Dr. Bing-Yang Lin, Senior Software Engineer at the #IOTA Foundation, just presented some first research results on the robustness of the IOTA 2.0 consensus mechanism! 👀
Non-technical summary below! 👇🧵
1/ What are the objectives of IOTA 2.0?
2/ What is the Tangle?
The Tangle is a Directed Acyclic Graph (DAG).
Rather than transactions created by users being incorporated into blocks by miners, users function as both the miners and the creators of transactions.
3/ Why does IOTA use a DAG?
4/ Traditional blockchains face scalability issues. IOTA's DAG solves this problem:
5/ What are the challenges in using the Tangle?
6/ Sybil protection through node weight (voting power):
7/ Approval weight is essentially the number of nodes that agree that a transaction is valid.
8/ The IOTA 2.0 voting mechanism:
The nodes vote indirectly for a branch by attaching their transaction to it. Honest nodes will attach their transactions to the branch they see first or the branch with the most approval weight if they see multiple branches.
9/ If they notice that an other branch exists that has more approval weight than the branch they voted on, they attach a new transaction to this new branch and their approval weight gets subtracted from the previous branch.
10/ The approval weight of a branch is essentially the amount of consensus mana held by nodes which issued their last transaction on that branch.
When the approval weight of a branch is more than 66% ahead of any conflicting branch, this branch is considered valid. ✅
11/ I will not go into details on the Synchronized Random Reality Selection (SRRS) and more other technical parts in this Twitter thread. 😅
The presentation has been recorded and I am sure it will be shared!
12/ What did we learn regarding IOTA 2.0?
👉 1-2s confirmation time! 🔥
👉 Resistant to Bait-and-Switch attacks 🔥
👉 Good performance in adverse environments 🔥
👉 github.com/iotaledger/tan… 🔥
13/ #IOTA offers a unique approach to solving some of the key issues associated with traditional blockchains.
Linear chains of blocks don't scale! IOTA processes transaction in parallel.
It's the ideal protocol to realize
🔹 Scalability
🔹 Security
🔹 Decentralization
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