Monday, March 1, 2021

IOTA is Finally Back on Track; Coordinator Has Been Resumed

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.

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.

Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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