The IOTA Beta testing results show that the IOTA nodes are 6 times faster than the ones of Bitcoin as we are reading in the IOTA news today.
The lightweight node of IOTA known as the Hornet has been under a lot of tests and the tests revealed that the network can process over 40 TPS which is almost 6 times the speed of Bitcoin and 3 times the speed of Ethereum. This remarks huge progress for the network and the supporters can’t wait to express their optimism and can’t wait to see how this will turn out for IOTA to strengthen its position as a true Internet-of-Things-platform that will be scalable, feeless and decentralized.
The Hornet was developed by a few different programming systems and released by the IOTA Foundation in December 2019. The idea was to have as many software implementations as possible by trying to align with the project’s goal for continuous improvement in readiness and mass adoption. The IOTA Beta testing is still ongoing and as the foundation stated:
“To evolve and diversify our node software offering, the IOTA Foundation has been supporting the development of a node implementation written in Go. This implementation — called Hornet. This is a more lightweight take on our Java node implementation (IRI). The functionality is on par with the latest version of IRI.”
At the time of writing, the Hornet TPS was 48 TPS and the earlier observers noted that processing speed was at about 35-40 TPS which is considered as an improvement in the central coordination and not designed to help scale the network but to achieve milestones and secure the network:
“It’s been fluctuating between 30-40 TPS, not bad. Great to see these numbers and the network running fine thanks to the new Hornet nodes being tested etc. I remember when the network would average 3TPS and couldn’t handle much over 20 using the older IRI. Now it’s handling that daily without issue. Great to see how much the project is progressing over time.”
IOTA is a blockless network and it continues to develop with the view of being the true IOT network. The Tangle mechanism is scalable as the number of users increases so the more activity there is, the more scalable it will become.
IOTA Qubic Proof Of Concept To Be Released Next Week
‘’Until it’s done. You just saw what happens when we pander to the wen-crowd. We try to give a reasonable time line but it will take as long as it takes. Next week will finally be when the PoC will be delivered. You have the thief to thank for the delay.’’With the proof of concept, the IOTA foundation will show how feasible Qubic is whereas the Proof of Concept shows the basic functionalities. Qubic is a decentralized protocol that stands for quorum based computation. Qubic provides a platform for the creation of the Internet of Things applications that connects the smart contracts and oracles with the IOTA tangle. Qubic will serve to make the smart contracts better and will allow the oracles to feed external data, sports results and stock prices. The QBC code is created as a second layer on the Tangle protocol using the IOTA token to pay for the services. The special feature of Qubic is that the oracles based on the Tangle which allows free micropayments while the smart contracts collect data in real-time. Unlike Chainlink and ETH, there are no gas fees which means that there’s unlimited data that can be retrieved by the smart contracts without any costly problems. Qubic is a supercomputer that is based on the IOTA platform since IOTA has the standard for machine-to-machine payments and the Internet of Things. This way Qubic will provide the basis for automating simple processes.
IOTA Foundation Will Reactivate Network By March 2nd
"The biggest fault that we have made was to not integrate the NPM package and properly security auditing the integration. Human error and the pressure to release a new version ASAP ultimately lead to this mistake.''While the team managed to identify 50 victims of the attack, it does not have the information about how many users received these malicious SDKs. Because of that, the IOTA Foundation has requested all of its users to transfer their funds to new accounts from the old.
"One important thing is obviously that this does not affect all IOTA users, but only affects Trinity users of the Trinity desktop wallet. So everybody else is safe and doesn't have to worry about this," Schiener said.The move of the IOTA Foundation to freeze the network after the attack is a controversial decision because the network is designed as a decentralized network. But the IOTA Foundation thinks that this instrument is quite important for the development of the network in its early phase.
"I know that is controversial in a space where decentralization is all that matters until something like DAO happened and you could roll back the blockchain anyway… this [pausing the network] was an extraordinary measure in response to an extraordinary event and it's important to get across, at least from our perspective, that no one at the IOTA Foundation or the IOTA project is happy that we had to take such extreme measures.’’
How Will IOTA Transform IoT Design In The Future: Analysis
- It is modular
- It is decentralized
- It is not subject to taxation
IOTA Forces Trinity Wallet Users To Use Seed Migration Tool
“...we want to inform users who have input their credit card details into the Trinity Wallet that, to the best of our knowledge, their credit card information is unlikely to have been compromised by this security incident.”This is what indicates the serious nature of the breach. Hackers may have obtained a number of seeds from IOTA users and may find others who do not promptly use the migration tool as the foundation suggests. When it comes to data breaches, we can see that cryptocurrency projects like IOTA find their feet and are prone to incidents like these. This is not the first time this happens to IOTA, too - the company had to shut down for 24 hours in December last year after it experienced a mainnet incident.
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