IOTA Surges Past Ripple

* They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This means it's Proof of Authority instead of Proof of Work, therefore, not decentralized.

* It's 100% premined, which smells as scammy as Ripple. It's not a coin, it's an entity handing you gift vouchers with their name on it.

* I've heard they rolled their own crypto. Yes, let that sink. Haven't verified this myself though.

* There's no way for new nodes joining the network to recover the full history of the transactions (a IOTA speaker told me there are some public FTP servers or something where you can get a copy...). So yeah, it's an "append and forget" blockchain, lol.

Be prepared for a big (&deserved) crash.

Re: IOTA Surges Past Ripple

#6

Post by nlperguiy » Wed, Dec 06, 2017, 10:47 AM UTC

knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

Ethereum had a master node too.

Other than that, yeah it's weird. Although I'm not sure why there's so many announcements of businesses like Microsoft, Fujitsu doing partnerships with IOTA. Sounds very weird and overpumped.

Re: IOTA Surges Past Ripple

#7

Post by makomk » Wed, Dec 06, 2017, 10:48 AM UTC

knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

I've heard that they didn't just roll their own crypto, but that it was in fact unsurprisingly found to be broken and the devs then claimed that this was intentional to stop anyone setting up a clone without the central closed-source coordinator.

Re: IOTA Surges Past Ripple

#8

Post by gst » Wed, Dec 06, 2017, 10:49 AM UTC

knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

> I've heard they rolled their own crypto. Yes, let that sink. Haven't verified this myself though.

They decided it's a good idea to use ternary logic instead of binary logic so they had to write their own cryptographic primitives based on ternary. Here's a good analysis about the security issues: https://medium.com/@neha/cryptographic-vulnerabilities-in-io...

Re: IOTA Surges Past Ripple

#9

Post by gst » Wed, Dec 06, 2017, 10:50 AM UTC

nlperguiy wrote: post #6

knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

Ethereum had a master node too. Other than that, yeah it's weird. Although I'm not sure why there's so many announcements of businesses like Microsoft, Fujitsu doing partnerships with IOTA. Sounds very weird and overpumped.

> Ethereum had a master node too.

Ethereum never depended on a centralized master node.

Re: IOTA Surges Past Ripple

#10

Post by knocte » Wed, Dec 06, 2017, 10:50 AM UTC

makomk wrote: post #7

knocte wrote: post #5

IOTA is kind of a joke IMHO: * They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This me…

I've heard that they didn't just roll their own crypto, but that it was in fact unsurprisingly found to be broken and the devs then claimed that this was intentional to stop anyone setting up a clone without the central closed-source coordinator.

Hahahaha!