IOTA’s Tangle Faces Transaction Issues
Lewis Freiberg, Head of Ecosystem at IOTA Foundation, had posted an article called ‘What’s up with the Tangle?’.
He describes the title of the essay as “a common question,” and highlight 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.”
His opinion is that questioners are currently too focused on transactions per second (TPS) instead of confirmed transactions per second (CTPS) and adoption issues. He details that because of the focus on TPS, it leads them to “spam the main net to push the TPS as high as it can go. Without fail this results in ‘Wow, the tangle is flying today,’ and then ‘Why did the TPS suddenly drop’ after someone turns off a spammer.”
The Tangle is IOTA’s answer to what project participants believe are problems with traditional blockchain technology. In one variation of this scheme, transactions choose two earlier on the network to approve. Transaction C, then, would approve transactions B and A, following a chronological order. Each new, unapproved transaction chooses two previous at random.
Lewis Freiberg, Head of Ecosystem at IOTA Foundation, said,
“When someone starts sending bad transactions which outweigh the honest transactions by 5x the confirmation rate will drop to 20%. In reality, the confirmation rate didn’t drop, the amount of invalid or poorly referenced TXs just increased. The honest throughput of the network remained the same.”
He says that reasons can be: just to get attention, attempts at price manipulation or testing network response to different things.” Whatever the case might be, there is a lot of money riding on the IOTA project currently. This includes the very latest announcement that IOTA is selected as a part of 30 million euro consortium for the Smart cities project of EU.
IOTA Foundation’s creation, IOTA, is the ninth largest cryptocurrency in terms of market capitalization and is among the top 10 coins. IOTA is known for ‘Tangle’, blockchain and distributed ledger technology of IOTA and for a variety of things.
Blockchain technology offers a compelling vision of a decentralized network, allowing peer-to-peer transactions without any fees. But one of the prominent inefficiency of blockchain was technical flaws in its design. IOTA solved the inefficiencies of the Blockchain technology by enabling feeless, scalable and secure settlement of transactions and also building upon the machine economy. In IOTA, rather than grouping the transactions into blocks, individual transactions are entangled together.
A few days back, IOTA had demonstrated that how MIOTA charged station, powered by Tangle, is superior for charging TESLA. IOTA is thus striving towards mass adoption and developments in the field of the internet of things and different projects. The Bank will implement new technology and processes with the use of IOTA’s Tangle.
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