IOTA, currently trading at $1.87 USD is a blockchain distributed ledger which is scalable, lightweight and makes it possible to transfer funds without any fees. But one of the major concerns of IOTA is their complication with a fixed reusable donation address due to the single-singing character of an IOTA address.
A user cannot simply post an IOTA address and spend funds even when the funds are exchanged at the same address.
IOTA’s current wallets are protected against key reuse. A new wallet address has to be added if a new donation is being made, which is nearly impossible in the blockchain technology and all of the users in its peer-to-peer network has to be updated if a new donation address is added. It becomes a time consuming and an unsafe process.
IOTA is trying to resolve this issue by introducing IOTA cheques, where the user can send their private address key directly to where the funds are stored. The receiver can access these funds and send them to their crypto-wallet address, keeping the donation address completely vacant. This exchange functions like sending an IOTA cheque.
Digital Coin Initiative made an announcement about IOTA in their report stating the defects in the transaction rate of IOTA, and how they have complexities in the wallet address related operations.
Co-Founder of IOTA, David Sonstebo has said that the Digital Coin Initiative (DCI) has run the biggest misinformation campaign in the history of cryptocurrency against IOTA. He has also discounted the entire story, calling it “a storm in a shot glass”
Ralf Rottmann Founder of Grand Centrix tweeted:
“Seeing some of the obvious envy, I am all the more believing into #IOTA‘s success. Some try to discredit, while others innovate and build. Love the IOTA community and being a part of it!”
David Sonstebo, says,
“As for IOTA token holders, there is certainly nothing to worry about. Even the unproven hypothetical vulnerability was resolved back in August 2017. Furthermore due to the misrepresentation by DCI’s report IOTA faced what would undoubtedly be considered the largest FUD [Fear Uncertainty Doubt] campaign in crypto history.”
This feud was about the complexities that IOTA faced around mid-year 2017 when they changed their hash from their in-house function called Curl.
This controversy is just getting started and reactions are biased towards IOTA. Is the IOTA team trying to whitewash people to not focus on their criticisms or is DCI blowing the issue out of proportion?
Ian Fisch a Twitter follower says,
“Lol so IOTA Foundation definitely didn’t want them leaked, yet their full contents have been on Tangleblog for days, and IOTA provides a direct link to it in their statement denouncing it. Give me a break. IOTA clearly leaked these and I’m wondering if they’re alterted.”
Reacting to certain Twitter critics who claim that IOTA lied about their “Microsoft Partnership”, Mike Stefan a Twitterati wrote,
“You apparently don’t trust Microsoft’s own words on that issue? MICROSOFT apologized for the wording including “partnership” THEIR employee used….. FUD’s over, pork chop. Move on.”
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Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
Crypto News – 24 June – Facebook’s Libra hit by more accusations, Balaji Srinivasan on BTC investment and more
— AMBCrypto (@CryptoAmb) June 24, 2019
Crypto News – 24 June
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Bitcoin short futures position on the rise: According to a Twitter user, 70% of all Bitcoin short futures position are taken by four traders
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LocalBitcoins’ Russian Ruble trading charts: According to CoinDance, the weekly LocalBitcoins chart revealed that the Russian Ruble [RUB] recorded towering volumes, even after the June 1 cash-exodus announcement
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Read more at https://bit.ly/2Y8IsEQ
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