Let’s take a look at how they might get there. We can see where the IOTA foundation wants to take their technology and the movement it has created. It’s possible that the DDoS attack was entirely coincidental, though it is far more likely that it was a case of intentional misdirection.Ĭomplications to IOTA’s future now stem from the fact that the hack was not due to their network’s weakness at all, but it is being portrayed as such by the media as well as by many users on social media. The funds were stolen at the same time that a DDoS attack was taking place on the IOTA network, while the developers were conveniently distracted.
IOTA POTENTIAL CODE
The reality was that they were using the code with an additional script so that the private keys of all users would be predictable. The site creator linked back to a GitHub repository, indicating that it was using legitimate code from the developers.
IOTA POTENTIAL GENERATOR
The hacker, whose identity is still unknown, was running the site iotaseed.io as a seed generator for creating IOTA wallets. The theft of the funds is the result of a 6-month long phishing scam. Some news sites and online resources are claiming that this was the result of a DDoS attack, implying huge security flaws. The Tangle ledger is able to settle transactions with zero fees so devices can trade exact amounts of resources on-demand, as well as store data from sensors and dataloggers securely and verified on the ledger.īefore they can make progress, IOTA needs to overcome a dramatic setback to their reputation.Īt the time of writing, we’re barely two weeks after a hack that stole $4 million of users funds. In this new autonomous Machine Economy IOTA will be the backbone. IOTA enables companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees. On its front page, IOTA outlines its underpinning concepts:Īs the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. There are many instances where prominent manufacturers jumped the gun when adopting an early technology to get the edge on a competitor, and the lesser technology stuck around. However, there are many ways to go about building it and, if enough money is initially invested in an inefficient method, manufacturers might not want to change it at a later date.įor example, HD-DVDs were better quality than Blu-Ray, while Beta Max was better than VHS. The IOTA foundation, established in 2015, believes that the progression of the machine ecosystem is inevitable, and they want to be the ones laying down the initial roadwork. It’s not so much a bottleneck in infrastructure as it is trying to drive down a highway that hasn’t been built yet.
There is such an abundance of products that are currently a part of the IoT – and so many more with the potential to do so – but there is no viable way for these fragmented microcosms of technology and industry to connect with each other and exchange value. However, there are still some roadblocks. The project, which first started in 2015, was designed to capitalize on the IoT, which developers realized was an inevitable step forwards in how the world operates. IOTA was always destined to be more than just another cryptocurrency. Currently, there is no standardized means for which these devices and networks can exchange value and data, a shortcoming for which IOTA is working to solve. However, the IoT is still in its very early days as a concept, and there is a gap in the marketplace. Devices can include anything from a smart fridge to digital door locks, all the way to the GPS built into many new cars. IOTA is built around the emerging IoT which is the term given to the collective amount of devices which access the internet and create or use data. The underlying technology is what’s known as a Tangle which is an alternative, blockless approach to enabling a distributed ledger. The term “cryptocurrency platform” may sound like a very poor way of describing a blockchain, but that’s because IOTA doesn’t actually use one. The Economy of Things is a marketplace for that data which is produced by the Internet of Things (IoT). IOTA is a cryptocurrency platform whose vision is to create a foundation for the “Economy of Things”.
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