Qubic – Smart Contracts, Oracles and the possibility to outsource computing capacity.
By now we know roughly what we can expect from the project Qubic‘. However, the details of how and when all this will com to fruition are still unclear. Towards the end of the year, when the specification of the specially developed programming language ABRA and the white paper will be published, we will know even more. I guess we’ll have to be patient until then.
The potential seems to be huge if you are to believe the IOTA Community, which raves about all the possibilities Qubic offers. For example, it should somehow be possible to move any crypto currency and possibly also Fiat currency through so-called gateways. If this is successful, the IOTA token will certainly also benefit from it.
New Exchanges list IOTA
IOTA is still listed on relatively few exchanges where there is often not even a fiat pair with IOTA. It is still relatively difficult for many to buy IOTA. D.Schiener one of the founders of IOTA had already announced a long time ago that 6-8 Exchanges have prepared everything for the implementation of IOTA and only have to press one button to bring IOTA live. Why this has only happened on some exchanges (Coinfalcon, Bitpanda) has perhaps to do with the fact that the IOTA Foundation is working on an “Exchange Hub”. This should make it easier for the Exchanges to list IOTA with all its specific properties (no blockchain!). However, since so things always involves a lot of money, this Exchange HUB is currently still undergoing a security audit. In a market where conventional stock exchanges are increasingly trying to get a piece of the crypto cake, it is certainly also interesting that D. Schiener has always had the goal of getting away from the crypto exchanges. My guess is that this Exchange HUB will also be developed so that conventional exchanges can list IOTA. IOTA as a non-profit organization certainly has the potential to fulfill all legal requirements to make this step into the “old” banking system.
Forecast: Coinbase will certainly not be among them, but at least the crypto to crypto exchanges will soon all list IOTA. However, the impact on the price will only be seen briefly. In addition, they are targeting the conventional stock markets, which are now increasingly interested in cryptocurrencies.
Data marketplace will be published
Currently 70 companies are working on proof of concepts. What kind of data they really want to sell and what new fields of business arise will only become clear when the data marketplace is publicly accessible and runs on the tangle. After that, other companies and individuals can sell their data, which will further accelerate the transaction speed on the tangle (IOTA is scalable)
Forecast for IOTA: The data marketplace should become one of the killer features of IOTA, so the success / failure of this project will be significantly reflected in the price
Source Code from coordinator is published
One criticism of IOTA is that the tangle is currently still supported by a coordinator. This is to protect the tangle until the number of transactions is large enough to prevent an attack. For some reason, the developers have not yet released the source code. This creates a lot of uncertainty at the moment. Many people say IOTA is centralized because of the coordinator. And it has also turned out that it is often responsible when the network is not running so smoothly. It seems that the coordinator will first be decentralised, i.e. distributed across many shoulders, before it can then be gradually switched off. But how exactly this works we don’t know yet.
Forecast: Apart from the community itself, this event will not make any big waves, but one of IOTA’s central points of attack will be eliminated both in the external view and in the network security.
TPS increase => transactions become faster
While currently sometimes only about 2-10 transactions per second (TPS) are running on the tangle, up to 1000 TPS should be executed by the end of 2018. If the coordinator is switched off at this point in time, there is probably no other system that is as decentralized as IOTA, where every user is also a “miner” that confirms transactions.
IRI implementation in C++, Rust and Go
The IRI Implementation of IOTA consumes a lot of RAM and CPU. The goal is to rewrite it to be more efficient, so that a full node should also work on a Raspberry Pi, which further improves the decentralization and stability of the tangle. There are already promising approaches from the community (carrIota Hercules) and first developments show that even with a Raspberry Pi high TPS and short POW times (milliseconds) are possible.
Come-from-Beyond, one of the founders of IOTA for many years has been developing a ternary processor (calculates with -1,0,1), which is especially designed for the machines in the IOT realm. Since Jinn existed before IOTA, it seems likely that Jinn was developed especially for IOTA.
Also from Come-from-Beyond, the ICT project was launched. What exactly this is all about is not yet known, but it obviously has something to do with swarm intelligence. The community has been asked to provide extra weak Raspberry Pis and from time to time will be asked to run programs on it. One possibility could be so-called swarm nodes. This means that a single node would not always have to store the entire tangle but only a part of it.
Trinity Desktop wallet
The community was quite excited about the beta version of the Android Trinity Wallet, and the desktop version of the Trinity wallet seems to be ready soon. David Sonstebo has announced that the Trinity Wallet will set a new standard in cryptowallet usability and security. If the IOS version of the Trinity Wallet is also available, new people will certainly try the system and may also buy tokens.
A wonderful feature of the tangles is that each node does not necessarily have to store the whole blockchain (in this case the tangle) back to the genesis transaction. After a snapshot the tangle is cut off and the node only needs to know how many IOTAs are in which wallet. Currently, these snapshots are centrally controlled by the IOTA Foundation, which is always a complex process. In the future, however, each node should decide for itself, depending on how much storage space is available. Only then so-called spammers are desired, which flood the network with transactions to make it faster.
Support of IOTA into hardware wallets (e.g. Ledger Nano, Trezor, etc.)
The community has already had its first successful implementations. Once this is available to the masses, users no longer have to worry about the security of their seeds (username and password in one).
UPDATE: In the meantime there is a working IOTA Hardware Wallet Integration (Beta) with the Ledger Nano S. Together with the Trinity Wallet there will probably be a secure Harware Wallet solution for IOTA in summer 2018
IOTA Ecosystem and Software is declared as “production ready”
What many people forget about IOTA: Unlike Bitcoin, which has been running for almost 10 years, IOTA is still in beta status. When IOTA is officially declared “production ready”, the price should certainly reflect that…
IOTA Foundation grows and develops further
The IOTA Foundation has grown to nearly 50 people and wants to employ up to 100 people by the end of the year. They give speeches all over the world and develop the ecosystem of IOTA. In a first SummerSummit they met for the first time to agree on a common course: I think this event is something like a real start for the work of the Foundation and as D. Sonstebo describes it they are very happy with the talent and team spirit that has emerged in the IF. I think we will hear a lot more about that, especially since there were many NGOs and partners from different industries at the event…
This year and next year will also be a big theme for real-world applications. In addition to test centers for autonomous vehicles, the first prototypes for Supply Chain, Smart Cities and Industry 4.0 have already been shown. To what extent these Proof of Concepts (POC) will make it into the real world remains to be seen. There will also be digital identities for machines and people (Taiwan already relies on Tangle Technology and wants to give its citizens a Tangle ID). It will also be exciting for VW, Bosch, Fujitsu and all the other companies and non-profit organizations (e.g. UNOPs) that have already announced that they are working together with IOTA. It remains to be seen whether these partners will continue to rely on IOTA after the POC studies and apply the technology on a large scale. But especially in the automotive sector and in industry 4.0 something bigger seems to be in the pipeline, which brings IOTA closer to its goal of acting as “backbone of the IOT”.
It will definitely be fascinating to watch the cryptocurrency IOTA in 2018…