Project series: IOTAlias
The full article was originally published by Daniel De Michele on IOTA Hispano. Read the full article here.
IOTAlias aims to solve one of the problems that IOTA has as a result of its quantum resitant condition and the use of Winternitz one time signature scheme: the non-reusable addresses. If you have been around for a while using the GUI Wallet, you probably had issues at some point and got a warning saying that you were trying to reuse keys.
This has not been overlooked by the IF and the developers from the community, that contributed to find ways around this situation, an example of which is Trinity or the more recent IXI Hub for Exchanges.
However, this limitation with the addresses is still undriendly for donations/regular payment scenarios in which you would need to update the addresses you provide to customers everytime you spend its balances. This could change.
Let’s meet Raul Paiste, one of the minds behind this project that promises to make IOTA a grandmother-proof system, as he will explain later.
Writer and editor, IOTA Hispano
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Tell us a bit about your background
My first job at age 16 was a software developer for an Internet Service provider. I wrote dial-back scripts for network devices and even the first real estate search engine in the country. At age 17 my bosses realised that I am good in sales and I ended up being a 18 year old Seles Director for the ISP. At this point my life steered away from software development, but whatever I was doing I was always close to technology and overseeing software development projects.
Few years later while I was working in the gambling industry I had a chance to lead the building of the first online casino and the community in the region and 2010 lead the development of an online lending platform. Finally 2013 I ended up as the CEO of publicly listed banking company in Australia. These were great times and taught me to see things from the high level, but I never stopped being fascinated by coding. When my baby girl was born I decided to give up the corporate life, taught myself app development and have been focusing on my own businesses full time.
What’s the story behind your approach to DLTs? When did you discover them?
I’m one of these “poor bastards” who was looking into Bitcoin early 2009, when a friend of mine was considering buying a mining rig, but didn’t take this too seriously. I remember how I actually went to the website and thought I will buy 50 BTC just for fun for something like 5€ but the payment provider did not accept my card (guess it was debit) and I just moved on.
After that I was following to commotion in the background until 2017 when I cursed myself about 2009 and bought my first Bitcoins at around $2000. This is also when I started doing some in depth research on the DLTs and was wowed by the elegance of the concept. Yet I felt that this is only going to work short term on a small scale and couldn’t be a global solution for 7.5B people.