Serguei Popov On "Why IOTA Is All About Freedom" - IOTA News
Why IOTA is all about freedom? Serguei Popov intends to explain it
In a series of blog posts
The IOTA network is certainly one different distributed ledger technology (DLT). Alone with its Directed Acyclic Graph (DAG, also known as the Tangle), it diverts from the more popular Blockchain approach to this type of technology, and this has resulted in several characteristics that establishes the way it behaves.
And the IOTA Foundation is taking the opportunity to explain how these characteristics are shaping the benefits that its platform offers. “IOTA and Freedom” is the title of the first in a series of blog posts by none other than the mathematician and Co-Founder of IOTA, Sergei Popov.
"IOTA is Freedom"
In this first entry, Popov gives a brief introduction as to what is ruling over the nodes behavior, starting with the reason why miners, unlike other blockchain projects, are non-existents and how this influences their model of a crypto ecosystem with no transaction fees.
“To get rid of the fees one has to get rid of miners,” he said. “Without miners, the system needs to be collaborative: the users would have to help themselves by vetting each other’s transactions.”
However, this brings a good hand of problems, such as “free riders” or people using the system without contributing to it; and the dilemma of using certain rules to define the behavior of the nodes that could potentially affect honest nodes negatively, while opening the gates for hackers to access the system.
One rule for all
In order to fight them and make this model sustainable, Popov (along with Sergey Ivancheglo) came up with the idea of forcing any transaction to approve two previous tips (transactions pending for approval).
That was the only absolute rule they imposed for the behavior of nodes. What transactions a person must approve or how they do this is up to them. In Popov’s words, IOTA is “truly open” in this sense, as anyone on the network can accept any transaction they want.
Because of this, they can propose a set of laws that will be accepted or rejected by the nodes voluntarily, thus building a functional “society”. In other words, actors on the network can behave in a more natural way, for they can adopt whatever set of rules that can benefit the system and help them in defending against the aforementioned hackers and free riders.
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