IOTA users approve each other’s transactions without miners.steemCreated with Sketch.

in #bitcoin2 years ago

IOTA users approve each other’s transactions without miners.

when IOTA users approve transactions, they indirectly approve all their predecessors. all transactions pending approvals are called tips. all incoming transactions have to approve tips for the network progress.

every transaction must approve two previous transactions. the reason is because it is not possible that incoming transactions only approve tips. this is one absolute rule, to which IOTA protocol sticks. there are no rules related to the two transactions one must pick, neither are there rules on how the approvals must be done.

Serguei Popov states:

IOTA users would behave in natural ways, because IOTA protocol minimize the number of rules. if you have a neighbour which mistreats you, it is natural to cut your connections to this neighbour. if you trust a certain entity, it is reasonable for you to give more weight to transactions coming from there.

PayIOTA could solve IOTA’s reusable address problem.

PayIOTA's address management solution could solve the reusable address problem that stems from IOTA’s choice of a quantum-resistant signature scheme.

the way an IOTA wallet works is that once a user issues a payment, certain parts of private key belonging to the address are revealed in order to sign the transaction. this procedure is required by the quantum-resistant signature scheme. using the same address more than once would compromise the security of the funds on that address.

PayIOTA integrates six key elements into one single website, allowing users to generate an account address to be shared with others, according to Van Wijk, an IOTA community member.

  1. the solution should feature a single reusable and unforgeable account address.
  2. the source of all information sent to this address must be verifiable.
  3. IOTA seeds should never leave their users under any circumstances.
  4. two parties should never have access to the same funds.
  5. the software should be an open source one.
  6. the software should not rely on any back-end server other than IOTA nodes.

IOTA Foundation is inviting researchers to test Trinity wallet in their bug bounty program.

IOTA Foundation is inviting researchers to test Trinity wallet in their bug bounty program hosted on Bugcrowd. the public bug bounty comes after five months of private bug tests. rewards range from $ 100 to $ 1,500 per bug. the rating of bug findings will be categorized according to Bugcrowd Vulnerability Rating Taxonomy.


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