The American computer giant DELL is joining IOTA in a working group that will explore how the company’s tangle technology can be easily integrated into commercial solutions as we are reading in our IOTA news today.
IOTA and Eclipse Foundation which is the open-source software foundation, announced a few days ago that the new TANGLE EE working group will start working on projects that can help develop a few other use-cases for IOTA and its technology. Tangle is the scalable distributed ledger of the IOTA network that employs a system where the users confirm transactions as they send new ones. More than 15 companies have joined the working group including the American computer giant DELL, the German electronics provider STMictorelectronics and the University of Magdeburg.
The cooperation between IOTA and STMicroelectronics has one focus – the X-CUBE-IOTA1 extension software package for the STM32Cube which represents a middleware solution that enables the functions of the IOTA Distributed Ledger Technology (DLT). Mike Milinkovich who is the executive director of the Eclipse Foundation, commented:
“The Eclipse Foundation will provide a vendor-neutral governance framework for open collaboration, with IOTA’s scalable, feeless, and permissionless DLT as a base. By doing so, we will accelerate the development of new applications built with this transformative technology.”
The co-founder of the IOTA foundation Dominik Scheiner explained that multiple companies reported that they want to see code tested and reviewed before they would do integrate it themselves. By simply enabling through testing of the Tangle, the working group will be a ‘’ major stepping stone’’ for realizing the vision of IOTA. The open-source project will help to boost access to IOTA’s technology according to IOTA co-founder David Sonstebo. The decentralized identities and decentralized marketplaces can easily facilitate real-time trading and decentralized identities will be joining the working group during the initial projects.
Dell believes that the data marketplaces will be increasing by the end of this decade according to Steve Todd who is a fellow at the computer company:
“By 2030, trillions of dollars of data will be exchanged and one of the reasons for joining Tangle is to help our customers move towards that reality.”
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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