IOTA is kind of a joke IMHO:
* They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This means it's Proof of Authority instead of Proof of Work, therefore, not decentralized.
* It's 100% premined, which smells as scammy as Ripple. It's not a coin, it's an entity handing you gift vouchers with their name on it.
* I've heard they rolled their own crypto. Yes, let that sink. Haven't verified this myself though.
* There's no way for new nodes joining the network to recover the full history of the transactions (a IOTA speaker told me there are some public FTP servers or something where you can get a copy...). So yeah, it's an "append and forget" blockchain, lol.
Be prepared for a big (&deserved) crash.
* They have this thing called the "coordinator" which is a master-node run by them, which is a single point of failure. The codebase that this node runs is proprietary software. They claim there will be no need for this masternode in the long run but they never say any ETA about when to remove it (which hints that removing it may always expose the security flaws of their network). This means it's Proof of Authority instead of Proof of Work, therefore, not decentralized.
* It's 100% premined, which smells as scammy as Ripple. It's not a coin, it's an entity handing you gift vouchers with their name on it.
* I've heard they rolled their own crypto. Yes, let that sink. Haven't verified this myself though.
* There's no way for new nodes joining the network to recover the full history of the transactions (a IOTA speaker told me there are some public FTP servers or something where you can get a copy...). So yeah, it's an "append and forget" blockchain, lol.
Be prepared for a big (&deserved) crash.