IOTA: network reboot expected in one week
IOTA: network reboot expected in one week
Altcoin

IOTA: network reboot expected in one week

By Alfredo de Candia - 2 Mar 2020

Chevron down
Listen this article
download

IOTA has finally announced the reboot date of the network: this will take place on March 10th following the problems that the project has encountered in the last period.

The shutdown had involved the Trinity wallet software managing the tokens of this platform, after an attack that took place in mid-February 2020. In order to address the situation, IOTA had decided to take the entire network offline.

The solution that was planned, the Seed Migration Tool, available for all desktop systems, is intended to automatically migrate IOTA tokens from the compromised seeds to the new ones that were not affected by the attacks.

The whole process will take place in steps and, by March 7th, users will have to update the Trinity wallet and change the password on the wallet as well as on all portals and services where the same password was used. Finally, it will be necessary to download, depending on the version of the operating system (Mac, Linux or Windows) the Migration Tool and follow the steps to migrate the seeds.

The IOTA Foundation obviously tried to apologize for what happened and reminded that all systems are vulnerable starting from the weakest element in the chain, which in this case was the trust in third-party code.

This news has not been welcomed by the community, primarily because the code of the Seed Migration Tool is not open source and therefore there is no way to really check what happened, thus lacking a fundamental principle of the blockchain world: being trustless.

In fact, these network problems have also made it clear that this project is not really decentralized, as trader Tone Vays also pointed out.

In early January, IOTA published a very positive 2019 report explaining how “all aspects of the project have improved significantly over the past 12 months”, but unfortunately – evidently – this was not the case and one wonders how much investors and the community will remain involved with IOTA.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.