Home blockchain technology IOTA Foundation’s 3 Step Plan To Fix The Situation Of Trinity Wallet

IOTA Foundation’s 3 Step Plan To Fix The Situation Of Trinity Wallet

  • IOTA has released 3 step plans to resolve and secure the assets of individuals.
  • Previously when the IOTA’s Trinity wallet was hacked and put at risk, the IOTA foundation had shut down the entire network.
  • The fixating also includes rewinding of Blockchain, which is considered a major violation of immutability.

Previously when the IOTA’s Trinity wallet was hacked and put at risk, the IOTA foundation had shut down the entire network through its coordinator until the problem could be tackled and resolved. Now to overcome its previous losses, IOTA has released 3 step plans to resolve and secure the assets of individuals.

However, the fixating also includes rewinding of Blockchain, which is considered a major violation of immutability. The three steps to fix the account is as follows,

STEP 1: the Newer version of Trinity Wallet is released with a secured network and enhanced capabilities. Users are now asked to download this App online and change their password and also do the same to other online accounts of the App and IOTA.

STEP 2: Transfer the previous funds and assets using new seeds as the foundation presumes that the previous seeds have been compromised.

STEP 3: The snapshots before the hack of the IOTA foundation will be used as justification for individual users, and any transactions involving compromised wallets will be rewound. Another system or service will complete the required KYC (Know Your Customer) procedures and identification process to return the compromised funds.

The new updates are mandatory for all the users because if the user prolongs to use the previous version of the IOTA Trinity wallet, it is still at the risk of being hacked and the vulnerability of losing the assets again.

The IOTA foundation network will still remain offline for a few more days until the whole vulnerability is terminated from its network and launches the platform on a more secure network.

During that, no transactions can be made, and further instructions regarding further working are said to be released soon. This is considered one of the top crypto disasters in the Blockchain and Crypto history.

Download our App for getting faster updates at your fingertips.

en badge web generic.b07819ff

Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange

Partners

Must Read

XRPL labs soon to release the productive version of XUMM

The last beta version of the XUMM application has been releasedDevelopers have fixed all the bugs in the XUMM applicationXUMM can build...

EagleFX Review

EagleFX is an online forex and cryptocurrency broker. It is headquartered at the Commonwealth of Dominica and was formed in 2019 with...

Ethereum Enters Critical Resistance Zone With Bullish Move Needs to Show Sustainability

Ethereum is finally into resting the critical resistance zone lying around $480.00 to $490.00 with a weekly gain of 4.00%However, the ETH/BTC...

Is Bitcoin Heading for New All-time High in 2020?

Bitcoin price trading above the price levels of January 2018, after breaking multiple resistance over a yearly chartBitcoin Dominance is currently at...

Will Curve DAO Token Be Able to Have a Bullish Run By Forming Parabolic Curve on Chart?

Curve DAO Token has faced significant price corrections activity from the past couple of months resulting in the price levels to reach...

Is OMG Network Signalling For Consolidation After Retracing and Moving Within Symmetric Triangle

After testing the major resistance level of $3.80, OMG Network faced strong retracement and looking to touch the support level of $3.20...

Related News

Prosecutors Seek Harsh Sentence for Fraudster Behind Celeb-spruiked ICO

Federal authorities proceed to press charges for a long jail term against Contra Tech’s Robert Fakras on the grounds of fraud ICOHe...

A new Blockchain Project of Germany’s Central Bank is Under Progress

Bundesbank further detailed that the main purpose of Blockchain project is the establishment of an approach towards a decentralized networkA German politician...

Cambodia “Bakong”- A Joint Venture of Central Bank with a Japanese Firm

CBDC(Central Bank Digital Currency) has started its operations in Cambodia on 28th. It was developed jointly by Soramitsu Co Ltd of Japan and...

The Advent of Global Blockchain in Small and Medium Business Market

The reports indicates that the leading players involved in blockchain technology come by 2026The safety in transactions is also one of the...

MIOTA Trading Red Drops -1.95% As BTC Soaks Positive Momentum

The coin trading at the level of $0.2689 with loss of -1.95% forms a rising wedge patternIOTA market capitalization stands at $753,427,676...