IOTA Tangle successfully restarted
At the beginning of February actually, but the hack threw a wrench in it, plus some networking issues needed to be addressed before Eric [Hop] could provide some of his findings from the software side. The hardware/firmware is functioning correctly, albeit there is some black magic to get it to fit correctly in the PL fabric. Tangle at 4pm UTC for value transactions and activated the coordinator. More than 100,000 value transactions, which had accumulated, were processed with a throughput of 80 to 90 transactions per second.We continue to work with the FBI, as well as the UK, German, and Maltese police to identify and track the attacker. With the restart of the Coordinator, we are together actively monitoring for any suspicious activity.
Despite the heavy criticism, the IOTA Foundation emphasizes that it was the right decision to stop the Coordinator. It has been implemented as a temporary safety mechanism during the network’s maturing phase to be used in such cases until the IOTA Network will remove this central component with Coordicide. By temporarily disabling the coordinator, it was possible to ensure that no further MIOTA tokens were transferred out of the wallets of compromised users.
As far as the KYC procedure within the migration tool and the execution of a snapshot are concerned, both measures were waived, as the IOTA Foundation writes:We have opted not to enforce KYC for that very small group and made the decision to accept the latest instance of those conflicting submissions. This means that there was no need to carry out a global ledger snapshot — a simpler and more preferable outcome.
Author : Jake Simmons