IOTA

[50cent_rapper]

Do you notice notes about Nigerian prince ? 

[Come-from-Beyond]

It was mentioned that CfBs logo has 3 colors, where I count 4-- white, black and two shades of grey.

This reminded me:

What colors these pills are?

[WorldCoiner]

Great work Come-from-Beyond. Looking forward to the launch.

One "important" question to the future IOTA-Community: How should we name the "mini-IOTA" (you know the ones after the decimal point, the "Satoshis" of IOTA)?

Come-from-Beyond, any suggestions?

I will throw Sergi into the ring what reflects somehow 2 members of the IOTA-team. 

[Come-from-Beyond]

Come-from-Beyond, any suggestions?

Nanoiotas. To avoid the problem of Ethereum users who have to memorize a lot of unit names.

[WorldCoiner]

Come-from-Beyond, any suggestions?

Nanoiotas. To avoid the problem of Ethereum users who have to memorize a lot of unit names.

Thanks - Makes sense! 

[rlh]

If we just append the first letter or two of many of the metric prefixes, we could have units like iota (1), diota (.1) daiota or daota (DOW-ta) for pronounciation(10), Kiota, Miota (100, 1,000,000) and Niota/Nanota/Nano-iota (.000000001)

[lordoliver]

Here is a monochromatic interface of the reference implementation:
...
Confirmation score is not shown to keep the interface as grandma-friendly as possible.

Hope you'll find a good designer to provide a good design. This a very important factor of marketing.
Sadly most people in the crypto community narrow their view in the nerd space and don't see it:
Only with a professional design the product can be treated as professional in general...

If we just append the first letter or two of many of the metric prefixes, we could have units like iota (1), diota (.1) daiota or daota (DOW-ta) for pronounciation(10), Kiota, Miota (100, 1,000,000) and Niota/Nanota/Nano-iota (.000000001)

yea, just make it more complicated. I am sure the masses are able to follow

[rlh]

yea, just make it more complicated. I am sure the masses are able to follow

Though I understand your point, that also doesn't mean that they will all be used frequently.  When is the last time you've mentioned a Dekameter in a sentence?  It's a legit word but it doesn't get much use.  How about hectoliters?

Realistically, people will likely only mention "iota", "nano-iota" and possibly a larger set( say, one for 1,000,000.)  That doesn't mean it can't be reasonably and logically subdivided.

[zanzibar]

HI CFB, I haven't had the time to read the white paper but can you help answer a couple questions?

1. Is 999,999,999. the total supply of IOTA in existence?
2. There is no inflationary model or mining, correct?
3. Can you explain Iota's ability to communicate with other Blockchains?

Thank you

[Come-from-Beyond]

HI CFB, I haven't had the time to read the white paper but can you help answer a couple questions?

1. Is 999,999,999. the total supply of IOTA in existence?
2. There is no inflationary model or mining, correct?
3. Can you explain Iota's ability to communicate with other Blockchains?

Thank you

1. 999'999'999.999999999
2. Correct
3. Every transaction can have extra data attached, this can be used to host data interpreted by other blockchains/platforms

[rdanneskjoldr]

How many Transactions per second you expect Iota will be able to handle in:

after release?
after 1 year?
after 5 years?

[Come-from-Beyond]

How many Transactions per second you expect Iota will be able to handle in:

after release?
after 1 year?
after 5 years?

TPS is not capped, high load just increases confirmation time.

PS: We should stop thinking in blockchain categories. There are no blocks, transaction size is not capped, number of transactions is not capped.

[zanzibar]

HI CFB, I haven't had the time to read the white paper but can you help answer a couple questions?

1. Is 999,999,999. the total supply of IOTA in existence?
2. There is no inflationary model or mining, correct?
3. Can you explain Iota's ability to communicate with other Blockchains?

Thank you

1. 999'999'999.999999999
2. Correct
3. Every transaction can have extra data attached, this can be used to host data interpreted by other blockchains/platforms

Thanks. Still trying to wrap my head around it.  Will transactions be searchable, via an explorer?

[iotatoken]

HI CFB, I haven't had the time to read the white paper but can you help answer a couple questions?

1. Is 999,999,999. the total supply of IOTA in existence?
2. There is no inflationary model or mining, correct?
3. Can you explain Iota's ability to communicate with other Blockchains?

Thank you

1. 999'999'999.999999999
2. Correct
3. Every transaction can have extra data attached, this can be used to host data interpreted by other blockchains/platforms

Thanks. Still trying to wrap my head around it.  Will transactions be searchable, via an explorer?

I know of one guy that has said he'll make an explorer for IOTA

[bottlerocket]

How many Transactions per second you expect Iota will be able to handle in:

after release?
after 1 year?
after 5 years?

TPS is not capped, high load just increases confirmation time.

PS: We should stop thinking in blockchain categories. There are no blocks, transaction size is not capped, number of transactions is not capped.

[jenea4pda]

HI CFB, I haven't had the time to read the white paper but can you help answer a couple questions?

1. Is 999,999,999. the total supply of IOTA in existence?
2. There is no inflationary model or mining, correct?
3. Can you explain Iota's ability to communicate with other Blockchains?

Thank you

1. 999'999'999.999999999
2. Correct
3. Every transaction can have extra data attached, this can be used to host data interpreted by other blockchains/platforms

Thanks. Still trying to wrap my head around it.  Will transactions be searchable, via an explorer?

I know of one guy that has said he'll make an explorer for IOTA

It brings great news for us

[eragmus]

I'm having an impossible time understanding how the IOTA project is viable. It aims to service the IoT niche. However, Bitcoin already is tackling this niche in a variety of ways. Let's remember that BTC has first mover advantage & network effect (should not be underestimated), as well as hundreds of millions of $ in funding distributed among projects aiming to directly/indirectly make BTC & IoT a reality.

1.   Lightning (IoT vision with nano-payments, unlimited transactions after opening channel, infinitesimally low fees) -- ETA: 3 months for testnet version / Pre-reqs: CLTV (already active), CSV (active within 2 months), malleability fix via SW (active within 3 months).

2.   21, Inc. (explicit vision of IoT, $120+ million funding, relationships with top computer networking companies like Qualcomm, Broadcom, Cisco, Intel, etc.) -- already out with a very hype-ey, successful 21 bitcoin computer MVP that is attracting a lot of attention from Silicon Valley types / Vision of mass market, low-cost/free chip as final product integrated at the scale of millions into consumer electronics devices (and, like I said, the crucial *relationships* with vendors to realistically make this happen).

3.   Sidechains that are 2-way-pegged (Blockstream is working directly on this problem, Paul Sztorc of Bitcoin Hivemind is also working on it with Drivechain) -- Once available, this means essentially any blockchain tech can be custom created and pegged to BTC. If we need a custom designed IoT-specific blockchain, then no problem, sidechain functionality will exist to facilitate it (just like Sergio Lerner's RootStock is taking advantage of right now, with their recently released white paper, but *by building on top of BTC via a sidechain* -- not as a separate block chain)

As for this marketing about quantum-resistance, this is a far-off/futuristic problem. If we have learned anything from history, it is that technological problems are always resolved, one way or another. There is currently $6 billion USD of incentive to solve the quantum problem (plus whatever other problems exist), and that incentive will only be increasing in coming years. It's difficult to see how the argument can be made that such problems spell doom for BTC & so somehow justify IOTA?

Let's assume that magically what I've said so far is addressed sufficiently.

What is the plan for IOTA to actually gain traction? So far, what I see is: "we hope the community will work hard to bring success". Really? This is the plan, and people are throwing 1,000 BTC at this 'castle in the sky'? Presumably, only because of the name recognition of 'come from beyond' backing it, just like Ethereum attracted attention mainly because of Vitalik's backing.

If I'm wrong about all this, then I look forward to a comprehensive refutation

-eragmus

HI CFB, I haven't had the time to read the white paper but can you help answer a couple questions?

1. Is 999,999,999. the total supply of IOTA in existence?
2. There is no inflationary model or mining, correct?
3. Can you explain Iota's ability to communicate with other Blockchains?

Thank you

1. 999'999'999.999999999
2. Correct
3. Every transaction can have extra data attached, this can be used to host data interpreted by other blockchains/platforms

[bottlerocket]

3. Every transaction can have extra data attached, this can be used to host data interpreted by other blockchains/platforms

How do you want this to work? The PoW is ternary based, the data (in case for other blockchains is) binary so it would have to be encoded in ternary to compute a hash over it. And then you  encode the ternary data in binary for transmission over UDP?

Somewhere you mention to use UDP over IPv6, how do 'Messages' and 'Transactions' relate? Multiple messages (and  signatures) per transaction? Seems to me that this will cause a bloat in the tangle database. But of course no models for typical network use scenarios. so its only a feeling.

[Come-from-Beyond]

If I'm wrong about all this, then I look forward to a comprehensive refutation

If I criticize projects mentioned by you it won't look good.

Check what these projects say about themselves. Start from the project 1 - http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf. For example, read section 5.5 and tell me how nanopayments are possible.

5.5. Fees
Lightning Network Fees, which differ from blockchain fees, are paid directly between
participants within the channel. The fees pay for the time-value of money for consuming the
channel for a determined maximum period of time, and for counterparty risk of noncommunication.

[Come-from-Beyond]

How do you want this to work? The PoW is ternary based, the data (in case for other blockchains is) binary so it would have to be encoded in ternary to compute a hash over it. And then you  encode the ternary data in binary for transmission over UDP?

Yes.

Somewhere you mention to use UDP over IPv6, how do 'Messages' and 'Transactions' relate? Multiple messages (and  signatures) per transaction? Seems to me that this will cause a bloat in the tangle database. But of course no models for typical network use scenarios. so its only a feeling.

Transaction = set of entries. Entry = transfer or message.