Iota va SafeCoin (and other threats)

I was envisioning SafeCoin to be taking the IoT world by storm.
What I see here is that MaidSafe probably “inspired” a bunch of people of new approaches, and they are all stealing it’s thunder.
Storj with storage, Golem with computing, now IoTA with currency, Scuttlebutt with communication, what’s gonna be next?

Once the public feels each tiny project satisfies their basic needs, there is the risk of repeating the history of becoming the Betamax, Xanadu or the MiniDiscs of crypto. Timing is everything.

It will be utterly frustrating if we lose the race, being so close to fruition.

@Jabba you had experience with IOTA, what advantages do you see over SafeCoins?

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The tangle’s advantages are that it is centralised and controllable. It comes from a completely different ideological position. It is about business and efficiency, not freedom or privacy. It is feeless and it does scale, but it still requires PoW from the wallet conducting txs (you do your own mining so no fees) and it will never complete a tx in under a minute (it takes same kind of time as btc atm). IOTA is the only viable solution to IoT backbone right now.

I think ‘Tangle’ could well be the future of blockchain and it could certainly be the Eth killer, that’s what interested me about IOTA back in 2015. I still think SAFE is a lot more than blockchain or tangle though.

I’m not worried myself, not yet anyway. I think IOTA will get more traction in IoT and from big businesses at this stage, but if SAFE works it will eventually swallow the world and whatever was built before will be rebuilt in the new paradigm.

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Thanks Jabba, If you find more projects like these (that touches tangentially some SafeNetwork properties) let me know please.

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Nvm, I checked the project more deeply, and it is not a threat to SafeCoins at all.
There is no substance to the hype.

I’m not sure that’s entirely true. I agree that it’s no real threat to safecoin because they are on very different paths, but safecoin does not yet exist. As we stand at the moment it’s the only functional option for feeless and scalable micro txs. Carsten Stocker is using it with Eth in his Innogy ‘car charging point’ dev tests next week.

Like everything else in crypto atm, it is more hype than reality for now I agree. I’d be interested if you can point me to any specifics that you think make iota a less impressive innovation than you first thought though. I’m not the most technical guy, but from what I’ve learned over the last 2 years there is a fair amount of potential in the tangle design (although it still needs more work ofc).

Anyway, I’ll be liquidating my iotas for more safecoins during this release bubble regardless… the only thing I’m sure of is that SAFE is still undervalued :wink:

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I was about to get some IoTA, but they are valuing for more than 1 billion dollars for a proof of concept that is not even properly validated.
The hype is strong in that one, so I think it is a nice moment to unload IoTAs right now.

PoW doesn’t seem to be ideal for embedded systems, and there are dreadful confirmation times, and you can’t make any other transaction until the first one you made clears out otherwise it stays in limbo as a double spend.
There are some other issues in the quality of the code.

SafeCoin will be way more efficient by design, even though it is not implemented yet. In principle, it should blow IoTA out of the water.
And at this stage, it is not just blind faith, we can see already that all the crucial moving parts of the SafeNetwork are handling the tests pretty well.
We still have to see the whole thing put together, but so far everything has been extremely encouraging that there aren’t any fatal design flaws to the concept.

I see IoTA as what the bitcoin network should had been, but it is still technically inferior to SafeCoin.

PS: I can breathe again.

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Yeah, I would not recommend buying any now. It’s done 2000x from ico :scream: and it is more hype than substance for now.

We’re on the same page I think. :slight_smile:

IOTA’s similarity to MAID, SIA, and a couple other other blockchain tech is: **decentralized computing/storage **. Aside from that it seems like IOTA is nothing new in terms of blockchain tech. They’re actually jumping into one of the two saturated blockchain markets, which is decentralized storage/computing.

The main reason why MAID stands out and has greater potential than these similar technologies, is MAID is developing a network with an entire new protocol to build the foundation of the future of the internet. The safe:// protocol is one of a kind and the other techs like SIA and IOTA are only providing an alternative to MAID’s approach to decentralized computation. They are not building a new protocol for the internet, only decentralized storage.

Maybe MAID’s network could even potentially support tech like SIA and IOTA into their network, but honestly they don’t really need to since the safe network will have it’s own decentralized computing.

Overall MAID project is much more massive and farther along in development.

Remember MAID has been around since before bitcoin. David Irvine will see this project through.

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