By Solomon Odunayo
IOTA is finally back on track after switching off the network for more than a month while dealing with the fallout from the $2 mln hack.
Besides, IOTA has resumed its coordinator node that is designated to confirm all transactions and fend off attacks.
This was shared by the IOTA Foundation via its official Twitter handle a couple of hours ago.
“We are delighted to announce that the Coordinator has been resumed. Read about the steps taken to protect Trinity users, the role of the Coordinator & the future development of IOTA,” IOTA Foundation shared.
We are delighted to announce that the Coordinator has been resumed. Read about the steps taken to protect Trinity users, the role of the Coordinator & the future development of #IOTA. https://t.co/8nhrPRsXs1
— IOTA (@iota) March 10, 2020
Recap of the 2 Mln Hack
The Tangle-based network was switched off on 13th February 2020, after some hackers took advantage of the vulnerability in the Trinity Wallet, resulting in the theft of relatively $2 mln. This measure was particularly taken to prevent further losses.
This network suspension took IOTA relatively a month, which may have caused the drastic fall of the price of IOTA token in the market over the last month.
According to the co-founder of IOTA, David Sonstebo, the victims of the hack will be duly compensated. Also, all Trinity Wallet users were encouraged to use the seed migration tool to foster the security of their tokens.
IOTA is presently working to implement the Coordicide protocol upgrade to make the network decentralized without sacrificing its security.
Going by a recent blog post published on IOTA’s official website, a new version of the Coordicide alphabet will be released very soon.