Compare with Ethereum


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acrigney
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Guys non of the blochchain guys I know are interested in IOTA, they raise those old issues about the issue with rolling your own crypto, which I heard was getting audited, and the co-ordinator, I am not worried about that.
Can you comment on this? I really like the ideas in IOTA and I have severla issues with Eth.

Some people say....

As far as I know, IOTA is a scam. So far they failed to demonstrate

  that their consensus algorithm works
  that it is secure
  that it has any advantages over other consensus system

Well, the only advantage is that it lacks fees, but if it cannot provide security, that doesn’t matter, does it?

Once you look closer, pretty much every aspect of IOTA is bad:

  ternary system (used by IOTA) is less efficient on all of currently produced CPUs and microcontrollers
  quantum-resistant signature scheme
   bloats transaction size
   is completely unnecessary (you can achieve quantum resistance while still used normal signature schemes via MAST)
   probably expensive to compute
  it’s not optimized for resource-constrained IoT devices in any way:
   large transactions
   lacks SPV, so each device has to hold complete blockchain
  IOTA used amateur-made cryptographic constructs which turned out to be broken
  IOTA developers claimed that they deliberately compromised security of the system

Also, I’m not aware of any innovative features used in IOTA. It doesn’t have smart contract or extensibility which Ethereum has.

The only thing impressive about IOTA is a number of partnerships they got. Their marketing & business development team is really top-notch.

As somebody who have been involved in blockchain tech for years, I can tell you how it works… These companies which IOTA partners with do not really have top-grade blockchain experts in house. Partnership decisions are usually made by business people who only look at superficial aspects. And IOTA really shines there:

  Tangle makes intuitive sense, on surface
  IoT focus (in reality IOTA is, perhaps, the worst coin for IoT)
  has quite big and impressive team

These companies might have in-house blockchain devs, but these devs aren’t really top-grade researchers. They might check superficial aspects:

  clean code base
  API
  use of things such as cryptographic signatures, hashes, consensus, etc.

But these devs have no skills (or time) to do in-depth analysis of consensus algorithms, they have to trust that it works.

So this isn’t surprising. People fall for sci-fi story which looks superficially plausible.

As for Ethereum, it also makes a number of sci-fi promises which might not all come true. But the tech behind it is solid.
Winston
Winston
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I don't have time to link to all of the explanations and threads that talk about each of the talking points you bring up, but try searching the IOTA subreddit for more information.

IOTA vs ETH: Different ledger structure, different cryptography, different security, different consensus mechanism. Completely different technologies.

Best piece of advice: Stay away from things that you think are a scam. Impossible to lose doing that.
Edited 5 Months Ago by Winston
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