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IOTA (MIOTA) Working On Close To 20 Projects, Pushing For Mass Adoption

IOTA (MIOTA) has revealed it is working on close to 20 projects which are going to be irresistible use cases once they are fully unveiled.

While blockchain lovers have been complaining that IOTA team are fond of concealing information on its latest development, the team have come out open on some projects, however, they are still not specific on the time the projects will come to limelight and detail of the projects.

Once the projects are fully unveiled, they will push for wide adoption of IOTA.

The Projects

Qubic: Qubic has been the talk of the town. The project is referred to as a protocol that specifies IOTA’s solution for quorum-based computations, including such constructs as oracle machines, outsourced computations, and smart contracts.

Qubic has a smart computing potential, it will make IOTA compete with Ethereum, which many complain has poor scalability and high transaction fee.

IOTA’s Qubic stands the chance of overriding the platform with outstanding features. Qubic, according to analysts, is going to be more rewarding and dynamic when compared to Ethereum.

MAM+: it appears MAM has been on hold for sometimes now, but IOTA seems not to be giving  up on this idea at all.

Though, MaM is at present under peer review, it is said to be a second layer data communication protocol, giving room to access an encrypted data stream, like RSS, over the Tangle (IOTA’s distributed ledger) no matter the size or cost of device.

Coordicide: Analysis, modeling, and simulations for coo-less IOTA.

Autopeering: Understanding the risks involved with automatic peer discovery and user-friendly alternatives.

Economic Incentives: Understanding how the Tangle works at scale from a game theoretic perspective.

Consensus Spec: A detailed spec of the consensus mechanism, building on the basic outline in the whitepaper, intended for peer review.

Crypto Spec: A detailed spec of cryptography in IOTA, also intended for peer review.

Attack Analysis: Thorough simulation and analysis of known network attack vectors.

Exchange Hub: Formerly known as IXI Hub; enables exchanges to integrate IOTA in days or weeks instead of months (already in closed beta with several exchanges!)

IRI: Ongoing maintenance and improvements to the de facto IOTA node software.

Coo-free IRI: Rebuilding IRI to allow for alternate consensus mechanisms.

Local Snapshots & Permanodes: Enabling node operators to maintain or dispose of the Tangle history as they see fit.

C Client: Preparation for deep dives into embedded devices.

iota.js: Out with iota.lib.js, in with iota.js; fully modularized for npm and fully typed for safety.

Tanglescope: Enabling deeper insights into Tangle performance and metrics through monitoring.

IOTA Controlled Agent: A prototype; early stage implementation of Economic Clustering and swarm logic.

Trinary hash function: The replacement for Curl-P, built by world renowned cryptographers, and optimized for the IoT.

Protocol finalization: On IoT, the IOTA protocol can’t easily be changed for devices that are “out there in the wild.”

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Breakdown of IOTA’s Qubic Compared to Ethereum (ETH) Smart Contracts

IOTA (MIOTA)–Two weeks ago, the IOTA Foundation released news concerning the long-anticipated Qubic Project. While Qubic does not constitute a new currency or coin offering, it will function as a significant improvement to the existing IOTA framework, particularly through the application of smart contracts. The press release concerning the launch of Qubic highlighted that the new protocol would focus on smart contracts, allowing for micropayments to be made through Tangle, in addition to providing an incentive for IOTA users to contribute to network function.

Tangle has been the key innovation for IOTA and the support of the IOTA Foundation, providing a technology that scales with network use. As opposed to Bitcoin’s transaction model, which relies upon miner fees that increase greatly with network congestion (reaching as high as 55 USD during last December’s high), Tangle employs a more efficient use of resources while avoiding the need for monetary fees. Instead of spending a percentage of their coin on transactions, IOTA users “pay” by providing computing power to support the consensus protocol for the entire network. As more users participate in IOTA and contribute to the network, the ability for the platform as a whole to handle more transactions also increases. Which means, the limitation to scale for IOTA is nonexistant, with the ability to handle greater volume rising with greater user participation.

Hence, the significance of IOTA’s Qubic providing an “incentive” for users to participate on the network. When it comes to Tangle, the greater the participation, the greater the utility. Smart contracts are also a major highlight to Qubic, and allow IOTA to challenge Ethereum as the most dominant currency in the field of contracts. As Reddit user u/Serialnvestor, pointed out in this analysis of Qubic vs. Ethereum smart contracts, IOTA has a significant advantage over Ethereum due to how the consensus mechanism operates:

Tangle qubics (once qubic goes live) will rely on a single quorum, or a group of quorums to perform a computation.

Ethereum smart contracts rely on every machine processing every transaction.

The ethereum network has a hidden flaw. Blocksize. The ethereum network has a gas limit rather than a block size. The ethereum network is composed of light nodes and full nodes. However with an unbounded blocksize, the network latency requirements to actually run a full node go up. And network latency does not obey moore’s law. What this means is that as the number of people who run full nodes goes down the ethereum network becomes more centralized.

IOTA, rather than relying upon each individual machine to participate in the consensus of smart contracts, is employing a quorum approach. From the definition of quorum: the minimum number of members of an assembly or society that must be present at any of its meetings to make the proceedings of that meeting valid. Execution of smart contracts, via Tangle, will institute a quorum-based approach for Qubic, meaning that a certain percentage of network users will be recruited to guarantee the security and consensus of the contract, without actually having to be validated by the entire network. The end result is greater efficiency and less time spent recruiting machines across the network. It would be similar to paying a fraction of an electorate base to verify the voting process for a political race, as opposed to requiring the consensus of every individual in a country.

Tangle continues to be the focal point for IOTA, both in terms of efficiency and its ability to dictate the future of cryptocurrency. While the coin is suffering from the price fall impacting the entire market, Qubic represents the type of innovation that could become a significant tailwind for cryptocurrency, particularly if the IOTA Foundation succeeds in making its technology the standard for the world’s 8-billion-plus IoT devices.