Detail Whitepaper GitHub Comment Analysis

WebSite	https://www.iota.org/
GitHub	iotaledger/iri
Update Date	2018 Aug 31 10:08:37

Circulating Supply	2,779,530,240
Total Supply	2,779,530,240
Max Supply	2,779,530,240
Price	$0.5342896
Volume 24h	$25,023,108
Market Cap	$1,485,074,050
Change 24h	-6.87%
Update Date	September 26th 2018, 1:53:51 am

v1_4_3

In this paper we discuss an innovative approach that does not incorporate blockchain technology. This approach is currently being implemented as a cryptocurrency called iota, which was designed speciﬁcally for the IoT industry. The purpose of this paper is to focus on general features of the tangle, and to discuss problems that arise when one attempts to get rid of the blockchain and maintain a distributed ledger. The concrete implementation of the iota protocol is not discussed.

In general, a tangle-based cryptocurrency works in the following way. Instead of the global blockchain, there is a DAG that we call the tangle. The transactions issued by nodes constitute the site set of the tangle graph, which is the ledger for storing transactions. The edge set of the tangle is obtained in the following way: when a new transaction arrives, it must approve two previous transactions. these approvals are represented by directed edges. If there is not a directed edge between transaction A and transaction B, but there is a directed path of length at least two from A to B, we say that A indirectly approves B. There is also the “genesis” transaction, which is approved either directly or indirectly by all other transactions. The genesis is described in the following way. In the beginning of the tangle, there was an address with a balance that contained all of the tokens. The genesis transaction sent these tokens to several other “founder” addresses. Let us stress that all of the tokens were created in the genesis transaction. No tokens will be created in the future, and there will be no mining in the sense that miners receive monetary rewards “out of thin air”.