I feel like DLT’s are more of a “northbound” concern than a direct competitor to OCF. Bare minimum, I’d hope that the IoT DLT’s enforce some type of semantic interoperability using oneIota. Ideally, if the OCF wants to integrate iotivity with DLT’s, it might make sense to add support for the interledger protocol (https://interledger.org) as that’s vendor agnostic (W3C open standard with open source reference implementations), DLT-agnostic and supports both messaging and trustless conditional payments (ex: “release funds from escrow once the service has been rendered”).
IOTA has their own issues to deal with. At this time: >they don’t support smart contracts >you can’t prune the transaction history >they haven’t really validated their consensus algorithm on the main net (look >up “iota coordinator”) >they rolled their own crypto algorithms (using a base-3 number system instead >of binary) which has already had issues with collisions >Then there’s the transactions per second limitations, which my googling >suggests is currently around 500-800 tx/s meanwhile visa is closer to 50,000 >tx/s. Sure, you can scale up the number of nodes, but won’t the inter-node >bandwidth be the limiting factor sooner or later? I have no idea whether the >upper limits will be sufficiently high to support the whole ecosystem or be >economical to achieve (not sure if IOTA’s tx/s scales linearly with nodes). If >there ends up being scaling issues, there’s several DLT’s that can handle more >tx/s for a given number of nodes, or you could deploy your own private/side >chain (assuming you care most about messaging and immutable data storage) While most of those issues can be addressed or mitigated, the one thing that really irks me about IOTA is that they claim there are no fees, but what they really mean is that there is no mechanism to pay someone else to do the mining necessary to confirm the transactions which also means there’s no system in place to pay for the execution of smart contracts. As such, rather than relying on traditional economic incentives for miners like block rewards, smart contract gas fees or tx fees, IOTA relies on there being enough of a business case for the Bosch’s of the world to set up these nodes for free such that everyone else can be a freeloader. It wouldn’t take much of a fee (assuming a DLT like zilliqa where each node can handle over 0.5tx/second, assuming a 40usd/month hosting cost, that’s 0.00003usd/tx to break even and that’s not counting block rewards) to incentivize miners as long as the DLT is well designed (ex: zilliqa, thunderella or an off-chain solution like raiden or lightning networks) and that’d let the “invisible hand” handle scaling as opposed to business partnerships. As for Gregg’s comment about resource requirements, I’d argue that IoT/embedded engineering is more about using moore’s law to get cheaper rather than more powerful. There will always be those that want a cheaper linux SoC with 16-32mb of RAM (heck, my employer still uses 4-bit MCUs in production) and until we can hit those pricing sweet spots, you won’t see widespread adoption. From: Gregg Reynolds [mailto:[email protected]] Sent: Saturday, January 6, 2018 3:21 PM To: Scott King <[email protected]> Cc: Mats Wichmann <[email protected]>; iotivity-dev <[email protected]> Subject: RE: [dev] IOT and blockchain On Dec 29, 2017 1:34 PM, "Scott King" <[email protected]<mailto:[email protected]>> wrote: I think there's 2 questions that need to be asked: what can DLT's (ie: distributed ledger technologies like blockchain/DAG/etc) do for IoT, and what can IoT do for DLT's? More specifically: what is the role of OCF in a world of blockchain IoT? (Don't ask what 'blockchain IoT" means. It means something ) There are the big dogs like IOTA (https://iota.org) - just checked, number 10 in the crypto markets. But lots of others out there too. I recall seeing an ICO that was all about letting people sell their iot data. As far as resource requirements: I'm writing this on a cellphone that would have been considered a supercomputer 20 years ago. Today's ultra-constrained widget will be tomorrow's cellphone. So if I'm considering an investment today in IoT tech it is not clear that OCF is a better bet than some blockchain thingee. ________________________________ CONFIDENTIALITY NOTICE: This is a transmission from Homedics, LLC, and the information contained herein, and all attachments are privileged, confidential and proprietary information intended only for the addressee. If you are not the addressee, you are hereby notified that any disclosure, dissemination, distribution, copying or use of the contents of this transmission and any attachments is not allowed and expressly prohibited. If you received this transmission in error, please destroy it and notify Homedics, LLC immediately at (248) 863-3000. CAUTION: Internet and e-mail communications are the property of Homedics, and Homedics reserves the right to retrieve and read any message created, sent and received. Homedics reserves the right to monitor messages by authorized Homedics' associates at any time without any further consent.
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