An IOTA evangelists typical evening in…
An email exchange with H. who I met at an AI conference in London.
“Hi H., great to meet another person who is also exploring the horizon before landing (work wise). Feel free to share any exciting news or conferences with me. With your industry expertise, you may find it stimulating to team up with these guys.”
“Hi Angelica. IOTA…interesting but how do they make money if it’s cost free? Open source means the code is known so that’s surely a weakness from a hacking point of view? I’m sceptical about IoT but I guess it will come through despite any doubters! Hope your doing OK and making progress. Cheers H.”
“Hi H., Good to hear from you, I am progress in progress ;)
The cost of sending Bitcoin only profits the miners, it doesn’t grow the coins value.
As I understand it the IOTA token will gain value as it will be widely used and therefore desirable by both humans and machines.
Here’s why…
IOTA has partnered with many large corporations who will be using the IOTA token for their IOT devices, there will be 50 billion connected devices by 2020, and each one will be it’s own economic agent, buying and selling data (profiting it’s owner) plus the option to sell resources such as computational power, battery power, wifi, electricity, storage and more.
Some of those partners include VW, Bosch, Microsoft, Fujitsu, T-Mobile, Cisco.
The list of IOTA partners is ever growing.
IOTA are also allowing SME’s to roll their own coins on the IOTA network, this will still profit IOTA as they are currently working on ‘Smart Contracts’ to work between the IOTA token and the new coins. Sirin Labs and PEAQ are two such rollers. The big corporates such as BOSCH, VW etc will be using the original IOTA token.
In relation to your question of hacking:
I’m not a programmer so I find this aspect challenging.
What I do know:
Trinary code instead of binary is used, that’s a natural evolution and will make attacks harder.
IOTA state that they are quantum secure, I’m still trying to get my head around this so I can explain it succinctly to others.
You questioned IOTA being Open Source
Many blockchain projects are open source, it’s actually a good thing as anyone can check the code over, like the guys at MIT did and found a little bug that was promptly sorted out. Being open source is irrelevant to getting hacked as any code can create vulnerabilities whether it is open or private.
IOTA use MAM (Masked Authenticated Messaging) to prevent data being intercepted, please see below. Other than this I will answer in more detail when I learn more.
Yeah so this really is how I spend my spare time.
But it’s ok as I I’m not one track minded, I also research life, the universe and other far out subjects. My article on Weird and Wonderful shows some insight into those topics.
All the best, Angelica
