3/2/2024 0 Comments Visualize iota tangle![]() In order to confirm transaction the node performs as follows: Cumulative weight of other transactions increases by 3 (weight of X). ![]() When a new transaction X arrives and approves A and C, it becomes the only tip. In the top picture the only unapproved transactions are A and C. Cumulative weight of F is 9 = 3 + 1 + 3 + 1 + 1, addition of the weight of F and the weights of A, B, C, E. For instance, transaction F is approved, directly or indirectly, by transactions A, B, C, E. Small numbers in SE corners (transactions) denote the weights of transactions and (large) bold numbers denote cumulative weights. Cumulative weight of a transaction is its own weight plus the sum of the weights of all transactions by which it is approved either directly or indirectly. In practice, the weight can only be values 3 n where n is a positive integer that belongs to some nonempty interval of acceptable values. Weight of transaction is proportional to the amount of work the node invested in it. For that purpose we use the concept of weight and cumulative weight of the transaction. It means that in case of multiple approvals double-spends become almost impossible. The idea is that as a transaction gets more direct and indirect approvals, its acceptance by the system grows. Nodes check lack of conflicts and do not approve (directly or indirectly) any conflicting transactions. ![]() Should there be the path between A and B greater than at least two arrows, then A indirectly approves B. Each new transaction approves the previous two and those approvals are represented by directed arrows (time goes from left to right). The DAG network consists of transactions. Therefore instead of a traditional blockchain IOTA uses DAG, directed acyclic graph, that is called Tangle: In IOTA there is no separation, it is a fully self-sustaining network, there are no miners, and users confirm transaction of other users by themselves. In classical blockchain verification is completely separated from users so it is necessary to pay for transaction verifications to miners or stakeholders. Development of the project was financed with the funds collected through the ICO. Nothing was reserved for the team, fund or else. In 2015 IOTA held an ICO and collected 1337 BTC. Thus, one million iota is called Megaiota or Miota (Mi), which is also considered to be the basic unit of iota used for trading at cryptocurrencies exchanges. Names of larger units are made by adding numeric prefixes same as in metric system to the word Iota. The smallest unit in IOTA is iota, named after the smallest letter of the Greek alphabet. This amount is contingent on the idea that tokens will be used for micro transactions, besides this number lines up with the number MAX_SAFE_INTEGER in Javascript. All this is achieved through using a directed acyclic graph (DAG) instead of blockchain.Īll IOTA tokens were created in a genesis block, in total there are (3 33 -1)/2 tokens (around 2.78 quadrillions). IOTA transactions are free regardless their size, transaction confirmation period is insignificant (depends on network size, see section «Performance and scalability»), number of simultaneously processed transactions is unlimited, and the system itself can be easily scaled. IOTA creates a network without any disadvantages.
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