Comparison of Byteball and Iota
Quick bullet-point comparison
- First cryptocurrency with DAG-structure to trade on exchanges, 2016 late December.
- Does not require proof-of-work
- Decentralized, not fully trustless. Has 12 witnesses, trust required that majority will not conspire together, users select and can replace witnesses see Witness
- Fair, open initial distribution by proving BTC ownership, spanning a year
- Has fee, the amount of data to store in the network is the amount of currency, bytes, to pay. To store a transactions costs about 520 bytes, full nodes and witnesses colllect/split the fee.
- To pay for goods/service of value 52 000 bytes, the fee would be 1%. Bytes are traded in 1 000 000 000 (1GB) as of (June 2017), total supply is 1 000 000 000 000 000 or 1 petabyte. For todays price of $700 for 1GB, the fee of 600bytes (high estimate) is $0.0004. For fee to be $0.4, the price of 1GB would be $700 000.
- Declarative smart contracts, oracles, user-defined (private) assets, immutable data-storage.
- Community effort, no organized businesses, foundations.
- Uncensored, unmoderated communication channels.
- Began as idea/ICO in 2015, trades on exchange 2017 July.
- Requires Proof-of-Work
- Zero-fee, the transaction is payed for by expending compute-resources doing Proof-of-Work.
- The data-structure DAG also sometimes called Tangle
- Total supply is 2 779 530 283 277 761, traded in (1 000 000, 1Mi). 2.779 petaiota.
- ICO, over-the-counter trade before exchange.
- Developer releases mark milestones as checkpoints in network.
- Has foundation, which has wide business connections and signed partnerships.
- Censored/moderated communication channels.
- Not yet (2017 July) decentralized, has Coordinator/Proof-of-Authority.
A few useful technical discussion links,
Some points of comparison by Tony from Altcoin Spekulant Oct 6, 2016 interview:
|the ordering of transactions is based on main chain||IOTA uses PoW|
|there is no chance of orphaning||parts of the DAG can be orphaned|
|there are deterministic criteria when a transaction becomes final||there are no exact criteria, it is still probabilistic, based on intuition|
|has multiple assets and smart contracts||is a single token currency with only plain payments|
|there are assets that are transferred privately||all payments are public|
This "comparison" page main author: @portabella at the Byteball slack
---copy/paste from Wayback machine