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The Tangle: an illustrated introduction 5

Part 5: Consensus, confirmation confidence, and the coordinator Last week we mentioned the double-spend problem, which arises when Alice tries to spend her money more than once. In this post, which will be the last in the series, we show how this problem is resolved in the IOTA Tangle, and how we decide which history is the valid one.To illustrate the problem, we will examine the following double spend scenario:As you can see, Alice has 5i, which she gives to both Charlie and Bob. This is clearly a problem: we cannot…

Official Statement Regarding the MIT DCI Email Leaks

Next Steps We have spent much more time than we intended to on discussing this issue ad nauseum, and we would like to put it to bed. However, we can’t do that without help from the DCI team. To that end, we propose the following:We hereby formally request DCI to complete the proper disclosure protocols: we call on Ethan, Neha and their team to release any and all code, documentation, research, etc., they have developed in conjunction with their findings. If DCI are unable or unwilling to release all of the…

IOTA: What the DCI emails reveal

IOTA has received a lot of bad press so far because of the DCI allegations — if you are not familiar with this topic, you may read the summary here (see point 1).With Tangleblog’s disclosure of their email correspondence between IOTA devs and the DCI team we have a source now to get a closer look at what really happened (and what not). I want to point out here that Tangleblog is not part of the IOTA Foundation but just a community member; the same is true for me.The IOTA Foundation did not make these emails public: As an…

Debunking the ‘IOTA Vulnerability Report’

For many months now we constantly see the same report showing up in FUD articles about IOTA. The report is continuously being used to show that IOTA is vulnerable to theft because the signing process uses the Curl hash function, which is supposedly unsafe. Well guess what? IOTA’s signing process does not use Curl and hasn’t used it since August 2017, which was right before this (arguably malicious hidden agenda based) report came out. A lot of resources have been spent in the mean time trying to debunk this report. Such is…

IOTA: MAM Eloquently Explained

MAM, Masked Authenticated Message, is one of the most remarkable features of IOTA. Let us speculate the world full of small IoT devices, where their small jobs, flow of microscopic data, and nano-payments come and go all over the globe. IOTA, whose goal is to become the very fundamental layer of coming society, is the most provident project of the time that challenges looming paradigm shift. And MAM is its core driving force, which distinguishes IOTA from other distributed ledger by making data flow and transactions much…

IOTA: Signature And Validation

Address generation First of all, create Private Key from Seed.// length = security (1: light client, 2: wallet default, 3: exchange level) var key = function(seed, index, length) { ... return key; // private key }have your Private Key ready, whose length = security * 2187 . Private Key is partitioned into L distinct segments, where L = security * 27. So, each segment would be 81. Hash all segments as a whole. The product is called digest. Hash digest once. The product is called address.Seed ->…

IOTA: Multisig Explained

Multisig Transferring large amount of money, especially the ones that involve exchange level of security, it is worrisome to have only one seed be solely responsible for the transfers. Multisignature is used to send secure transfers by asking for several co-signers. Even though multisig transfers are created in a way different than that of ordinary individual transfers, when attached to tangle, it appears to be no different, and people cannot distinguish multisig-ly attached transfer(=bundle) from others. Thanks tangle! You…

Semantics, headlines that sell and why The Next Web did not find a vulnerability in IOTA

TL;DR In a nutshell, somebody with absolutely no track record in the cryptocurrency space has deliberately created transactions which are insecure by design. He then forged his own, insecure transactions. The Next Web frames this as research to capitalize on clicks and does a huge disservice to its readers and the community at large. This could have been an article about journalistic integrity. Or about the growing trend to publish boldly exaggerated headlines to capture the ever decreasing attention span of an Internet…

Limiting the overlap of IOTA signatures when double spending

IOTA uses Winternitz one-time signatures to sign off on spending iotas from an address. The nature of these signatures is such that during the signing process 50% of the private key to that address is exposed. This is normally no problem, because the addresses are supposed to be used only once. But there’s the rub. It has been shown time and again that it is possible to get into a situation where you have to spend again from the same address. For example when withdrawing from an exchange to the same address multiple…

IOTA: supply chain as a use case

IOTA’s advantages over other blockchain/Distributed Ledger Technologies (DLTs) can be summarized as being fast, free and scalable. Besides autonomous driven (electric) cars supply chains are among the use cases which the Iota Foundation is focusing on at the moment; this is why Dominik Schiener, Co-founder of IOTA, will also talk about this in the context of the Bosch Connected World Expo. But what is it after all?Wikipedia says: A supply chain is a system of organizations, people, activities, information, and resources…

Iota: Worries and Solutions in Conversation.

Here I am reading your thoughts and ask your Questions to myself on how to get into Iota. You:Hi, may I briefly explain my dilemma? I want to buy iota and keep it longer. But there are many things that make me unsure.CryptoViking:Yes, sure. Go for it.You:I face the problem that I have no sense of how to keep Iota in the long term. Should I leave the iota on bitfinex or is this PC wallet safe? Can Iotas be lost on these “old seed-new seed” issues,updates or new releases?CryptoViking:Okay, so in the first place…

Extending the Tangle network to a distributed cloud

Some thoughts on the technical and social architecture of a machine-economy.What is needed for the future to happen? The idea of data-markets backed by digital currencies has been floating around for some time now. This article talks about the software infrastructure needed to build such data-markets and what such markets might look like using the IOTA protocol as the hypothetical “currency” for data-exchange.Throughout this article we can theorize IOTA as a handshake-protocol and as an immutable ledger of…

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