IOTA (technology)

Last updated

IOTA
Iota logo.png
Denominations
PluralIOTAs
CodeIOTA, MIOTA
Superunits
1,000,000Miota | Mi | MegaIota
Development
White paper Popov, Serguei (3 April 2016). "April 3, 2016. Version 0.6" (PDF). Archived from the original (PDF) on 14 August 2020.
Initial release11 July 2016;8 years ago (2016-07-11)
Code repository https://github.com/iotaledger
Source modelOpen source
Ledger
Hash function Ed25519
Block explorer thetangle.org
Supply limit2,779,530,283,277,761
Website
Website iota.org

IOTA is an open-source distributed ledger and cryptocurrency designed for the Internet of things (IoT). [1] It uses a directed acyclic graph to store transactions on its ledger, motivated by a potentially higher scalability over blockchain based distributed ledgers. [2] IOTA does not use miners to validate transactions, instead, nodes that issue a new transaction on the network must approve two previous transactions. [3] Transactions can therefore be issued without fees, facilitating microtransactions. [3] The network currently[ as of? ] achieves consensus through a coordinator node, operated by the IOTA Foundation. [4] As the coordinator is a single point of failure, the network is currently[ as of? ] centralized. [5] [ needs update ]

Contents

IOTA has been criticized due to its unusual design, of which it is unclear whether it will work in practice. [6] [7] As a result, IOTA was rewritten from the ground up for a network update called Chrysalis, or IOTA 1.5, which launched on 28 April 2021. [7] In this update, controversial decisions such as ternary encoding and quantum proof cryptography were left behind and replaced with established standards. [7] A testnet for a follow-up update called Coordicide, or IOTA 2.0, was deployed in late 2020, with the aim of releasing a distributed network that no longer relies on the coordinator for consensus in 2021. [5] [7] [8] [ needs update ]

History

The value transfer protocol IOTA, named after the smallest letter of the Greek alphabet, was created in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov. [1] [9] Initial development was funded by an online public crowdsale, with the participants buying the IOTA value token with other digital currencies. [2] Approximately 1300  BTC were raised, corresponding to approximately US$500,000 at that time, and the total token supply was distributed pro-rata over the initial investors. The IOTA network went live in 2016. [10]

IOTA foundation

In 2017, early IOTA token investors donated 5% of the total token supply for continued development and to endow what became later became the IOTA Foundation. [2] In 2018, the IOTA Foundation was chartered as a Stiftung in Berlin, with the goal to assist in the research and development, education and standardisation of IOTA technology. [11] The IOTA Foundation is a board member of International Association for Trusted Blockchain Applications (INATBA), [12] and founding member of the Trusted IoT Alliance [13] and Mobility Open Blockchain Initiative (MOBI), [14] to promote blockchain and distributed ledgers in regulatory approaches, the IoT ecosystem and mobility.

Following a dispute between IOTA founders David Sønstebø and Sergey Ivancheglo, Ivancheglo resigned from the board of directors on 23 June 2019. [15] [16] [17] On 10 December 2020 the IOTA Foundation Board of Directors and supervisory board announced that the Foundation officially parted ways with David Sønstebø. [18] [19]

In November 2023, the IOTA Ecosystem DLT Foundation was created in the United Arab Emirates. The purpose of the foundation is to facilitate the growth of IOTA's distributed ledger technology in the Middle East. It was the first crypto-centric organization to be approved by regulators of the Abu Dhabi Global Market. [20]

In 2024, the Imperial IOTA Infrastructures Lab (otherwise known as the I3-Lab) at Imperial College London was launched. The IOTA Foundation committed £1 million to the lab while Imperial College London provided additional funding. The I3-Lab focuses on circular economy research, sustainable business models, and translational research based on IOTA's technology. [21]

DCI vulnerability disclosure

On 8 September 2017, researchers Ethan Heilman from Boston University and Neha Nerula et al. from MIT's Digital Currency Initiative (DCI) reported on potential security flaws with IOTA's former Curl-P-27 hash function. [6] The IOTA Foundation received considerable backlash in their handling of the incident. [22] FT Alphaville reported legal posturing by an IOTA Founder against a security researcher for his involvement in the DCI report, as well as instances of aggressive language levelled against a Forbes contributor and other unnamed journalists covering the DCI report. [23] The Center for Blockchain Technologies at the University College London severed ties with the IOTA Foundation due to legal threats against security researchers involved in the report. [24]

Attacks

As a speculative blockchain and cryptocurrency-related technology, IOTA has been the target of phishing, scamming, and hacking attempts, which have resulted in the thefts of user tokens and extended periods of downtime. [25] [26] [27] In January 2018, more than US$10 million worth of IOTA tokens were stolen from users that used a malicious online seed-creator, a password that protects their ownership of IOTA tokens. [25] The seed-generator scam was the largest fraud in IOTA history to date, with over 85 victims. [28] In January 2019, the UK and German law enforcement agencies arrested a 36-year-old man from Oxford, England believed to be behind the theft. [29] [30]

On 26 November 2019 a hacker discovered a vulnerability in a third-party payment service, [26] provided by MoonPay, [31] integrated in the mobile and desktop wallet managed by the IOTA Foundation. [26] The attacker compromised over 50 IOTA seeds, resulting in the theft of approximately US$2 Million worth in IOTA tokens. [26] After receiving reports that hackers were stealing funds from user wallets, the IOTA Foundation shut down the coordinator on 12 February 2020. [32] [33] This had the side-effect of effectively shutting down the entire IOTA cryptocurrency. [32] Users at-risk were given seven days to migrate their potentially compromised seed to a new seed, until 7 March 2020. The coordinator was restarted on 10 March 2020. [34]

IOTA 1.5 (Chrysalis) and IOTA 2.0 (Coordicide)

The IOTA network is currently[ as of? ] centralized, a transaction on the network is considered valid if and only if it is referenced by a milestone issued by a node operated by the IOTA foundation called the coordinator. [2] In 2019 the IOTA Foundation announced that it would like to operate the network without a coordinator in the future, using a two-stage network update, termed Chrysalis for IOTA 1.5 and Coordicide for IOTA 2.0. [5] [26] The Chrysalis update went live on 28 April 2021, and removed its controversial design choices such as ternary encoding and Winternitz one-time signatures, to create an enterprise-ready blockchain solution. In parallel Coordicide is currently[ as of? ] developed, to create a distributed network that no longer relies on the coordinator for consensus. [5] A testnet of Coordicide was deployed late 2020, with the aim of releasing a final version in 2021. [5] [7] [8] [ needs update ]

Characteristics

Diagram comparing a traditional blockchain with a "tangle" Blockchain vs tangle bottleneck.png
Diagram comparing a traditional blockchain with a "tangle"

The Tangle

The Tangle is the moniker used to describe IOTAs directed acyclic graph (DAG) transaction settlement and data integrity layer. [2] It is structured as a string of individual transactions that are interlinked to each other and stored through a network of node participants. [35] The Tangle does not have miners validating transactions, rather, network participants are jointly responsible for transaction validation, and must confirm two transactions already submitted to the network for every one transaction they issue. [36] Transactions can therefore be issued to the network at no cost, facilitating micropayments. [36] To avoid spam, every transaction requires computational resources based on Proof of Work (PoW) algorithms, to find the answer to a simple cryptographic puzzle. [37]

IOTA supports both value and data transfers. [3] A second layer protocol provides encryption and authentication of messages, or data streams, transmitted and stored on the Tangle as zero-value transactions. [37] Each message holds a reference to the address of a follow-up message, connecting the messages in a data stream, and providing forward secrecy. [37] Authorised parties with the correct decryption key can therefore only follow a datastream from their point of entry. [37] When the owner of the data stream wants to revoke access, it can change the decryption key when publishing a new message. [37] This provides the owner granular controls over the way in which data is exchanged to authorised parties. [37]

IOTA token

The IOTA token is a unit of value in the IOTA network. [38] There is a fixed supply of 2,779,530,283,277,761 IOTA tokens in circulation on the IOTA network. IOTA tokens are stored in IOTA wallets protected by an 81-character seed, similar to a password. [30] To access and spend the tokens, IOTA provides a cryptocurrency wallet. [7] [25] A hardware wallet can be used to keep credentials offline while facilitating transactions. [30]

Coordinator node

IOTA currently[ as of? ] requires a majority of honest actors to prevent network attacks. [2] However, as the concept of mining does not exist on the IOTA network, it is unlikely that this requirement will always be met. Therefore, consensus is currently[ as of? ] obtained through referencing of transactions issued by a special node operated by the IOTA foundation, called the coordinator. [4] The coordinator issues zero value transactions at given time intervals, called milestones. [4] Any transaction, directly or indirectly, referenced by such a milestone is considered valid by the nodes in the network. The coordinator is an authority operated by the IOTA foundation and as such single point of failure for the IOTA network, which makes the network centralized. [5]

Markets

IOTA is traded in megaIOTA units (1,000,000 IOTA) on digital currency exchanges such as Bitfinex, and listed under the MIOTA ticker symbol. [39] Like other digital currencies, IOTA's token value has soared and fallen. [40] [41] [42]

Fast Probabilistic Consensus (FPC)

The crux of cryptocurrencies is to stop double spends, the ability to spend the same money twice in two simultaneous transactions. Bitcoin's solution has been to use Proof of Work (PoW) making it a significant financial burden to have a minted block be rejected for a double spend. IOTA has designed a voting algorithm called Fast Probabilistic Consensus to form a consensus on double spends. [43] Instead of starting from scratch, the IOTA Foundation started with Simple Majority Consensus where the first opinion update is defined by,

Where is the opinion of node at time . The function is the percent of all the nodes that have the opinion and is the threshold for majority, set by the implementation. After the first round, the successive opinions change at time to the function,

Although, this model is fragile against malicious attackers which is why the IOTA Foundation decided not to use it. [44] Instead the IOTA Foundation decided to augment the leaderless consensus mechanism called, Random neighbors majority consensus (RMC) which is similar to SMC although, the nodes in which their opinions are queries is randomized. They took RMC then augmented it to create FPC by having the threshold of majority be a random number generated from a Decentralized Random Number Generator (dRNG). For FPC, the first sound is the same,

For success rounds though,

Where where , is a randomized threshold for majority. Randomizing the threshold for majority makes it extremely difficult for adversaries to manipulate the consensus by either making it converge to a specific value or prolonging consensus. Note that FPC is only utilized to form consensus on a transaction during a double spend. [45]

Ultimately, IOTA uses Fast Probabilistic Consensus for consensus and uses Proof of Work as a rate controller. [46] Because IOTA does not use PoW for consensus, its overall network and energy per transaction is extremely small. [47]

Applications and testbeds

Proof-of-concepts building on IOTA technology are being developed in the automotive and IoT industry by corporates as Jaguar Land Rover, STMicroelectronics and Bosch. [40] [48] [49] IOTA is a participant in smart city testbeds, to establish digital identity, waste management and local trade of energy. [1] [50] [51] In project Alvarium, formed under the Linux Foundation, IOTA is used as an immutable storage and validation mechanism. [52] [53] The privacy centered search engine Xayn uses IOTA as a trust anchor for its aggregated AI model. [54] [55]

On 11 February 2020, the Eclipse Foundation and IOTA Foundation jointly launched the Tangle EE (Enterprise Edition) Working Group. [3] Tangle EE is aimed at enterprise users that can take IOTA technology and enable larger organizations to build applications on top of the project, where the Eclipse Foundation will provide a vendor-neutral governance framework . [56]

Announcements of partners were critically received. [57] [58] In 2017, IOTA released the data marketplace, a pilot for a market where connected sensors or devices can store, sell or purchase data. [59] [60] The data marketplace was received critically by the cryptocurrency community over the extent of the involvement of the participants of the data marketplace, suggesting that "the IOTA Foundation was actively asking publications to use Microsoft’s name following the data marketplace announcement.". [57] Izabella Kaminska criticized a Jaguar press release: "our interpretation is that it's very unlikely Jaguar will be bringing a smart-wallet-enabled marketplace any time soon." [58]

Criticism

IOTA promises to achieve the same benefits that blockchain-based DLTs bring decentralization, distribution, immutability and trust but removes the downsides of wasted resources associated with mining as well as transaction costs. [2] However, several of the design features of IOTA are unusual, and it is unclear whether they work in practice. [61] [5] [6]

The security of IOTA's consensus mechanism against double-spending attacks is unclear, as long as the network is immature. [35] Essentially, in the IoT, with heterogeneous devices having varying levels of low computational power, sufficiently strong computational resources will render the tangle insecure. [35] This is a problem in traditional proof-of-work blockchains as well, however, they provide a much greater degree of security through higher fault tolerance and transaction fees. [35] At the beginning, when there is a lower number of participants and incoming transactions, a central coordinator is needed to prevent an attack on the IOTA tangle. [35]

Critics have opposed the role of the coordinator for being the single source of consensus in the IOTA network. Polychain Capital founder Olaf Carlson-Wee, says "IOTA is not decentralized, even though IOTA makes that claim, because it has a central "coordinator node" that the network needs to operate. If a regulator or a hacker shut down the coordinator node, the network would go down." [62] This was demonstrated during the Trinity attack incident, when the IOTA foundation shutdown the coordinator to prevent further thefts. [62] [26] [5] Following a discovered vulnerability in October 2017, the IOTA foundation transferred potentially compromised funds to addresses under its control, providing a process for users to later apply to the IOTA Foundation in order to reclaim their funds. [6]

Additionally, IOTA has seen several network outages as a result of bugs in the coordinator as well as DDoS attacks. [2] Early in the seed generator scam, a DDoS network attack distracted IOTA admins, leaving initial thefts undetected.

In 2020, the IOTA Foundation announced that it would like to operate the network without a coordinator in the future, but implementation of this is still in an early development phase. [26] [5] [7]

See also

Related Research Articles

Double-spending is the unauthorized production and spending of money, either digital or conventional. It represents a monetary design problem: a good money is verifiably scarce, and where a unit of value can be spent more than once, the monetary property of scarcity is challenged. As with counterfeit money, such double-spending leads to inflation by creating a new amount of copied currency that did not previously exist. Like all increasingly abundant resources, this devalues the currency relative to other monetary units or goods and diminishes user trust as well as the circulation and retention of the currency.

<span class="mw-page-title-main">Cryptocurrency</span> Digital currency not reliant on a central authority

A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It has, in a financial point of view, grown to be its own asset class. However, on the contrary to other asset classes like equities or commodities, sectors have not been officially defined as of yet though abstract version of them exist.

<span class="mw-page-title-main">Bitcoin protocol</span> Rules that govern the functioning of Bitcoin

The Bitcoin protocol is the set of rules that govern the functioning of Bitcoin. Its key components and principles are: a peer-to-peer decentralized network with no central oversight; the blockchain technology, a public ledger that records all Bitcoin transactions; mining and proof of work, the process to create new bitcoins and verify transactions; and cryptographic security.

Proof-of-stake (PoS) protocols are a class of consensus mechanisms for blockchains that work by selecting validators in proportion to their quantity of holdings in the associated cryptocurrency. This is done to avoid the computational cost of proof-of-work (POW) schemes. The first functioning use of PoS for cryptocurrency was Peercoin in 2012, although the scheme, on the surface, still resembled a POW.

<span class="mw-page-title-main">Ethereum</span> Open-source blockchain computing platform

Ethereum is a decentralized blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software.

A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

Hyperledger is an umbrella project of open source blockchains and related tools that the Linux Foundation started in December 2015. IBM, Intel, and SAP Ariba have contributed to support the collaborative development of blockchain-based distributed ledgers. It was renamed the Hyperledger Foundation in October 2021.

A decentralised application is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system. Like traditional applications, DApps provide some function or utility to its users. However, unlike traditional applications, DApps operate without human intervention and are not owned by any one entity, rather DApps distribute tokens that represent ownership. These tokens are distributed according to a programmed algorithm to the users of the system, diluting ownership and control of the DApp. Without any one entity controlling the system, the application is therefore decentralised.

A distributed ledger is a system whereby replicated, shared, and synchronized digital data is geographically spread (distributed) across many sites, countries, or institutions. In contrast to a centralized database, a distributed ledger does not require a central administrator, and consequently does not have a single (central) point-of-failure.

<span class="mw-page-title-main">Ethereum Classic</span> Blockchain computing platform

Ethereum Classic is a blockchain-based distributed computing platform that offers smart contract (scripting) functionality. It is open source and supports a modified version of Nakamoto consensus via transaction-based state transitions executed on a public Ethereum Virtual Machine (EVM).

<span class="mw-page-title-main">Cardano (blockchain platform)</span> Public blockchain platform

Cardano is a public blockchain platform. It is open-source and decentralized, with consensus achieved using proof of stake. It can facilitate peer-to-peer transactions with its internal cryptocurrency, ADA.

A cryptocurrency wallet is a device, physical medium, program or an online service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification, or legally signing a 'document'.

Hashgraph is a distributed ledger technology that has been described as an alternative to blockchains.The hashgraph technology is currently patented, is used by the public ledger Hedera, and there is a grant to implement the patent as a result of the Apache 2.0's Grant of Patent License so long as the implementation conforms to the terms of the Apache license. The native cryptocurrency of the Hedera Hashgraph system is HBAR.

<span class="mw-page-title-main">The Open Network</span> Blockchain network originally developed by Telegram

The Open Network is a decentralized computer network consisting of a layer-1 blockchain with various components. TON was originally developed by Nikolai Durov who is also known for his role in creating the messaging platform, Telegram. Telegram had planned to use TON to launch its own cryptocurrency (Gram), but was forced to abandon the project in 2020 following an injunction by US regulators. The network was then renamed and independent developers have created their own cryptocurrencies and applications using TON.

Nano is a cryptocurrency characterized by a directed acyclic graph data structure and distributed ledger, making it possible for Nano to work without intermediaries. To agree on what transactions to commit, it uses a voting system with weight based on the amount of currency an account holds.

<span class="mw-page-title-main">Tron (cryptocurrency)</span> Blockchain computing platform

TRON is a decentralized, blockchain-based operating system with smart contract functionality, proof-of-stake principles as its consensus algorithm and a cryptocurrency native to the system, known as Tronix (TRX). It was established in March 2014 by Justin Sun and since 2017 has been overseen and supervised by the TRON Foundation, a non-profit organization in Singapore, established in the same year. It is open-source software.

<span class="mw-page-title-main">Avalanche (blockchain platform)</span> Open-source blockchain computing platform

Avalanche is a decentralized, open-source proof of stake blockchain with smart contract functionality. AVAX is the native cryptocurrency of the platform.

Algorand is a proof-of-stake blockchain and cryptocurrency. Algorand's native cryptocurrency is called ALGO.

MobileCoin is a peer-to-peer cryptocurrency developed by MobileCoin Inc., which was founded in 2017 by Josh Goldbard and Shane Glynn.

Chainlink is a decentralized blockchain oracle network built on Ethereum. The network is intended to be used to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts. Its creators claim it can be used to verify whether the parameters of a smart contract are met in a manner independent from any of the contract's stakeholders by connecting the contract directly to real-world data, events, payments, and other inputs.

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