January 23, 2018 @ 12:35 am By JD Alois The IOTA Foundation is one of the more fascinating entries into the cryptocurrency world. A high profile concept that has encountered controversy almost from the beginning, the German based company has made big promises while being pin-balled around by criticism and plaudits alike.
IOTA has been described as a Bitcoin usurper with their Blockchain replacement called “tangle” designed to be far less costly than a BTC transaction. IOTO can be a currency but it is also targeting the data collected by connected devices.
The Internet of Things (IoT) generates loads of information but this data is not widely utilized and tends to be isolated for single purposes. IOTA wants to put this information to work in a decentralized marketplace making it more actionable and more valuable.
Just this past week, IOTA was hit with an attack of sorts with claims that $4 million in IOTA was stolen. According to a post on Medium, this is what happened; “On January 19th, 2018, some IOTA users lost their funds to an unknown attacker.
The root cause that allowed this to happen was users who chose to rely on online generators to create their seeds. From what I’ve heard, many users who lost their funds created their seeds at iotaseed.io (not linked here for obvious reasons). Read more from crowdfundinsider.com…
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