The IOTA company developed a new hashing function and is offering a reward of US$220 thousand to who find vulnerabilities. Developed by Cybercrypt, the new hashing is called Troika and shall integrate definitely integrate the cryptocurrency architecture. Extremely important to cryptocurrencies, th hashing function guarantees the integrity of the blockchain. In iota’s case, the cryptocurrency uses a proprietary Distributed Ledger Technology (DLT) that specialists do not consider a blockchain. Besides that, the hashing function have the same value to iota’s DLT as any hashing function to his cryptocurrency blockchain.
The challenge proposed by IOTA has two layers, called “collision” and “preimage” problem. The first focus on find two groups of data that generate the same hash. The second tries to find a way to predict the hash generated by the function. Therefore, the challenge search for hackers able to crack the Troika function.
Researches to improve the Distributed Ledger Technologies
Enforces to improve the DLT scalability have generated many researches focused on this technology. Solutions as Hedera Hashgraph provides more scalability, but give up of the decentralization concept. Therefore, IOTA preferred to bet on a proprietary solution for the construction of its cryptocurrency.
The challenge launched seems to be a answer to the critics of MIT in 2017, when the institution as analyzed the iota’ source code. According to the University, the function has not been enough tested to assert that it doesn’t have vulnerabilities. However, this time IOTA try to guarantee that his function have credibility before integrate it to the DLT. This research and development provided by cryptocurrencies companies shall benefits all the crypto world.
The IOTA’s challenge has noticed by the web portal The Next Web.