Difference between revisions of "Comparison-IOTA"

Revision as of 13:52, 11 March 2018

This article is a comparison of Byteball and IOTA.

First cryptocurrency with DAG-structure to trade on exchanges, 2016 late December.
Does not require proof-of-work
Decentralized, not fully trustless. Has 12 witnesses, trust required that majority will not conspire together, users select and can replace witnesses see Witness
Fair, open initial distribution by proving BTC ownership, spanning a year
Has fee, the amount of data to store in the network is the amount of currency, bytes, to pay. To store a transactions costs about 520 bytes, full nodes and witnesses colllect/split the fee.
To pay for goods/service of value 52 000 bytes, the fee would be 1%. Bytes are traded in 1 000 000 000 (1GB) as of (June 2017), total supply is 1 000 000 000 000 000 or 1 petabyte. For todays price of $700 for 1GB, the fee of 600bytes (high estimate) is $0.0004. For fee to be $0.4, the price of 1GB would be $700 000.
Declarative smart contracts, oracles, user-defined (private) assets, immutable data-storage.
Community effort, no organized businesses, foundations.
Uncensored, unmoderated communication channels.

Began as idea/ICO in 2015, trades on exchange 2017 July.
Requires Proof-of-Work
Zero-fee, the transaction is payed for by expending compute-resources doing Proof-of-Work.
The data-structure DAG also sometimes called Tangle
Total supply is 2 779 530 283 277 761, traded in (1 000 000, 1Mi). 2.779 petaiota.
ICO, over-the-counter trade before exchange.
Developer releases mark milestones as checkpoints in network.
Has foundation, which has wide business connections and signed partnerships.
Censored/moderated communication channels.
Not yet (2017 July) decentralized, has Coordinator/Proof-of-Authority.

By Tony from Altcoin Spekulant Oct 6, 2016 interview:

Byteball	IOTA
The ordering of transactions is based on main chain	IOTA uses PoW
There is no chance of orphaning	Parts of the DAG can be orphaned
There are deterministic criteria when a transaction becomes final	There are no exact criteria: it is still probabilistic, based on intuition
Has multiple assets and smart contracts	Is a single token currency with only plain payments
There are assets that are transferred privately	All payments are public

@@ Line 27: / Line 27: @@
 By Tony from Altcoin Spekulant Oct 6, 2016 interview:
-{|
+{| class="wikitable"
-!Byteball
-!IOTA
 |-
-|the ordering of transactions is based on main chain
+! Byteball !! IOTA
-|IOTA uses PoW
 |-
-|there is no chance of orphaning
+| The ordering of transactions is based on main chain || IOTA uses PoW
-|parts of the DAG can be orphaned
 |-
-|there are deterministic criteria when a transaction becomes final
+| There is no chance of orphaning || Parts of the DAG can be orphaned
-|there are no exact criteria, it is still probabilistic, based on intuition
 |-
-|has multiple assets and smart contracts
+| There are deterministic criteria when a transaction becomes final || There are no exact criteria: it is still probabilistic, based on intuition
-|is a single token currency with only plain payments
 |-
-|there are assets that are transferred privately
+| Has multiple [[asset]]s and [[smart contract]]s || Is a single token currency with only plain payments
-|all payments are public
+|-
+| There are assets that are transferred privately || All payments are public
 |}