Proposal to switch the IOTA tangle from a balances-based model to an UTXO one.
Proposal to switch the IOTA tangle from a balances-based model to an UTXO one.

By rhyzom | rhyzom | 3 days ago


So, that's interesting. I admit I haven't had the opportunity to really keep up with the developments taking place on the IOTA front, but just recently discovered the research discussion forum at iota.cafe which is pretty cool. So, Hans Moog posted said proposal for a UTXO-based tangle which I can't immediately quite grasp all the implications of but sounds interesting to say the least. For those not familiar, UTXO means "Unspent Transaction Output" and is the accounting model followed by Bitcoin - where instead of keeping track of balances and their associated addresses it keeps track of ownership of coins along their audit trails of transactions.

wii-tangle.png

Difference between IOTA's ledger and data transport layer called the tangle and the blockchain data structure. Blockchains serialize blocks (limited in space and time) of transactions along a single lane, while IOTA's DAG-valued tangle is a stochastic process which maps out many different chains of inter-dependencies simultaneously.

1*wOWZ0W3jwdFJySo7W2vDSg.png

Visualization of the tangle.

Should this change take place it is going to allow for the possibility of colored coins - a loosely defined class of methods for representing and managing real-world assets, originally within the Bitcoin protocol and blockchain.

Personally, as I said, I can't yet quite fathom the implications of this in its entirety and am not sure what to think. Feel free to share your thoughts on that.

Oh, and that aside, there seems to have been some drama brewing again recently. Some brawls and conflicts with Ivancheglo (CfB), one of the IOTA co-founders. Personally, I've always appreciated the unique crew of weirdos that has been IOTA from the start and think Ivancheglo is a class A troll, but it seems he might have gone a little overboard this time.

Either way, the main focus in IOTA is really - at least up until now - not the IOTA token itself and also the value of the token is supposed to discover its real value when it starts fulfilling its actual function and purpose in a data-driven machine economy of ubiquitous connected IoT devices and what not: and we're really not quite there yet, nor will be all that soon, IMO.


rhyzom
rhyzom

Verum ipsum factum. Chaotic neutral.


rhyzom
rhyzom

Ad hoc heuristics for approaching complex systems and the "unknown unknowns". Techne & episteme. Verum ipsum factum. In the words of Archimedes: "Give me a lever and a place to rest it... or I shall kill a hostage every hour." Rants, share-worthy pieces and occasional insights and revelations.

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