IOTA market is experiencing a not all that great phase with all the email leaks, conspiracies, and hacks. It came into the market with a ton of hype around its name and boasted of being a groundbreaking open source distributed ledger that does not have a place with the blockchain. Concentrated on the Internet of Things (IoT), it utilizes a quantum proof protocol called Tangle that offers quick transactions, zero fees, secure data transfer, and endless scalability.
There is by all accounts a ton of guarantees, in any case, we presently can’t seem to see a significant genuine use of this innovation, not at all like Blockchain which is as of now being used on a wide scale.
In 2017, the team of IOTA connected with a MIT affiliated research group, Digital Currency Initiative (DCI) to test the Tangle for any vulnerabilities. The group expressed that they have been fruitful in executing an attack against their framework:
“We have found serious cryptographic weaknesses in the cryptographic hash function Curl used by IOTA, Curl. These weaknesses threaten the security of signatures and PoW in IOTA as PoW and Signatures rely on Curl to be pseudo-random and collision resistant.”
This 124-page email conversation amongst DIC and IOTA was leaked that debates over the alleged vulnerability in IOTA’s framework. In any case, later IOTA declared on its official medium page that there is no real weakness in its protocol fundamentally as those protocols were set up as a copy protection mechanism.
IOTA has evidently taken a shot at their weakness, however it didn’t prevent the hackers from stealing from them. Back in January, this year, IOTA likewise endured a phishing attack and lost about $4million worth of IOTA digital currency. The hacker utilized the private keys of the IOTA wallets to steal clients’ money from their accounts.
The site iotaseed.io was made by the hacker in August that the hacker connected to GitHub repository and advertised it as online IOTA seed generator. In the meantime, the DDoS attack occurred that kept the developers of IOTA occupied, however the team denies any relationship between the two.
In view of Direct Acyclic Graph (DAG) concept, IOTA has its rivals in Byteball and Hashgraph that takes after the comparable idea that charges the transaction fees. IOTA’s rivals positively have far prevalent features particularly Byteball that is significantly more productive for crypto operations and to be utilized as a part of this present reality which is by all accounts underpriced also.
In spite of the fact that no vulnerability has been found in IOTA’s framework, the email leak “conspiracy” and the hack has absolutely put a damper on the popularity and in addition the credibility of IOTA digital currency. This impact can likewise be found in its prices as it is as of now riding on $1.88. It won’t be surprising if the prices fall significantly further unless the IOTA team concocts something generous to offer its clients.