The connection between IOTA and our FALKOR platform

How we’re using IOTA to get the best from our platform, FALKOR

The development team at ByzGen is always looking at new services and capabilities that we can add to our FALKOR platform. 

This includes innovations in the blockchain, or wider distributed ledger layer, that could help optimise how transactions are created, validated, and stored. 

One such optimisation we’re looking at is having the option to use IOTA within that layer. IOTA is a fundamentally reengineered distributed ledger technology, enabling secure exchange of both value and data. It brings a different approach to distributed validation and storage which can enhance the overall capability of our platform, and therefore increase the value gained and use cases that can be reached by our clients. 

IOTA is also an EU choice for the development of blockchain and distributed ledger technology, which gives us extra confidence that its solutions have real applicability for our clients. 

‍IOTA enhances value ‍

Here at ByzGen we’ve started looking at how we can leverage IOTA as an option, when data is transacted to FALKOR and needs to be validated and stored. 

IOTA brings its Direct Acyclic graph (or Tangle) which is a different approach to how transactions are validated and stored. Essentially it’s a ‘tangle’ of transactions rather than a ‘chain’. Some of the key features are: 

• Direct links between items are created rather than existing in a chain  
• No closed looping or conflict which matches some of the benefits of blockchain usage – an immutable, unconflicted chain
• Transactions are added to tips (usually two tips) of the ‘tangle’ and it’s the edges of the tangle that validate the new transaction into it. So it’s not waiting for a number of peers, nodes, or miners to validate each transaction created. 
• The new transaction will in turn validate the two transaction tips it was attached to meaning the greater the volume of transactions, the faster the validation becomes 
• The trust element of blockchain is brought to the tangle by using cumulative weights for each transaction. These weights confirm a number of other transactions that have been linked to and validated – proving they’re part of the graph
• The full copy of the blockchain doesn’t have to be accessed before new transactions are added. Instead, a small part of the tangle and its transactions are required to create and verify transactions.

By leveraging IOTA we can enhance the value our clients get when their projects or use cases fit the following criteria: 

• Generating a large volume continuous of data transactions 
• Generating micro-transactions that should benefit from a level of trust and assurance in the same way as the larger transactions. 
• Having a large scale of parties in the network 
• Having a number of internet of things devices that need to interact with the network and the data transactions 
• Needing a certain speed of transaction validation at scale.

If you’re interested in blockchain or what our platform FALKOR can do, head over to our website where you can get in touch or book a discovery call.