Richard Heart Affirms That IOTA is a Testnet and That It Should Die
Richard Heart is a blockchain thought leader among the industry and it looks like he does not like IOTA very much if you are going to judge by his newer comments. He recently spoke with the Swedish youtuber Ivan Liljeqvist and attacked IOTA severely stating that the IOTA network is “nothing”, only a “testnet” that “should be burned to the ground”?
Why Does Richard Heart Hates IOTA So Much?
Basically, Richard Heart is hurt. When you take this issue to the core, it’s really about the fact that he lost a lot of money using IOTA, which gave him a very upsetting experience. According to him, he saw his money appear and disappear before his eyes.
That is why he hates it so much and calls it a testnet for anyone who wants to hear. According to Heart, a blockchain that makes people lose millions of dollars and never be able to get it back cannot be anything more than a testnet.
Is Is Risky To Invest in IOTA?
So, you should be asking to yourself right now “should I invest in IOTA”? According to Heart, no. The IOTA blockchain is powered by the Machine Economy and it has fee-less microtransactions to keep the integrity of the data. He believes that the software is very poorly designed, though, and there lies the main problem.
The design, if you believe Richard, is so poorly designed that you can barely understand it and, as the wallet is a collection of someone private keys, your wallet is basically your private keys according to Heart, which means that you do not really have a wallet, so you do not really have security. He states that IOTA is a piece of node software and nothing more, it does not store anything of value at all.
Because of this, following Richard Heart’s theory, an insecure number generator will make the individuals that use the software lose their money. By having a node interface in which you “magically generate your own key”, you use a weird and insecure parameter to do it.
All these issues prove that maybe the IOTA blockchain is not as safe as a lot of people would believe. Do you believe Richard Heart of you rather try the IOTA network for yourself? The decision is up to you.