UCL to Terminate Cooperation With IOTA Foundation

This is a response to the legal threats made by IOTA foundation against cybersecurity researchers
21 May 2018   1115

Patrick McCorry, a security researcher at the University College London (UCL), published an official statement that emphasized that researchers should not be victims of lawsuits because of the results obtained and added that other universities and colleges must follow UCL and discontinue communications with funds that threaten researchers with lawsuits. This is reported by CCN.

UCL Centre for Blockchain Technologies is no longer associated with the IOTA Foundation. In relation to recent news report, we reaffirm our support for open security research, as a prerequisite for understanding the assurances provided by any blockchain technology. It is inappropriate for security researchers to be subject to threats of legal action for disclosing their results.

UCL Statement

In February Ethan Heilman of Boston University, along with a group of researchers from the Digital Currency Initiative (DCI), published a report describing the lack of IOTA hash function called Curl. The report, entitled "IOTA Vulnerability Report: Cryptanalysis of the Curl Hash Function Enabling Practical Signature Forgery Attacks on the IOTA Cryptocurrency,", says that the encryption used by IOTA makes the network vulnerable to counterfeiting of signatures and theft of funds.

Almost immediately after the release of the report, IOTA co-founder Sergey Ivancheglo said in social networks that a group of lawyers is working on a lawsuit against researchers. Dan Guido, CEO of the security research company at Trail of Bits, commented that e-mails sent by the IOTA Foundation showed that the company is not mature enough and does not show any motivation to eliminate the detected vulnerabilities.

In turn, the IOTA Foundation claims that it has never threatened researchers and that it encourages research on the cryptocurrency. At the same time, although Sergey Ivancheglo is co-founder of the IOTA, he does not participate in the work of the IOTA Foundation at all. This was confirmed by Ivancheglo himself, who in his blog wrote that the conflict that has arisen is personal, between him and Heilman.

From the point of view of the IOTA, the UCL response is based on the misinterpretation of the participation of IOTA co-founder Ivancheglo in the IOTA Foundation. IOTA co-founders are not part of the Fund, and the IOTA Foundation is open to research and constructive criticism.

Jaguar Land Rover to Partner With IOTA

As their ultimate goal, developers call the reduction of accidents and traffic congestion; these news had great impact on token's price
29 April 2019   415

The largest British automaker Jaguar Land Rover has started testing smart contracts based on the IOTA blockchain. According to Reuters, the program being developed is a smart wallet embedded in cars.

The new service will allow participants to receive IOTA tokens for providing information about road congestion and road pavement status, as well as for participating in the ridesharing program. Subsequently, drivers will be able to spend them on paying for parking or charging electric cars.

As their ultimate goal, developers call the reduction of accidents and traffic congestion.

It is known that this technology will be used in Jaguar F-PACE and Range Rover Velar. The launch date of the software for the mass consumer is unknown.

IOTA 24h Price Chart
IOTA 24h Price Chart

These news had great impact on the IOTA price. It rose for almost 14% in 24 hours and is being traded around $0.3.