RE: Alt-News #11: Former CIO of UBS, Oliver Bussman joins IOTA / IOTA team up with BOSCH / Coinmarketcap top 400 site worldwide / CNBC Interview with John McAfee
This news are good for IOTA specially after Four IT scientists from MIT found a a serious bug in IOTA.
The hash function from IOTA was used to hash before signing. When the MIT scientists examined the code of IOTA, they noticed that the Hash function used by IOTA can be broken by a well-known technique of differential cryptanalysis. It is possible to form so-called collisions to find two inputs which form the same output. This will remove one of the most important features of hash functions.
It was possible to produce two payments which are different, but are hacked to the same value and thus have the same signature. The MIT researchers have had the opportunity to destroy assets in the range of one to two billion dollars.
IOTA has fixed the bug directly after.
But one thing makes me thinking more why the IOTA code is not open source? IOTA developers run the trusted coordinator, which signs the last valid state of the system.
Crypto currencies are open source, decentralized and do not need trust!
Lets see how it goes with IOTA in the future I have some IOTA token and keep them on hold maybe one day it pays out good.
Thanks for all the info
ⓁⓄⓥⒺ & ⓁⒾⒼⒽⓉ for you!
Namaste
Oh wow, nice input, I hadn't heard of this before. Got any sources to it?
and yeah, that's why I usually stay away from coins like Ripple. Open-source is the way to go!
Like I said I have some IOTA and as well some Ripple but you are right it is better to stay away from coins like these open source is like you say the way to go :)
Here is a link where you can read about the bug:
https://medium.com/@neha/cryptographic-vulnerabilities-in-iota-9a6a9ddc4367
check out david sonstebe response to that article...
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best of luck
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interesting!
I heard there was no bug, IOTA told the MIT guys thats how its meant to be by design. Trinary crypto is different to binary crypto and the MIT guys didn't understand it.