The IOTA Foundation has implemented a new hash algorithm in the IOTA cryptocurrency system . This should make Tangle (distributed registry, system) more secure. A new hash function Troika developed by the leading cybersecurity company CYBERCRYPT.
Previous IOTA hash functions
Troika is not the first hashing algorithm in Tangle. Initially, the system used the hash function Curl. But as stated by one of the creators of IOTA, David Sanstebe, this option had to be stopped due to the lack of funds to attract top cryptographers in the initial stages of the project.
In September 2017, a critical vulnerability was discovered in the Curl algorithm, and then IOTA switched to Keccack-384. However, the team planned to develop a unique algorithm for the platform, and for these purposes hired specialists from CYBERCRYPT in November 2017. The development team was headed by Andrei Bogdanov, who had previously created a reliable Spongent mechanism.
The IOTA Foundation launched a bounty among testers, hackers and developers to identify possible vulnerabilities of the new algorithm. The one who first hacks Troika will receive 200,000 euros from IOTA.
David Sanstebe noted that he wants to attract as many people as possible to “hacking”. Although the industry believes that no testing and contests among hackers can match the testing, which the algorithm will take time.
In comparison with the previous algorithm, Troika wins not only reliability but also energy efficiency. The hash function reduces power consumption and does not use computing power so intensively, allowing nodes to operate autonomously. This is extremely important for the Internet of things, where millions of nodes perform tasks every second.
Against the background of this news, the IOTA rate has grown by almost 50%. On December 15, the cost of 1 mIOTA fell to 21 cents, and on December 21-22, it returned to the level of 0.32-0.34 USD.