Having an international digital identity, become the owner of your own personal data and become less reliant on third parties. These are some of the promises that Blockchain wants to deliver, but how? Verifiable Claims might be the concept that empowers Blockchain technology to do all that and more!
The Internet of Things is expected to consist of 30 billion connected devices by 2020. How would a distributed ledger ever be able to handle such a large scale of transactions, while running on low-end devices? In this blog, I will continue my explanation on how IOTA is planning to improve the maximum throughput of the system to scale towards mass adoption.
The IOTA network concludes that a transaction is permanent when enough other transactions are directly or indirectly confirming it. Every transaction must confirm two older transactions, therefore the network benefits from a higher transaction rate, which is why dedicated users have decided to help the network by spamming transactions. In this blog, I will introduce an hypothesis about why the current spam might reduce the confirmation rate of other transactions and how you can overcome this when you build an application on top of IOTA and how the community could try and improve the confirmation rate.
After the teaser on the 3rd of May, the IOTA Foundation has now revealed the full meaning behind the long-awaited Qubic project. In my previous blog, I explained the individual components that were teased: Oracles, Smart Contracts, and Outsourced Computation. The explanations still hold true as the details of Qubic seem to work as I assumed. However, a lot more information has come to light about the implementation details of Qubic. The concepts are very hard to understand, but in this blog, I will try and explain it in an easy to follow way.
IOTA is one of the first cryptocurrencies to work without a Blockchain. The IOTA Foundation, the creators of IOTA, has improved upon the concept of Blockchain and created “The Tangle”, which is a Directed Acyclic Graph (DAG) application that holds many of the same properties as Blockchain, but without some of the issues.
On the 3rd of May, the IOTA Foundation unveiled the meaning of their secretive project: Qubic. The project had been a rumor for a long time under the name Q, which was hyped as a very important and big upgrade on top of the IOTA cryptocurrency.
Blockchain will celebrate its 10-year anniversary this year. After the anonymous inventor, Satoshi Nakamoto created the Blockchain to establish the first decentralized cryptocurrency called Bitcoin, the newly created industry has not been sitting still.