IOTA news: New details about Deposy, listing at Delta & CC 2020

  • The IOTA Deposy team has published new details on the functionality of the Deposy Non Transactiontime Algorithm (NTA).
  • Other IOTA news are the listing on the Delta exchange with 20x leverage and the invitation of IOTA co-founder Dominik Schiener to the European Command Control Cybersecurity Summit 2020.

The developers of the IOTA Deposy project have published new details on how the technology works. As CNF reported, the developers achieved a major breakthrough at the end of last year in the development of a new algorithm that will allow the project to achieve the necessary scalability. In a new blog post, it was revealed how the Deposy Non Transactiontime Algorithm (NTA) operates.

IOTA Deposy fights the problem of plastic waste

The developers of the project, BIOTA, have developed a reward system to create an incentive to separate waste. To this end, they have designed a deposit system for plastic products. The plastic products are provided with a special QR code that contains information on the CO2 footprint as well as the plastic composition and the recycling rate.

This data is stored on the IOTA Tangle and is relevant not only for the environmentally conscious consumer, but also for the deposit machines, the recycler or reuser. According to the blog post, the data could become even more important in the future if governments and cities worldwide follow the example of the German city of Tübingen. On 31.01.2020, the city decided on a tax for disposable packaging. The mayor Boris Palmer explained that the disposable culture must come to an end (freely translated):

The disposable culture in the cities lives from the fact that the cities spend millions to dispose of the waste.

As BIOTA writes in the blog post, it is conceivable that such taxes as in the German city of Tübingen could in future be compensated by a recycling quota, to which the Deposy solution could make an important contribution.

How the Deposy Non Transactiontime Algorithm (NTA) works

The Deposy NTA allows to generate product ID’s independent of transaction times in the IOTA Tangle. Without the NTA, each new transaction would have to wait until the previous one is confirmed before the next product ID can be initiated. With the NTA, large amounts of Deposy product ID’s can be generated in a very short time, which is of great importance on an industrial scale.

The Deposy NTA could thus create the conditions for the Deposy to be used in a machine economy, where the individual machines are able to handle the creation of a product ID themselves. With Deposy NTA, value transactions can be processed in parallel on both the software and hardware side, independent of the confirmation of other transactions.

In detail, this is done in such a way that the Deposy server receives a manufacturer request for the product ID. The server then automatically processes all data in the request and opens a session (to start a transaction). The transaction is then automatically prepared and sent to the Tangle. The system waits until the transaction is confirmed. If this takes too long, an automatic “reattach” is performed. This means that the transaction is reattached to another point in the Tangle.

Once the transaction is confirmed, the QR code is sent to the seller and the session is closed. The vendor can process the QR code and release it to the market. To illustrate the confirmation of a transaction in the deposit system, the Deposy Team has created the following video.

More news on IOTA

Rumors have been circulating for several days that IOTA (MIOTA) will be listed on another exchange after its listing on Bittrex. The secret has now been revealed by the Delta exchange, which has launched a perpetual contract for IOTA with a leverage of 20x. The perpetual contract offers the opportunity to combine the profits of the underlying spot market with the additional benefit of leverage.

Another news from the IOTA universe is the participation of IOTA co-founder Dominik Schiener at the European Command Control Cybersecurity Summit on March 3rd, 2020, where Schiener will give a presentation on how IOTA Tangle technology can serve as a layer of trust in a digital economy. Specifically, according to the agenda, Schiener will explain what the current state of the technology is and how it could be introduced. The agenda states:

By solving the inefficiencies of the Blockchain, IOTA, based on the revolutionary distributed ledger technology, the Tangle, is the missing link for the Internet of Everything and Web 3.0. Powering a secure, scalable and feeless transaction settlement layer, IOTA will empower machines and humans to participate in flourishing new permissionless economies.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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