sharing economy will require to operate at scale. In IOTA, every participant in the network making a transaction also actively participates in the consensus.

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Tangle the incentives of all participants are perfectly aligned. You mentioned a Markov Chain Monte Carlo Random Walk algorithm for tip selection, what is that? A Markov chain is “a stochastic model describing a sequence of possible events in which the probability of each event depends only on the state attained in the previous event. What is a Monte Carlo algorithm? A tip in the Tangle is simply a transaction which has not yet been validated by another transaction. How can the Markov Chain Monte Carlo Randow Walk tip selection algorithm be enforced?

IOTA Is Not The Next Bitcoin

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What is the Coordinator and why is it needed? The security of IOTA relies on an assumption that is an intrinsic feature of all decentralized, distributed and permissionless technologies: the ability for an attacker to exert undue influence over the network is infeasible because the resources required to do so are too great. In a Blockchain, the cumulative Proof-of-Work of all the miners secures the network against attacks. This indicates the need for additional security measures, such as checkpoints, during the early days of a Tangle-based system. The additional security measures, such as checkpoints, which are needed to secure the Tangle in its early days as referenced by the White Paper come in the form of ‘milestone’ transactions issued by The Coordinator, a special node which digitally signs transactions it issues in the Tangle, as well as their location. When will IOTA be able to remove the Coordinator?

The IOTA Foundation has an amazing team of researchers with backgrounds in mathematics, economics, game theory, graph theory, probability theory, physics, computer science and more asking the difficult questions about the complex assumptions regarding the security and incentives of the Tangle. The most critical factor needed for the removal of the Coordinator, for example, is the greater adoption of the IOTA technology increasing the throughput of transactions on the network to meet the fundamental security assumption – that the cumulative throughput of honest transactions is large compared to that which an attacker could feasibly produce. Why is there no automatic peer-discovery with IOTA and instead requires manual tethering? IOTA was designed for the IoT environment where most devices will form wireless ad-hoc networks. Full Node operators to manually find neighboring peers.

This feature prevents any malicious actor to have un-due influence over the network by limiting the ability to ‘see’ the whole network in addition to limiting the ability to issue more transactions than the whole network which the Proof-of-Work accomplishes. The IOTA network supports a very large number of transactions. All IOTA Full Nodes must process and store all these transactions, leading to an ever-increasing storage requirement. Following the Snapshot a new Tangle builds on top of this basic ledger, until it grows so big that another Snapshot is required. The snapshot ledger is prepared by the IOTA Foundation.

The ledger is verified by the IOTA community of Full Node operators ensuring the IOTA Foundation has processed all the transaction history correctly and the IOTA balances in the respective addresses is consistent. Full Nodes do not get informed automatically – there is no “secret” API call, thus a Full Node can also choose to continue to run the old version and still be a part of the network. Full Nodes to perform this task locally at their own discretion as the storage required for saving the entire Tangle history becomes too burdensome. Local Snapshots are being actively developed by the IOTA core development team. Permanodes are nodes which store the entire history of the Tangle.

Because the amount of data that will be passing through the Tangle will become too burdensome to save for most nodes, and because there is no real incentive to do so, Permanodes will be needed for storing the Tangle history over longer periods of time. Like any Distributed Ledger Technology it works because it is all about incentives. Storing arbitrary amounts of data for other people is not well incentivized, thus it will not happen without some benefit for doing so. Usually it is helpful to draw a parallel to the Bitcoin Blockchain. The rule of thumb in Bitcoin is that once a block is greater or equal to six blocks deep it can be safely considered forever part of consensus. Imagine a new miner showing up to the Bitcoin Blockchain. Now, imagine every single Bitcoin miner does this, with just one “perma-miner” which stores the entire Bitcoin Blockchain back to the very first block in 2009.

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This would work very similarly in the Tangle. Because the Tangle will process orders of magnitude more confirmed transactions per unit of time than the Blockchain, storing the entire Tangle history for most devices will be infeasible and illogical. Instead Full Nodes will occasionally use Local Snapshots to prune data which is no longer needed. A Permanode prototype is being actively developed by the IOTA core development team.