Securing the Internet-of-Things
Information + Resources
IOTA is a next-generation decentralized ledger for communication and transactions. Unlike older blockchain solutions like Bitcoin, IOTA uses a directed acyclic graph method it’s calling the Tangle. This is a different way to secure and decentralize transactions without the need for mining equipment or transaction fees to cover bases, meaning minimal power is required and the network should be immune to slowdowns. IOTA already survived a 300% load DDOS attack on the still-new network. It is quantum-resistant to forgery using a “Winternitz one-time signature scheme” and can scale infinitely without risk of the network forking.
IOTA’s platform is designed to be the backbone of the Internet-of-Things, or a network of computer-chipped physical tools and smart devices (like automated homes, construction, or transportation) using mIOTA as a payment protocol for a machine-to-machine economy. The tech is much more robust than that, and aims to be fully integrated between current and future solutions as a fundamental technology. Imagine cities managing their own resources or efficient adaptive medical technology without the need for as much human oversight (or risk of human mistakes). I also imagine the possibility of decentralized power generation with a reward system, especially as solar roofs and other items become highly efficient and affordable to the point people could add to the power grid. In fact maybe that’s part of the solution to stopping the oil and gas industries from wrecking the earth. We also need to be thinking more about agriculture on this level as it is another major contributor to climate change. IOTA also has its own seed funding program called the IOTA Ecosystem Fund to get projects moving.
The company behind IOTA expects more than 5 billion devices to be connected within 5 years globally. Their platform has been covered by a lot of innovation and tech reporters, and the IOTA foundation is partnered with Norwegian academic institutes to develop health research applications on their platform. They are also working with a German energy company and the telecoms company behind Ubuntu to develop other applications. mIOTA is already worth well over 1 billion dollars since its record-breaking launch on the Bitfinex exchange on June 15, 2017 as well, showing the hype for the platform. This is not a platform to ignore. Their team and outreach is great, is very transparent, and is making serious movements to become a major part of the communications industry.
Future: A Machine Economy!
Here Peter Joseph (Zeitgeist movement) talks about tech and economic ideas akin to what IOTA is involved in:
More to come on this as I learn more.
// Written June 21, ’17. Price at the time: $0.414 / mIOTA
// Edited June 23, ’17. Price at the time: $0.522 / mIOTA
// Edited Sept 27, ’17. Price at the time: $0.557 / mIOTA