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IOTA Comes Up with Clarifications over Its Blockchain

IOTA Comes Up With Clarifications over Its Blockchain

Recently, Lewis Freiberg, IOTA’s Foundation Head, tried to clarify issues related to scalability and transactions with Tangle. Being the ninth digital currency as per market capitalization the coin has been under heavy scrutiny over parasite chains or ‘Side Tangles.’ It has been alleged that spammers have created problems in the company’s answer to the traditional blockchain system- Tangle.

The official posted ‘What’s up with Tangle? In order to motivate current clients. It deals with analyzing the project’s success and issues plus its technical standpoints. He wrote about how such queries “about the state of the Tangle usually stem from the way it is represented in a visualizer or due to a high/low confirmation rate.”

To assure those who have been worried he wrote whenever “these questions are asked in the community, we are asking them ourselves. We are all as intrigued as everyone, if not we’d be doing something else. These events present learning opportunities for those working on IRI and other aspects of the network.”

He has been on the post since fall 2017. The organization has time and again acknowledged itself as a not-for-profit foundation that aims to assist the establishment and standardization of new open-source distributed ledger technologies (DLT).

Freiberg’s role is to educate corporates, governments and the public about the current research and development activities conducted by the foundation.  He also works with the IOTA’s community f developers to boost budding innovators through companies open source technologies.

According to the believers of Tangle, it is the solution to all the problems faced by traditional blockchain technology. Essentially, the project uses IOTA’s umbrella to maintain a graphics data structure. As per a variation of this scheme, two earlier transactions on the network are used to approve a new one on the network. Thus, transaction B and A would be approved by transaction C. Also, the transactions chosen by a new one are random.

As per the head of operations, critics are avoiding adoption by new users and confirmed transaction per second (CTPS) metrics meanwhile focusing on transactions per second (TPS). Hence, the company is using spammers to increase the number of TPS for attracting more and more customers. Even though a single metric cannot be used for blockchain adoption but its none the less an important parameter

One should know that CTPS are much lower than TPSs on Tangle. It was also informed that both the aspects could not be parallel, but those who think different are misguided. For example, in case if a client purposes bad transactions, it will overpower honest transactions, and confirmation rate will slip down by 20{da26b64292448cae047fdcafabcc53ed6814016a2f2689391ec3e81b666ab4a0}. But, the confirmation rate never really dropped as the amount of poor TXs has increased.

It can be said that Tangle has come up with valid explanations and will eventually receive sympathy from its supporters. O the other hand, critics will have to search for some solid reasons to condemn the new venture. All in all, the battle is still not won, and opponents are open to new possibilities.

About the author

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Paul Walsh

Paul is the creator and host of ‘The Coinversation’, a podcast that focuses on the developments of cryptocurrency, interviewing a wide range of experts and entrepreneurs as well as building upon the work of Bitcoin Chaser’s analysts. To know more about Paul, follow him on Twitter.

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