IOTA has announced updates

David Kemp

Behind the giants of the crypto-currency market - Bitcoin and Etherium, stand some smaller, but yet distinctive players with great prospects. IOTA definitely stands out from them – it has become a real alternative to the blockchain. It is developing within the platform of the Internet of Things.

IOTA is an open source cryptocurrency and simultaneously a system that allows conducting commission-free micropayments. It allows you to perform the simplest and most local tasks within the network, starting from crane replacement and ending with dust removal. At the same time, the admissible transaction amount is only 0.001 cents.

The project is being implemented since 2015, after the completion of ICO at one of the crowdfunding platforms. Its active promotion began in 2017, when it made its debut at one of the leading cryptocurrency exchanges Bitfinex. To learn about the new features of this site, please check the article "Users of Bitfinex CryptoMarket will be able to buy digital currencies directly through debit and credit cards”.

What's new in the roadmap

At the end of 2019, IOTA developers announced the launch of several updates and spoke about the new project road map’s content format.

In the first half of 2020, it is planned to launch an additional signature mechanism, which will be used together with the current one-time signature of Winternitz. It will provide support of reusable addresses and will increase network throughput possibilities. The functionality of the Autopeering module will be expanded and integrated into the core network. The result is guaranteed automatic connection between nodes. Changes will be made to the balance calculation order, as well as and the network conflicts elimination.

The gradual introduction of the announced innovations is planned for the first half of 2020. The IOTA developers assume they will succeed at increasing the main network’s performance and simplify development based on this cryptocurrency.

New Trinilty wallet features

One of the updated roadmap tasks is to scale up the network. The functions of the main desktop wallet Trinilty will see some changes due to this purpose. Thanks to the integration with MoonPay, users will be able to buy coins directly through the wallet.

Its public beta release was announced in August 2018, the mobile version was announced three months earlier. Developers of IOTA worked on the creation of Trinilty together with the cryptocurrency users. IOTA Foundation coordinated the project development. Before the release, the wallet has been tested. It has successfully passed an independent security test  and proved to successfully cope with the tests on threat modeling as well. The detected bugs and vulnerabilities were eliminated with patches and security monitoring reports.

The Trinilty Wallet has the following advantages:

  • Security. Guarantees security of your funds with secure encryption technology.
  • Easy management. Use one password for multiple accounts. Automatically update balances and transactions, always with a complete history of recent transactions.
  • Market analysis. Timely information about the current value of IOTA for several currencies.
  • High transaction speed. Prompt transitions and automatic promotion ensure fast transactions.

Trinilty is equipped with many automatic functions to facilitate transactions. To send funds, just enter the correct address, check the amount and click "Send". 

Additional Spark wallet

iOTA developers have announced the pilot launch of a new Spark wallet through iOTA Labs. Spark. It has a low level of security and is recommended for short-term placement of small amounts. Spark Wallet should help users to keep small amounts of money for a short time.

The development of the experimental wallet was carried out using Svelte, which is a high-tech platform Javascript, which does not support the limitations of any of the structures of this system.

According to the development team, the wallet uses IOTA Javascript account module, which eliminates the difficulties associated with one-time addresses used in payment requests. When specifying the desired amount and the waiting period in the payment request, the user gets a guarantee that transferring funds to the cost address is impossible.

Technical implementation of the iOTA cryptocurrency

DAG Technology

One of the main features of the cryptocurrency is the absence of blockchain the way we know it. Instead, it uses DAG technology, which is an oriented graph without directional cycles. This excludes the possibility of reaching the beginning or coming to the same node. DAG provides the following benefits:

  • low commissions when performing transactions;
  • high scalability because only nodes act as validators and transaction controllers;
  • higher reliability of payments due to recheck of transactions by nodes;
  • absence of miners and masternodes - the network service is performed by the users themselves by record validation when performing transactions.

Transactions execution

In Bitcoin network, the user needs to send request to miners dealing with transactions approval, through the system resources. IOTA is slightly different. The user first needs to complete the approval of two other payments, randomly selected by the network. To activate the confirmation chain, one just needs to log in.

In case a transaction is currently verified by a certain number of random new payments, it is considered confirmed. There is no limit on the number of transactions and their amount in the network.

The IOTA algorithm integrated with DAG allows creating offline segments of the network. Once connected to the system, they automatically replenish the common network. A team of developers managed to modify DAG for the Internet of things format, creating Tangle - its own blockless technology.

Mining features

The IOTA cryptocurrency is as decentralized as possible and cannot be generated by mining. There are about three quadrillion coins inside the network, which makes the currency completely autonomous from the miners.