After a tough year of research & development, the Berlin-based non-profit, IOTA Foundation managed to pull a series of development protocols allowing the German IoT-focused Foundation to reach a point where it will be interacting with global industrial, banking, and governmental leaders in order to upscale the way machines interact with each other, perform payments using MIOTA, IOTA’s native digital currency, as well as act on their own, using the Internet Of Things as their network, without mortal interference.
Blockchain technology is currently sitting on the verge of technological advancement. Every single industrial sector is now doing its research on how to implement this disrupting tech in order to take their production process to the next level, eliminating transaction fees and time, while having the ability to distribute confidential corporate data securely, cheap, or in IOTA’s case literally feeless, and of course, instantly.
After years of intense research, and diplomatical battles with various academic, media and tech industry representatives, IOTA finally manages to leave all that behind, proving their allegations regarding Tangle’s functionality and security wrong.
According to a recent announcement, IOTA Foundation’s Research & Development Departement conducted a series of simulations to test Tangle’s performance under various circumstances proposed as “lethal” to the network by various legal entities, including MIT’s Digital Currency Initiative (DCI), and UCL’s Center for Blockchain Technologies (CBT).
“We analyze the Tangle DLT (distributed ledger technology) using both analytical tools and numerical simulations. Recently, IOTA Researcher, Alon Gal, published a blog post about confirmation rates in the Tangle where he discussed the weighted-walk based consensus mechanism. Likewise, Professor Serguei Popov and his Ph.D. students published an article about the equilibria in the Tangle. You can read the two-part blog post explaining their findings here and here.” – Bartosz Kuśmierz
The latest blog post by Bartosz Kuśmierz, member of IOTA Foundation also contains a research paper discussing the results of numerical simulations of a continuous-time model of the Tangle.
Why is this important?
Despite the fact that MIOTA managed to maintain a strong +170% during the latest surge upwards, the latest, undeniable facts that Tangle is really capable of supporting the entire vision of IOTA’s initial white paper, is probably the basic component for this historic moment for IOTA.
Unlike most blockchain-powered platforms, IOTA’s own network, the Tangle uses a slightly different approach when it comes to DLT, using a protocol called DAG (Directed Acyclic Graph), where there is no need for miners to confirm the transactions taking place within the network, the Tangle has infinite scalability unlike Bitcoin and/or most of traditional blockchain-based protocols, and it is probably the one and only digital currency with its own network that has literally 0 transaction fees.
That makes it the perfect match as for the platform the upcoming machine economy should be using for maximum efficiency.
The set of tests designed to simulate the Tangle under various circumstances, including network pressure tests, reliability and security tests, as well as other tests that proved everything ever conspired against IOTA or its functionality completely wrong if not irrelevant from the beginning.
“Q” or Qubic brings smart contracts to the Tangle.
One of the main reasons IOTA’s community remained faithful to the project all these years is Qubic, or simply Q. The most anticipated project of the Foundation is now live and working.
Q brings smart contracts to the Tangle, meaning that third-party companies could create reward, token, digital economy systems within the Tangle, which offers the ability to have infinite transactions with the lowest delays possible, with literally 0 fees.
In opposition to Ethereum-based ERC-20 smart contracts, the Tangle does not require you to issue a token and/or have a price for it. You could simply use the Tangle to distribute confidential documents in an instance, with maximum security, and 0 fees, as the government of the Netherlands already does.
For the first time, IOTA is able to combine 3 different aspects of their foundation, distributed ledger technology, and their own network, the Tangle, Oracles in Qubic and next-generation smart contracts, the Internet Of Things (IoT), to create real-life use cases that can be adopted by every modern smart city and beyond.
Let me know your thoughts on IOTA and which industrial sectors do you think it will affect in the immediate future?