IOTA - The Protocol that runs on Tangle (Not Blockchain)
Unlike Blockchain, IOTA is a cryptocurrency that runs on a protocol called Tangle. It is completely built as quantum-resistant distribute ledger. IOTA provide zero transactions fees, unlimited scalability, and decentralized consensus where users are also validators.
Myths of Blockchain
As most people doesn't realise there is actually quite a number of downsize in blockchain. As blockchain based currency are continue growing, sooner there will be a problem with its scalability due to increasing of block size. As the incident of Cryptokitties causing a network slowdown on ethereum, Vitalik has announced his team are working on a solution to solve the current issue to prevent future scalability issues. Not only that, various of miners have joined pool for mining by having efficient payout, this could have lead a massive network attack when the pool collecting huge computing power by disrupt the blockchain.
Is Tangle really the future key in Cryptocurrency?
The key features why Tangle could have replace blockchain are its scalability, Quantum security, zero transaction fees and offline capability. Tangle could be called as DAG (directed acyclic graph). Unlike blockchain technology, everyone are technically a miner in tangle; including users, Internet of Things as in your fridges, Smart watches, security camera & etc.. However, a users must first solve & validates two previous incoming transactions before making their own. As results, when more users participates in the tangle; the faster the network becomes due to more people solving each other transactions.
But wait. If the control lies with the users, and the IOT enabled smart devices, doesn't it simply make the IOTA Tangle more vulnerable to attacks?
As for Blockchains, Miners only dedicate the computing power required to create new blocks. The rest of the process is abstract, and is powered by the 256-bit Simple Hashing Algorithm and is handled by computers. There is no way to deviate off what the blockchain allows and have the user do something he wants to. Furthermore, blockchains are decentralised. That means that a user can't even get access to it even if they want to. Miners are only there to provide the processing power to create a new blockchain whenever required. Decentralisation also means the lacks of a Buffer Overflow, something which is essential to disruption of the Linked List based blockchain, and also a randomised memory allocation system which is again essential to any disruptions in the Blockchain.
I'm confused as to how a Blockchain can be disrupted then, since it doesn't even involve message passing between pointable sources.
Yes!!! thats exactly the only things Im concerned with Tangle so far!
If i recall from the whitepaper, You can attack Tangle with 34% spam attack. But Iota has "Coordinates" an on-boarding mechanism to prevent 34% attack until network becomes matures and organics, and even if the attacker achieve 34% attack, the chances of successful manipulate the network is only 29% (still a pretty large number).
I used to think blockchain is great until everyone giving their power to mining pool where things could get worse ( eg: all pools combining their computing power to attack the network. )
Your post has been manually curated by superoo7
You’ve been upvoted by TeamMalaysia Community :-
To support the growth of TeamMalaysia Follow our upvotes by using steemauto.com and follow trail of @myach
Vote TeamMalaysia witness bitrocker2020 using this link vote for witness