With new Qubic, IOTA makes other cryptocurrencies look old

The headline is true if they can put the actual theory behind Qubic into practice.

So what is Qubic all about

  • Oracle feed
  • Smart Contracts
  • Exchanges of currencies
  • Outsourced Computation

Oracles will give the ability to receive outside data. This in turn will allow IOTA to become a cross platform transaction system by having this kind of interoperability between it and traditional blockchains. Following on from that – it enables a smart contracts layer to be built on top of the IOTA platform using the IXI module system. The modular potential of this is incredible.

Oracles explained in short: Sometimes smart contracts need data from outside the crypto-network(tangle) and therefore you need an external instance that delivers data that are needed in order to execute certain smart contracts. Oracles are something like “sensors” to the real world, that deliver information about what’s happening outside. This data can be served by a bank, by a machine or by other blockchains.
With Qubic, IOTA wants to be capable of doing everything the top100 coins can do together and all of this without using miners and no fees.


IOTA rubs shoulders with big names as a part of MOBI

MOBI — the Mobility Open Blockchain Initiative — launched on May 2nd with over 30 founding members that also include Bosch, Blockchain at Berkeley, Hyperledger, Fetch.ai, IBM and IOTA. Another big success of IOTA team that further validates them as a very serious company.


Iota keeps attracting the right kind of people

Michael Nilles, CDO of Schindler Group, CEO of Schindler Digital Business AG, joined the Advisory Board of IOTA Foundation. Andrew Greve is also hired to be ” first steward of the Online Community Liaison role at the IOTA Foundation”. He is currently finishing his Ph.D. in Political Science at Rutgers University. He is an avid technophile, and has a strong interest in the intersection of governance and technology.


New Listings

Huobi listed IOTA

According to worldcoinindex.com Huobi is currently the third biggest exchange in the world by volume. The pairs to be listed are: IOTA/BTC , IOTA/ETH and IOTA/USDT. the trading on Huobi begun on May 8th.

IOTA was also added to the Cobinhood (@COBINHOOD) exchange on May 4th.

Trinity Wallet Update

The team regularly updates its community about the progress they make on the development of Trinity wallet. Last week they added support for some additional currencies and languages, UI improvements and other small bug fixes.

Ledger Nano S support coming soon

One user on Reddit said he  witnessed the first live transaction from the ledger to another person at the Dutch IOTA meet up. According to him, it had quiet a few kinks, which seems to be mostly related to the wallet integration, but it looks like the hardest part is done. They might wait for Trinity integration before actually releasing, but they seem very eager to get it out. He advised patience and guesstimates the integration should be ready in a matter of weeks.


Coordinator removal ETA?

At the current state, IOTA is centralized database with cool ideas. They have a thing called coordinator that is protecting the tangle against 34% attacks until the network is big enough.

Every minute the Coordinator makes a normal transaction with its signature on it, and we call these Milestones. Every transaction (including Milestones) verifies two other transactions. When you want to know if a transaction is verified, you find the newest Milestone and you see if it indirectly verifies your transaction (i.e it verifies your transaction, or if verifies a transaction that verifies your transaction, or if it verifies a transaction that verifies a transaction that verifies your transaction, etc). The reason that the Milestones exist is because if you just picked any random transaction, there’s the possibility that the node you’re connected to is malicious and is trying to trick you into verifying its transactions. The people who operate nodes can’t fake the signatures on Milestones, so you know you can trust the Milestones to be legit.

Right now, the Tangle network wouldn’t work without it. The coordinator will be removed when there are enough trusted nodes to support the Tangle without it.

The plan of removal is to first make the coordinator decentralized, then remove it gradually. More and more nodes will choose to operate without it and in time no one will use it anymore. This will be a process, not a one time event. First thing IOTA foundation needs to do is they should open-source the code of the coordinator and then everyone will be able to build and run their own coordinator. This will allow the existence of many coordinators, so the network will not depend on only one and will make it decentralized.

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