Iota is now the 10th largest crypto-currency with a market cap of 2 billion dollars and many people believe that its the crypto currency of the future as it promises 0 fees and infinite scalability.
So today I am going tell you why iota is going to fail.
1. Iota does not use a Blockchain.
Iota does not use a blockchain it uses a new technology called a tangle, The Tangle stores transactions in a series of Directed Ayclic Graphs(DAGs).
A tangle is able to offer 0 transaction fees as each person who wants to sent iota has to validate 2 other transactions and when each person validates 2 transaction the network becomes incredibly scalable and iota network becomes faster with more TPS(Transactions Per Seconds) i.e iota has successfully eliminated the need for miners and has solved the problem of low scalability of traditional blockchain based crypto-currencies.
Don't Worry All Good Things Must Come To An End
Iota shows a lack of technical judgement as it uses a balanced Ternary which is a numeral system that has 3 digits,-1, 0 and 1.
The iota team said that they used the Ternary system because of 2 reasons.
1. Ternary processors are theoretically more efficient that binary processors.
2. Certain Mathematical Constructs are better represented with the Balanced Ternary.
Let Get Practical.
Iota was made to be used with existing hardware, But all existing Hardware now is completely binary.
This means that all of iotas internal ternary notation has to be encapsulated in binary, This will result in increased storage and computational overhead.
Iota cannot be successfully implemented into the present hardware and even if it is it will cause a significant wastage of both storage and computation power.
Iota Violates The Most Basic Rule of Cryptography.
Iota violates cryptography's best practices i.e Don't Roll Your Own Crypto and this has resulted in a lot of vulnerabilities in the system and a team led by Neha Narula found many vulnerabilities in iota's hash function curl and the one of iota's co-founder (Sergey Ivancheglo) claimedthat they had deliberately added the flaws in the curl hash function as a 'Copy Protection'.
Iota Is Not A Good Player In The Open Source Industry.
If iota did not want people to copy their code they could have licenced it in a manner that prohibits its reuse in any way that they are not happy with.
This shows the iota team's attitude toward the open source community.
I can't understand who the hell deliberately adds such huge flaws into their product to make sure that no one copys their product.
I personally believe that the flaws were already there and it's was just a face-saving effort by admitting that the vulnerabilities were added deliberately.
