Peter Todd on IOTA

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Peter Todd is a cryptography consultant who works on scalability, security, and privacy. He's also a long time contributor to Bitcoin Core.

Bitcoin Core

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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 Peter Todd

🔑 0 positive | 💩 2 negative

2018

  • 💩

    IOTA is so batshit crazy they managed to turn a theoretical one-time-signature vulnerability into an actual, practical-to-exploit one.

    2018-03-12 | Full Review

  • 💩

    [IOTA is] useless for [Internet of Things] because the Tangle (DAG) tech just adds complexity without changing the fundamental problem of needing all blockchain data to detect double-spend.

    2018-02-09 | Full Review

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💩

"**Yes, the top 0.2% owns over 90% of the token’s total supply.** This is more than double BTC’s wealth concentration." (bolded in the article)

So? Tether is a tool to move USD around between exchanges. Why is it bad that a small number of exchanges mainly use this tool?

2018-02-09 | Full Review

Antibailout Ethereum Classic gets its first exchange support: https://np.reddit.com/r/EthereumClassic/comments/4t30qf/bitsquare_will_add_ethc_trading_immediately/ …

Hopefully, other exchanges do the ethical thing, too.

2016-07-17 | Full Review

💩

CT is just one of the things Monero has done; ring sigs are another.

Both have trade-offs that Bitcoin doesn't have. For example, it'd be a lot harder to notice a technical failure that allowed inflation in Monero. There are also scalability issues.

2018-07-25 | Full Review

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💩

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

💩

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

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