Thread by @hus_qy

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger IOTA is not your typical crypto project where you take some well established principles (i.e. blockchain), extend them with a unique selling point and then do an ICO collecting hundreds of millions of dollars that you use to deliver your ideas which by that point are ...

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger ... essentially "complete" already.

IOTA started as a research project that tried to go a completely different route than everybody else trying to fix the only remaining issues of Nakamoto Consensus. When it did its ICO it collected 500k USD which were used to pay for the ...

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger ... development of the first version.

There was no premine for the founders or the project. The community decided to donate 5% of all the tokens that they bought (25k USD), to establish the IOTA Foundation to further advance and research the technology. Completely ...

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger unexpectedly and in my opinion way too early, IOTA received a lot of attention by the crypto market and its market capitalization quickly rose from 500k USD to multiple billions of Dollars.

It was a blessing and a curse at the same time. A blessing, because it allowed the ...

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger ... newly founded IOTA Foundation to hire some really talented people and a curse, because the technology was not ready for prime time, yet as it had some serious attack vectors that the developers did not anticipate.

The inability to fix the problems in combination with ...

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger ... extremely toxic behavior of some prominent figures in the project led to the perception that IOTA can not be taken seriously and they are essentially just selling snake oil. The newly hired researchers were however very motivated to fix the problems and after months and ...

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger ... months of research and questioning everything, we came up with a solution to all of the issues.

Interestingly, the solution did not just fix the biggest issues we had with IOTA but it turned out to be a model that is a complete generalization of all kinds of Nakamoto ...

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger ... Consensus. You change a single parameter in the code and the tangle turns into a blockchain with all of the code still functioning in the same way. You change another parameter and you get the block dag (GHOST) consensus family used by Ethereum and others. The power and ...

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger ... flexibility of the new datastructures and algorithms is simply mindblowing.

I don't understand why this new approach would have to have a different name? It is the result of research performed by the IOTA Foundation in the pursuit of bringing IOTA's vision to live.

@JorgeStolfi @iotafi @pobserver2 @WealthSeeker28 @Mat_Yarger I would even say that using the money of the community to develop a solution and then just launch it as a new project would have been absolutely unethical and downright treacherous.