Noah Ruderman on IOTA

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Noah Ruderman is an engineer at Facebook and also is an advisor for Storecoin.

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IOTA is a cryptocurrency that's based around Directed Acylic Graphs (DAG) rather than PoW or POS consensus mechanisms. IOTA is aimed at removing the need for blocks and transaction fees.

Finance and payments

IOTA reviews by Noah Ruderman

🔑 0 positive | 💩 2 negative

2018

  • 💩

    IOTA, made by the same geniuses who rolled their own cryptography without peer review, harassed the cryptographers who found the vulnerability, and tried to cover it all up with increasingly absurd excuses.

    2018-11-21 | Full Review

  • 💩

    IOTA is disputing this in part because

    - they lack a functional understanding of cryptography to the extent that they are taking the informal answers of security.stackexchange.com as rigorous definitions;

    - they lack any natural intuition about how to think about security, to the extent that they are rolling their own crypto and testing it on production systems without peer review; and

    - they lack the social skills to accurately interpret the more qualitative aspects of these textbook definitions, such as what the word “negligible” means.

    2018-03-04 | Full Review

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💩

The problem is I don't think XRP has a use case. Currently its intended use case is highly speculative, yet unproven. Banks are still uninterested in the token XRP six years after Ripple was incorporated. Banks are not clueless.

2018-06-09 | Full Review

🔑

The biggest competitors for LTC and BCH? Stellar and RaiBlocks. These coins were architected for payments that provide low / zero fees, high throughput, and fast confirmation. They provide these solutions today, and there are no hidden tricks like subsidizing transactions.

2018-01-01 | Full Review

🔑

I have a positive impression of the Litecoin community, but I'm not optimistic about LTC's future.

2018-04-15 | Full Review

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💩

IOTA in its current form does not provide any censorship resistance, since the path of the tree is centrally directed through a Coordinator node run by the IOTA Foundation. As such, IOTA is no more decentralized than an Apache Kafka cluster, or Ripple and their Unique Node List.

2017-06-14 | Full Review

💩

While IOTA was one of the first major projects to build a DAG instead of a blockchain, we find that the approach taken by the IOTA team presents many reasons to be highly concerned. While DAG-based systems may form an important part of the future of the crypto ecosystem, we have reservations about the DAG implementation of IOTA, as listed above.

2018-01-23 | Full Review

💩

Most of the stuff in this space doesn't get actively exploited. Look at BTCP or IOTA, both terribly, hilariously insecure, and, yet . . . nothing. That doesn't make them secure; it only means there is lower-hanging fruit for people to exploit.

Matt Corrallo, Engineer at Chaincode Labs and Bitcoin Core Developer

2018-06-03 | Full Review

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