RE: Get Tangled - Smart Cities are evolving

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RE: Get Tangled - Smart Cities are evolving

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gaissa (43)in #cryptocurrency • 7 years ago

Have they overcome the troubles in the past? Things running smoothly now?

I noticed there was a wallet update ~5 days ago:

https://github.com/iotaledger/wallet/releases

So many questions.... do they even have any competition? Also huge news popping up all the time :)

7 years ago in #cryptocurrency by gaissa (43)

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mrs.ginger (47) 7 years ago

@gaissa; thanks for sharing your thoughts, rather doubts :). I along with my friends have been following IOTA closely with possible due diligence which most of the people fail to do.

Have they overcome the troubles in the past? Things running smoothly now?

This question is too generic but I would assume you are talking about 2 things; 1st is the network being slow or sometimes on heavy maintenance and 2nd is Wallet issues where some people crib about losing funds.

Coming to the first point; Yes they are in beta mode where in the team is extending the functionality to way beyond an average person could think of. This is also different than a regular blockchain which needs miners and thus involve fees rather the tangle network can be assisted by people like you and me who could help setting up a full-node for validating transactions. Currently people are just targeting crypt-currencies as to gain profits out of it without helping to the project. Remember, this is all decentralized, P2P which means users like us could contribute to grow such networks and not just look at the price. Because it is not mining-oriented no one wants to really help the network as there are no rewards. Also many people misunderstood IOTA as a day today currency but it is way more than that. It more suits for M2M micro-payments (like 100th or 1000th of a cent) without any fees. Now many are installing full-nodes voluntarily to help the network. I do agree, it was slow but everything which is supposed to great has to evolve gradually and isn't instant.
Regarding the wallet issue; Yes it is a pain for a layman unless he/she understand how the transaction within the wallet works? Basically, a good new here is IOTA is quantum resistant. For achieving that they had to make a sacrifice, which we as users need to understand more than anything. It is known to several wallet users but not all that once you make an outgoing transaction from an address, never use that address for any other incoming transactions or rather simply avoid using the address if possible. By doing this you are completely avoiding any reverse engineering attack on your transactional data which could be possible using advance computers like Quantum. Also people claim about losing funds from their wallets. That's simply impossible until you create the seed and keep it safe. People have used online seed generators from unknown sites which were fraudulent. Of course how could you trust unknown person to create a password for you. But this ignorance has created FUD against IOTA. Also whenever they take a snapshot to compress the Tangle network, users have to reclaim their wallet using new seed. Everything is by design and bu putting thoughts into it. They take snapshot because the ignore unused addresses with zero balance to compress the network eventually the data which is not required.
Hope this helps 😇.

do they even have any competition? Also huge news popping up all the time :)

From my point of view IOTA is different than Bitcoin, Ethereum or Steem. IOTA's main purpose is Machine to Machine payments which could be very fractional. So far no currency can make this happen because it will have miner overhead attached to it. Even lightening network for SEGWIT supported coins can't achieve that. So the purpose is different. IOTA functions would be integrated with sensors or chips to communicate with the tangle network. Once a device is able to communicate within the Tangle network it could communicate with any other device on that network. That's how smart cities would be built. So yes, from what I see, IOTA is very unique and so big industries are willing to work to create smart solutions with help of it. As far as news popping up is concerned, if you are looking at the valid source then that's a good news. Their efforts are seen as giants are willing to join and work with them. That show how true and useful it is or could be.

It is really interesting they way it could bring us near our smart future. This is just from my research. Hope that is useful. Thanks again.

$0.09

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silkrusty (8) 7 years ago

I haven't tried the wallet update yet, but the old wallet didn't seem reliable and wasn't easy to use (you had to generate your own 81 character seed) so I left my IOTA on the exchange (not something I like doing). A couple of weeks ago about $4MM was stolen from IOTA wallets because users had been using an online seed generator.

https://www.ccn.com/a-number-of-iota-wallets-emptied-by-hackers-due-to-online-seed-generators/

$0.04

1 vote

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mrs.ginger (47) 7 years ago

It seems the Trinity wallet is good. I have to use it as I have few IOTA offline and I hardly keep using the seed on wallets.
Though please read my reply to @gaissa which covers the FUD created about stolen funds. People need to educate themselves before investing money if it matters to them id what I think.
Thanks for visiting and sharing your thoughts.

$0.10

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RE: Get Tangled - Smart Cities are evolving

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