IOTA is not a blockchain, IOTA is a scalable open source communication protocol with tokens (cryptocurrency) for a value transfer, it is developed and provided by the not-for-profit IOTA Foundation (foundation under German law) with headquarters in Berlin.
The goal of the IOTA Foundation is to create a trust layer for the Internet of Everything (IoE), which enables devices in the IoE to exchange data and values with one another free of charge. In cooperation with the industry and the Object Management Group, IOTA strives to standardize its communication protocol. With a high level of interoperability, IOTA will be the "Ledger Of Everything" whose infrastructure can also be used by external applications without permission.
One of the basic concepts of IOTA is to handle data and values differently, while value transactions have to be validated by full nodes, data transactions are confirmed directly, are immutable and notarized. This means that it is not a question of nobody manipulating the data during transmission, but rather that the recipient does not manipulate this data. Example: A sensor (with IDoT) has measured / recorded some values and sends this data via the IOTA Tangle, which saves the hash of this data. If this data is to be sold later, this hash can be presented as evidence and use the Tangle to prove to the buyer that the data from the sensor was not changed afterwards. The IOTA technology (Tangle) acts like a kind of fingerprint, with it all data sent can be verified. The user can prove at a later point in time at which point in time the data was transferred without having to keep the complete history or having to rely on a central instance (proof of inclusion).
Note: In order to prevent abuse scenarios and to enable machine economy in an efficient way, the most diverse devices will in future receive a unique identifier (ID), see also Identity of Things (IDoT).
The IOTA token used in the network is a digital form of currency and is required for the transfer of values within the IOTA network, the maximum number of tokens is limited to 2,779,530,283 MIOTA. All tokens were issued (pre-mined) and are in circulation, and the four founders also had to finance their tokens from their private assets.
The credit balances on the addresses are known to all participating full nodes at all times, but IOTA is not a data storage device, so the transaction history is not stored on the full nodes for a longer period of time, and nobody saves the Internet's TCP / IP traffic. If a user or a company would also like to call up or save the transaction history over several years, additional solutions must be used for this; this could be a selective permanent mode, its own second-layer application or, in the future, a smart contract that includes several nodes paid for this service.
The communication protocol has a modular structure, which will enable faster and easier updates in the future. A great number of nodes are required for redundancy in the network; every car, machine, router, etc. can be a node in a few years. The more nodes participate in the network, the faster and more secure the network becomes.
IOTA is not about any one individual. The IOTA Foundation is a government-regulated and reputable non-profit that is a collective of more than 120 like-minded people, with a clear strategy towards how IOTA’s vision will be realized.
The decision to part ways, while difficult, had to be made. There were several instances where David's actions were not aligned with what the Foundation stands for and who we aspire to be. We respect David's privacy and the finer details are not important. We are thankful to David for founding the project and showing true leadership with his vision, entrepreneurial spirit and perseverance. He will forever be a Founder of IOTA and we appreciate what he has done for our organization.
The IOTA Foundation is stronger than ever. This is part of our maturation phase in realizing what was started some 5 years ago. So while this may come as a shock to many, you should recognise that the Foundation is willing to make difficult decisions to protect the interests of our community. This changes absolutely nothing about our delivery and strategy with Chrysalis and Coordicide, and things are progressing very well on both fronts.
Thanks to the ability to produce energy from renewable sources, combined with other smart technologies, a positive energy building is then able to act as a flexible energy system. This means that it efficiently manages its production and consumption of energy, to the extent of producing more energy than it needs for its operation while reducing its overall load on the energy grid. As a result, microgrids can become more agile.
Combining this innovation with the improvement of IoT and smart metering technologies, the energy produced and consumed by positive energy buildings can be measured in real-time and even be forecasted when historical data is combined with current weather conditions and processed with AI algorithms.
Positive energy buildings create a surplus of energy that can be stored or redistributed. And why would they do so? To meet the needs of other buildings and the neighborhood as a whole. Energy surplus could then be traded and exchanged locally. Not only buildings but also city districts could become self-sufficient “energy islands” if not even create an energy surplus.
Merged improved Curl implementation.
Integrated a new node dashboard. This will be shared with the Bee node and aligns with our current visual language.
Progressing on configuration and set up of the Chrysalis testnet.
Iota.rs and wallet.rs
Our Rust implementation of standard client library and wallet functionalities
Working on local PoW implementation with the Bee team.
Finished the syncing process implementation.
Merged iota.rs nodejs binding.
Crypto.rs and Stronghold
Crypto.rs is a crate for all cryptographic algorithms used by many of the projects at IF. Stronghold is a secure software implementation for safe digital secrets isolation.
Stronghold crypto is now entirely sourced from crypto.rs
The communications actor crate has been merged
Stronghold Snapshot corruption issue solved
Performance gains in snapshot updating attained
Finite State Machine as subactor management integrated
CI and CD with Changelog and automatic publishing being finalized
Chrysalis phase 2 will come with a new wallet implementation that replaces Trinity.
We have published a post about our next generation wallet, Firefly, and its future.
Work continues on hooking all the components and dependencies together, fixing issues as they are found in underlying libraries, and more.
The current plan is to launch the first rounds of alpha testing in the upcoming weeks and test throughout December, with audit starting early January.