@ThroneOfCrypto@__Javs_@TheADAApe That's totally fine. I think Cardano serves its purpose very well but it wouldn't perform very well in the scenario I just described.
The BFT-style aspect of Ouroboros would already prevent a lot the required properties to hold (i.e. dynamic availability).
You didn't mean to simply remove fees from the game all together but to allow merchants to i.e. cover the cost for their clients.
Of course this can be done with delegated fees and it is a powerful concept to lower ...
@ThroneOfCrypto@__Javs_@TheADAApe ... the entry barrier for new users and boost adoption (especially if your gains have enough margin to cover these costs).
Well ... In that case just read my comment as a nice summary of IOTAs vision 😅
@ThroneOfCrypto@__Javs_@TheADAApe I really hope you see this comment as it wouldn't feel right to let the statement stand without this correction :p
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The fees are not only rewards for staking (nobody would stake if there would be no fees, so you need a completely different anti-sybil mechanism) but they are also a vital part of the spam-protection ...
@ThroneOfCrypto@__Javs_@TheADAApe ... mechanism. Going feeless is ORDERS OF MAGNITUDE more complex than just "not paying the validators".
Regarding you other points, I can however understand where you are coming from and your concerns would be completely justified if IOTA would be like any other DLT. It is ...
@ThroneOfCrypto@__Javs_@TheADAApe ... however very important to understand the vision and purpose of IOTA. IOTA is not just trying to build a "better DLT" but a protocol that can serve as a foundation for the upcoming "Internet of Things".
The vision of this "4th industrial revolution" is that machines will ...
If you are fine with this number of validators, then you don't even need to be worried about any of the things I wrote but as soon as the amount of ...
I really hope that DeFi and it's inevitable future of having to deal with these kind of "problems" will finally make people understand why it is a bad idea to build decentralized systems that try to establish a shared perception of time among all nodes.
It doesn't just severely limit scalability but it also creates these really tricky problems where even if you build a system that is "secure" and where the participants are incentivized to behave "honest", it ultimately doesn't matter because at the end of the day every ...
... block producer runs an algorithm and there will always be people that will study these algorithms and try to game them to their advantage.
As soon as you give "somebody" (no matter how honest) control over how others perceive time you are in for some serious problems.
Since I am still waiting for my internet connection to recover I thought that I could at least write down the basic ideas behind the Multiverse consensus:
Blockchain tracks a single ledger state of a single longest chain.
Blocks are only valid if they contain no double spends and the block producers act as gate keepers who control which transactions are added to the ledger state. Nodes track the "outcome of consensus".
In a DAG based DLT like the one used by IOTA there are no block producers ...
... and anybody can add anything to the underlying data structure at any given time without asking anybody else for permission - even double spends. Every double spend introduces a different version of the ledger state that might or might not be compatible with other ...
If you are a DLT researcher, then you have most probably dreamt of a consensus mechanism:
- without miners
- that doesn't require nodes to query each other
- where nodes "magically" reach consensus in less than a second without wasting network throughput on voting
- that supports an unlimited amount of nodes and validators
- works equally well with a small permissioned set of validators
- that is compatible with PoS, PoW, VDF's and so on ...
- where you can reach finality in 1-2 seconds
- where the chance for an agreement failure is 0
- that doesn't need reattachment or reorganization of the underlying data structure
- where sending a transaction just requires you to gossip your transaction and be done
- where nodes collaboratively validate transactions instead of only the highest weight nodes making decisions
IOTA (much like the universe) doesn't have a total order of events. But in the same way as the universe still allows you to have a total order of events within a "frame of reference" IOTA also allows you to have a total ...
@facemrook@Adrian_Midas@IOTAFanClub@Vrom14286662 ... order of events when it comes to a particular chain of spends. Colored coins allow you to create a traceable and non-forkable chain of spends which creates something like a "frame of reference" in which total order can exist.