Group: Forum Members
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:
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
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.