Recently, a number of well-known experts on security and cryptography professors have used Twitter to appeal to investors with an appeal not to invest in the cryptocurrency IOTA, and developers — not to cooperate with the project in increasing the security of the system.
Posts an appeal appeared on Twitter shortly after the panel of external security experts was published the correspondence among community members IOTA, reflecting clearly negative response of developers to the disclosure of a critical flaw in one of the cryptographic building blocks of the platform. In particular, in an electronic message of the founder of the IOTA Ivancioglo Sergey (Sergey Ivancheglo) the member of the security group from Boston University contains threats of prosecution that has caused many researchers to the conviction of the project.
Among the condemned the conduct of the team IOTA is Matthew green (Matthew Green), an expert in applied cryptography from Johns Hopkins University, one of the creators of the popular cryptocurrency and open source zcash for.
In the community of IOTA, there are many people who believe that the system that currently relies on the decision of the Central operator, called the “coordinator”, not as decentralized as advertised. Those who adhere to this position, such as Rick Dudley (Rick Dudley), counselor for the architecture of the blockchain and consultant from new York, noted that the team behind the platform IOTA, made it extremely difficult for outside researchers to evaluate the technology.
“Basically, what they did provided multiple sources and documents that describe only part of the system. The rest of the system secret. That is absolutely contrary to the objectives (of the project), “says Dudley.
These disputes seem to have led to the fact that last summer, the IOTA team invited a group of researchers security of Digital Currency Initiative (DCI) from MIT to search for vulnerabilities. After checking the team, led by Ethan Heilman (Ethan Heilman), an expert in security Affairs from Boston University, really found the problem. Researchers have uncovered IOTA developers that they created a custom hash function Curl is vulnerable to differential cryptanalysis.
The developers of IOTA accepted the advice of scientists, replacing them with an experimental cryptographic tool on a proven alternative. But then IOTA has challenged some of the findings of researchers, and eventually suggested that their publication is an academic fraud.
Capitalization of cryptocurrencies IOTA is currently about $5,37 billion, and this cryptocurrency is in the Top 10 ranking of service CoinMarketCap.