Finally IOTA financial management system almost ready, thanks to CarrIOTA Hercules

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Over the past nine months, the IOTA (MIOTA) development team has been scratching their heads on how to complete a financial management system. The team wants a system that is easy to use and also ne that will be economical in terms of space and power consumption.

The team has been successful in developing segments of the system that include: Romeo, CarrIOTA, Nelson, Bolero, Field, and Hardware node. However, the final hardware node should run on a small computer that is affordable and can run wirelessly.

Romeo is the UX layer. CarrIOTA is the application layer. Nelson, Bolero and field are the network layer. Hardware Node is the hardware layer. The core layer, which is supposed to be an IRI, is the missing link which should be between the network layer and the hardware layer.

But with most IRI, memory is a factor. Most of them require above 4GBs to operate. In addition, they also require a high input/output as long as it is running.

Also, since the IRI that are currently affordable in the market are not very cheap, it would be pointless to use these in making the management system since the system would end up being too expensive for the common user to acquire.

After a great toil, the development team did away with using IRI and came up with Harcules, a name that comes from a carrot species that does very well under poor conditions like rocky places. The name simply stands for a survivor.

What is CarrIOTA Hercules?

Hercules is basically an IRI that is slimmer, faster and smarter. It is the perfect solution to the IOTA (MIOTA) Financial Management System. With Hercules, the final CarrIOTA computer will be small, portable and also easily affordable.

Hercules is written on NodeJS and it requires 200MBs to run, which is just a fraction of a normal computer’s memory requirement.

Another achievement is that it uses a hybrid database which comprises of CouchDB and Redis databases. This ensures that the IRI stores the Tangle securely and gets it very fast whenever needed.

With Hercules, the user will also be able to specify how long Tangle History should stay in the database. This is referred to auto snapshotting. The rest of the tangle history is reduced into a flat key. For example, with ten transactions per second for a period of seven days, the tangle history will require only 200MBs memory and 10GB storage space. This is easy to acquire.

Hercules also has an API that can be used to mark some addresses as permanent, so that they are never discarded.

Since the API is similar to that of the common IRI, Hercules is compatible with the common IRIs.

With Hercules, IOTA (MIOTA) will finally have their Financial Management System in place.

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