- The paper proposes a new algorithm for the Tangle
- IOTA is becoming more popular by the day
- Presenting at the IEEE ICBC is a vote of confidence in IOTA
The IOTA Foundation presented a concept paper on Tangle at the IEEE ICBC 2019 conference in Seoul, South Korea. The research paper proposed a new algorithm to counter network congestion and foil spam attacks in the Tangle.
To Replace Proof of Work
The concept paper dubbed “Achieving Fairness in the Tangle through an Adaptive Rate Control Algorithm” was presented during the leading forum on research in the field of distributed ledger technology (DLT), according to an official blog post on June 24, 2019. The paper was co-authored by Dr. Luigi Vigneri, Senior Research Scientist at IOTA and member of IOTA’s Coordicide team.
The concept presented during the IEEE International Conference on Blockchain and Cryptocurrency 2019 in Seoul, South Korea suggests replacing the Proof of Work that’s currently used by IOTA and adapts it to allow slow nodes to get their “transactions confirmed with high probability while introducing a throughout cap for potential attackers.”
Paving the Way for a Global Standard
IOTA Foundation’s Director of Research Dr. Moody Alam served as a panelist on the “Beyond Cryptocurrencies” roundtable, where he discussed the current status of research into scalable DLT, as evidenced by IOTA, as well as a vision for the role of these new technologies in the near future.
IOTA may still be among the new blockchains but it has stood head over shoulders against its competitors.
There are many reasons behind this but the sum total is that it’s paving the way for a global standard. IOTA’s Tangle technology has received mass adoption for its ability to change many things in a positive way in such a short time. IOTA’s applications continue to become more popular all over the world and there is a general belief that in the next few years many billions of devices will communicate with each other and exchange cash flows.
IoT is exploding
IOTA’s Tangle is in the front line of enabling the networking of devices in the Internet of Things (IoT) which is exploding. According to estimated statistics, by 2025 about 75 billion devices will communicate with each other in the through machine to machine protocols. That IOTA could present a paper at IEEE ICBC is no small feat, and is a vote of confidence on the growth and strength of the IOTA Research team.