@GroovyGuy0 @cryptodackel1 @Patrickscoin @MikeTyson @DomSchiener I think it makes sense to have this discussion openly and not inside of DM's.

I have heard your criticism towards the operational/management aspects of the project and I think the criticism is justified.

Sadly the update of the ledger firmware caught us of guard and the ...
@GroovyGuy0 @cryptodackel1 @Patrickscoin @MikeTyson @DomSchiener ... ternary ghosts of the past are having their final "pain in the ass moment", leaving us as the only crypto project in the space that is even impacted by this ledger update.

When it comes to making "outlandish claims that do not come true" - can you maybe be a bit more ...
@GroovyGuy0 @cryptodackel1 @Patrickscoin @MikeTyson @DomSchiener ... specific about what I said, that offends you (please take into account that sometimes screenshots are also taken out of context)?

I am obviously very enthusiastic about the tech that we are building and I truly believe that we are facing a very big leap in distributed ...
@GroovyGuy0 @cryptodackel1 @Patrickscoin @MikeTyson @DomSchiener ... consensus research and after all the work of the last years its very hard to not share that excitement.

I also know that I have been bad with time estimates in the past and I am trying to work on this but any named ETA is always an "estimated" time of arrival.

It is ...
@GroovyGuy0 @cryptodackel1 @Patrickscoin @MikeTyson @DomSchiener ... very hard to anticipate all possible delays (sometimes also depending on 3rd parties and regulatory issues) and I think that this is an issue for a lot of projects (not just IOTA).

I really value your feedback and I think that this is a chance for us to grow and do better.

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More from @hus_qy

15 Jul
@alexxxxx85 @dennisnagpal1 @SenfdaTzu The upcoming protocol changes are the "outcome of research". They are conceptually very simple and well understood and aim at making the protocol less complex and more robust - so no, they don't need to go through an extensive period of research.

It was pretty obvious early ...
@alexxxxx85 @dennisnagpal1 @SenfdaTzu ... on, that some of the concepts of multiverse were extremely promising. Accordingly, last August we decided to reimplement the whole ledger state to be prepared for an eventual switch of consensus mechanisms down the line.

At the same time, we tried to maintain as much of ...
@alexxxxx85 @dennisnagpal1 @SenfdaTzu ... the original FPC/FCOB version as possible (simply to not jump the gun and jeopardize the success of coordicide).

In that process, the two versions (Multiverse / FPC) were converging more and more until they eventually became one and the same thing where FPC/FCOB acts as ...
Read 10 tweets
8 Jun
@JS_RamirezMD @CryptoB56457628 @Bob0606060 @AzanyahM @Bit_iot_ @CorienKoolen @azanyah_m @MudKevin @wiredutch @DomSchiener IOTA's FPC consensus uses concepts from the so called "voter model" which was introduced in 1973 by Clifford and Sudbury (en.wikipedia.org/wiki/Voter_mod…).

Avalanche uses a similar voting mechanism but instead of correctly referencing the work of Clifford and Sudbury they just ...
@JS_RamirezMD @CryptoB56457628 @Bob0606060 @AzanyahM @Bit_iot_ @CorienKoolen @azanyah_m @MudKevin @wiredutch @DomSchiener ... pretended that "they invented it".

Following this twisted line of logic, they now claim that IOTA stole from Avalanche.

This is obviously completely absurd and anybody who takes the time to read the paper by Clifford and Sudbury will see that IOTA is clearly inspired ...
@JS_RamirezMD @CryptoB56457628 @Bob0606060 @AzanyahM @Bit_iot_ @CorienKoolen @azanyah_m @MudKevin @wiredutch @DomSchiener ... by this much earlier line of research. Even the CA based approach that was considered to be a possible alternative is already present in Clifford and Sudburys work.

Apart from this obvious distortion of reality, anybody who has been following IOTA and the discussions ...
Read 5 tweets
2 Jun
Did you know that IOTA is the only DLT in the whole crypto space that is not based on establishing a total order of events?

It is using a completely new form of ledger state that uses similar principles as what @stephen_wolfram postulates to be the underlying laws of physics ...
... that govern the universe - a multiway evolution graph that tracks all possible versions of the ledger state at the same time.

One of the biggest innovations of Satoshi Nakamoto was the "tripple entry accounting system". IOTA extends this "tripple entry accounting system" ...
... by another dimension which maps the outputs to a DAG of conflicting branches (a hypergraph) that allow us to efficiently identify spends of conflicting and therefore causally invalid versions of the ledger state.

This allows us to get rid of the total order requirement ...
Read 11 tweets
16 May
Since we discussed the potential of using L1 for defi - here is a fun fact:

To fully support L1 DeFi you need atomic composability. To achieve atomic composability you need "blocks" of transactions where either all succeed or all fail.

So instead of sending just a single ...
... transaction in every message we have to allow blocks of them to be sent.

The larger these blocks get, the more likely it is that they contain conflicting information and the more "chainy" the tangle would become.

If you would set the block size to be really large and ...
... let the blocks be filled by i.e. miners then you would have a consensus mechanism that is equivalent to ETH's GHOST consensus.

IOTA's datastructure therefore represents a complete generalization of Nakamoto Consensus and you can go from a Tangle to a BlockDAG to a ...
Read 4 tweets
15 May
@lightdefi @c4chaos IOTA's unique ledger state is extremely powerful and you can indeed build smart contracts on L1 that are completely immune to MEV and also feeless.

To not jeopardize the performance of the base layer, we are currently not planning to support "scriptable" smart contracts on L1.
@lightdefi @c4chaos Scriptable smart contracts live on L2 as the execution of these smart contracts is usually not in the "common interest" of every network participant.

DeFi however can be considered to be in the "common interest" of everybody and these smart contracts are also usually very cheap.
@lightdefi @c4chaos So it is very likely that we will see feeless non-MEV'able DeFi on L1 at some point.

I have implemented an AMM style liquidity pool already as an experiment but I think it might make sense to wait a little bit to see what kind of Liquidity Pools are superior before you add ...
Read 4 tweets
20 Apr
@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 ...
Read 10 tweets

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