After a two-week IOTA offline, users can finally breathe a sigh of relief. The Seed Migration Tool is now available.
Users of the Trinity desktop version were attacked on February 12. Hackers gained access to seed phrases and withdrew funds from several wallets. Users lost approximately $2.4 million in cryptocurrency.
IOTA’s entire network has been offline since February 13. Finally, the team has announced a reactivation period.
IOTA Network Going Back Online
Previously, the developers introduced a safe version of the Trinity Desktop Wallet. Version 1.4.1 provides users with an opportunity to check the balance as well as transactions.
Despite the fact that a mobile version of Trinity wallet wasn’t affected by a hacker attack, the team of developers advise not to open it until the update is fully released.
The team has presented a seed migration app which will help users to keep their coins safe. Basically, the tool helps users who’ve updated Trinity wallets to transfer their coins to a new and reliable wallet seed.
Finally, the work of a whole project will be restarted on March 10. That is, users of the platform will be able to conduct transactions over again.
Meanwhile, the team of developers continues to cooperate with law enforcement in order to find the hacker.
What is IOTA?
IOTA (MIOTA) is the first open-source cryptocurrency that facilitates transactions between devices on the Internet of Things (IoT). The currency was created in 2017, but quite soon broke into the top-10 cryptocurrencies.
The IOTA coin project team, together with Google, IBM, Microsoft, Samsung, are working together to implement an idea of the global M2M computing network.
The key peculiarity of IOTA is that the project structure isn’t based on blockchain technology. IOTA’s best asset is Tangle model, a system of nodes necessary for approving transactions.
The developers claim that Tangle is much faster and more efficient than traditional blockchain technology. Moreover, Tangle has no fixed limit on how many transactions can be approved per second in the network.
Why you should pay attention to IOTA?
We’ve already discussed a few pros of IOTA, however, let’s consider all of them in details.
IOTA has no fees as it isn’t based on blockchain technology. Tangle model allows users to confirm all transactions within the network.
To confirm his transaction, the user needs to confirm the transactions of 2 other network users (i.e., the more activity, the faster the network). Tangle approach makes the process of transaction much faster than blockchain does.
It’s about Tangle as well. Users who conduct transactions are the only participants in the network, i.e. in fact, they are the ones who control all the process.
It’s safe to say that Tangle platform is the main advantage of the IOTA cryptocurrency. Let’s see whether the Tangle will be able to replace the blockchain after a two-week offline or not. Share your opinion in comments!