IOTA has just survived the mess around the official Trinity Wallet halfway through, and there is already a threat of disaster: Co-founder Sergey Ivancheglo (CFB) announces a new variant of IOTA and hopes that this project will convince the crypto scene.
In the still young crypto year 2020 not a week goes by without IOTA in the headlines: But this time it is not the suspension of the Mainnet for financial transactions because of serious security holes in the official Trinity Wallet, this time the bitter financial dispute between the founders catches up with IOTA. Sergey Ivancheglo aka Come-from-Beyond (CFB) advertises in a blog post to turn his back on the previous project IOTA and join his allegedly future-proof vision of IOTA.
What CFB intends to do with IOTA
Sergey Ivancheglo had already left the IOTA Foundation in the summer of 2019 under strange-looking circumstances. But his word still carries a certain weight in the IOTA community, because CFB is considered the technological mastermind behind the project. Now he has obviously lost his collar, because he names three points where IOTA could fail in its aim to become the standard in the Internet of Things (IoT):
- IOTA is not armed against future quantum computers, says CFB, and could therefore lose value massively through large hacks
- As IOTA opens up to Atomic swaps, performance suffers and smaller devices are potentially excluded from Tanglenet, according to Come-from-Beyond
- CFB’s indication that the use of static IOTA addresses will lead to a loss of speed also in the direction of scalability.
Sergey Ivancheglo understands his criticism as constructive, because he proposes to present an alternative to the current IOTA. It should again be called IOTA, he would like to have the previous token called IOBA by force of the investors, whereby the “B” should stand for binar, the weak point in the matter of quantum computers. CFB’s vision is basically a kind of hard fork, which, however, is not technologically possible at IOTA due to the central coordinator, but is supposed to work by persuasion. Ivancheglo’s proposal is: Exchange your old IOTA 1:1 for the new IOTA. Then you will experience how under my leadership IOTA will really develop technologically and profit accordingly from the increase in value. So far, the initiative has earned him several hundred signs of approval.
Does IOTA threaten to split through Come-from-Beyond?
IOTA as a crypto currency has been experiencing massive difficulties for a long time, the former showcase project has become a coin that is no longer even in the TOP 20 of the most important crypto currencies in terms of market capitalization. The criticism this time by CFB as the actually appointed voice can also be read as a settlement because of personal bitterness. Sergey Ivancheglo seems to be going it alone; for such far-reaching proposals as he formulates, he would need well-known supporters. CFB apparently lacks them and therefore his warning and his alternative will probably fizzle out in nowhere. But the eternal harassing fire at IOTA is damaging the whole project – whether homemade like at the Trinity Wallet or from outside through CFB.