The major distributed ledger technology provider IOTA partners with the technology giants Dell Technologies and the Linux Foundation on the Project Alvarium – something that is seen as a new initiative to rate data trustworthiness.
In a press release shared on October 28, the nonprofit Linux Foundation announced that it was forming a new project with support from several major industry players such as Dell, the Iota Foundation and IBM. There are other partners in the project too, including the edge resource marketplace MobiledgeX and the global IT firm Unisys.
Based on code from Dell Technologies, the project aims to build on the concept of a Data Confidence Fabric, establishing measurable trust and confidence in data coming from different sources. The IOTA news also show that this system would score data based on its trustworthiness and reliability.
As IOTA partners with Dell and Linux, the CTO of Dell Jason Shepherd voiced his enthusiasm and said that scored data trustworthiness could help companies to meet different compliance requirements such as the European Union and its General Data Protection Regulation.
The latest blockchain news also show that more and more sensitive data gets stored on blockchains, motivating different organizations and industry players to verify the provenance and reliability of recorded data. As a reminder, in July this year the Japanese tech research firm Fujitsu Laboratories announced that it had developed a blockchain based system for evaluating user credentials, identity and trustworthiness in online transactions.
Their platform would consider user ratings and subsequently assign them with a trustworthiness score. As IOTA partners with Dell and Linux, they seem to have a direct competitor – evaluating the data to evaluate users’ relationships with one another.
At the end of September, IOTA formed a partnership with the Linux Foundation too, developing LF Edge which is an umbrella organization that aims to establish an open and interoperable framework for edge computing that is independent of any hardware, silicon, cloud or operating systems.
This month, we could see that IOTA partnered with the open-source platform Fiware to use its Tangle technology for smart solutions. The move will see Fiware deploying Tangle for the decentralized storage data on devices.
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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