IOTA Trinity Wallet Is Under Attack, Coordinator Node Has Been Turned Off

Through its official Twitter handle, IOTA Foundation revealed that the Trinity wallet is under a possible hacker attack. After various IOTA holders complained about missing coins, the foundation said it was suspending its platform’s node known as the Coordinator as investigations are ongoing, an IOTA status update indicated on Feb. 13.

According to a report by Cointelegraph IOTA emerged as one of the dominant innovations during the 2017 crypto bull run. The IOTA coin is not developed on blockchain technology, making it one of the unique cryptocurrencies in the market. The virtual asset that is contained on the tangle via Directed Acyclic Graph platform which is shortened as DAG.

The Coordinator is run by the IOTA Foundation which is a temporary protection measure within the Tangle platform. While IOTA still depends on the Coordinator but had initiated a discussion to eliminate the node in 2018.

The Trinity wallet was released last summer to store IOTA. on Feb. 12, a team from IOTA Foundation used its Twitter account to urge IOTA holders not to access their private wallets until all the investigations are finished.

After preliminary investigations, the team of investigators from IOTA Foundation revealed that the culprits had acquired the private keys of the affected accounts. The investigators also found that about 10 accounts had been affected and all of them comprised of the use of Trinity wallet. The investigators also stated that about 50% of the affected people had reported cases.

The IOTA Foundation also said that it will provide a full report of the prevailing events after the conclusion of the investigations. The Foundation stated that it was limiting the information released to the public in efforts not to provide the hackers with information they can use to enhance their activities. The Foundation also stated that the current data is not yet fully decisive.

IOTA has faced various troubles since its inception in 2017. In December 2019, the platform shutdown its mainnet for 24 hours.

We will update you as we get more information about the issue.

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Author: Joseph Kibe

IOTA, Eclipse Foundation Form Working Group To Explore Tangle Tech In Commercial Uses

The American computer company, Dell is one of the 15 companies that has joined an IOTA working group because it wants to see how the Tangle technology can integrate into commercial solutions.

The open-source software developer Eclipse Foundation and IOTA made on Tuesday the announcement that the Tangle EE working group is going to start some projects that aim to develop commercial solutions for the technology developed by IOTA. Tangle is the scalable distributed ledger (DLT) network created by IOTA, which is different from blockchains in the sense that it uses a system that has users confirming their transactions while sending out new ones.

Other Important Names Involved in the Tangle Working Group

As said before, there are 15 companies that have joined the Tangle working group as founders. Aside from Dell, 2 of these other companies are the University of Magdeburg and STMicroelectronics, the German provider of electronics. This is what the Eclipse Foundation’s executive director Mike Milinkovich had to say about his foundation’s role with Tangle:

“The Eclipse Foundation will provide a vendor-neutral governance framework for open collaboration, with IOTA’s scalable, feeless, and permissionless DLT as a base. By doing so, we will accelerate the development of new applications built with this transformative technology.”

Many Companies Waiting to See Tangle Tested

The IOTA Foundation’s co-founder Dominik Schiener said that many companies are waiting to see the Tangle code tested before integrating it, so they’re waiting on reviews from other firms. Schiener thinks the working group that will enable the testing of the technology is very important for realizing the vision at IOTA.

Dell Will Help to Increase Access to IOTA’s Tech and More

According to David Sonstebo, IOTA’s co-founder, Tangle will give more people access to the IOTA technology. The first Tangle projects will be creating decentralized marketplaces and identities that can make real-time trading easier. According to Steve Todd from Dell, the computer company’s data marketplaces will continue to rise until this decade ends. Here are his exact words on what joining Tangle could bring:

“By 2030, trillions of dollars of data will be exchanged and one of the reasons for joining Tangle is to help our customers move towards that reality.”

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Author: Oana Ularu

IOTA’s Chrysalis Upgrade To Increase The Usability Of The Blockchain Prior To Coordicide

  • IOTA Foundation launched the Chrysalis upgrade on Monday, Feb 3, 2020.
  • Chrysalis, a series of upgrades on IOTA bridging the blockchain to Coordicide, features a number of updates.
  • IOTA co-founder, Dominik Schiener, expects the full upgrades to be complete by Q2 2020.

In what has been a successful week for the IOTA community so far, the launch of Chrysalis updates (also known as IOTA 1.5), is bringing hope of mass adoption of the blockchain in the coming years. In an interview with CT, Dominik explained the aim and goals Chrysalis is trying to improve on the IOTA blockchain. He expects a number of major changes in the technical aspects and minor changes on security and management protocols. He said,

“Some of the changes are more radical, but they pose great opportunity for IOTA as they have been consistently requested from our community and corporate partners.”

Features upgraded by the Chrysalis update

Some of the features set to be introduced with the Chrysalis update include introducing issuance of tokens on IOTA, a new cryptographic signature that will enable holders to re-use their addresses and new transaction recording for the future.

A. IOTA 1.5, issuance platform

Ethereum (ETH) has for a long time been regarded as the ICO platform, which provides a platform for blockchain projects to issue their crypto tokens. According to Schiener, IOTA holds similar capabilities of leading the field in issuance of tokens with the improvement in the Unspent Transaction model (UXTO) and atomic transactions on the blockchain. Dominik explained,

“UTXO allows for a safer, faster and clearer representation of a ledger. By combining UTXO with Atomic Transactions we will also get rid of bundle constructs, which in turn makes the development of core software much easier (and safer) and significantly increases the performance of IOTA. The biggest advantage of UTXO is an obvious one: colored coins.”

B. New cryptographic signature

The Chrysalis update will also implement new cryptographic signature scheme labelled “Ed25519” that aims to keep the same wallet address in transactions. This new signature will reduce the block space used and increase the rates of transactions per second.

C. The trytes degrade

Most of the computers today store info in bytes, or use the binary system, but as the name above suggests, IOTA had placed its systems in a trytes scheme that uses base-3 algorithms. However, the technology is way ahead of its time and the new Chrysalis update will degrade the system back to the binary system with an aim to boost adoption at the moment.

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Author: Lujan Odera

IOTA Releases Spark, a Low-Security Burner Wallet

IOTA has released a low-security wallet to send small amounts of IOTA tokens. The wallet is intended for short-term use.

The team behind Trinity, a go-to wallet for most IOTA users is the one that developed this new wallet.

The concept of a burner wallet was first established by Austin Griffith of the Ethereum ecosystem. The idea behind this wallet is to use it for small amounts of funds. After a short period of time, you burn the wallet, wiping the seed and transaction history.

IOTA Foundation is filtering Trinity team’s experimentation under IOTA Labs and Spark is the first app released under this.

Spark is using the IOTA JavaScript account module and a payment request system for one-time use addresses. It specifies an expected amount and timeout to ensure funds do not arrive on a spent address.

“When you couple payment requests with a chat system you have a very smooth peer-to-peer transaction system.”

Meanwhile, the IOTA token is down 97% from its all-time high of $5.54. Currently, it is trading at $0.164, representing the loss of 54% on a year-to-date basis.

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Author: AnTy

Year 2020 Will Bring Updates to Scalability, Privacy and Software for IOTA Foundation

  • The IOTA Foundation added blockchain technology to the Internet of Things with their platform.
  • The launch of Bee software will make IOTA accessible to users with fewer resources than others.

New Years’ resolutions – everyone makes them. While the average individual makes promises of shedding weight and giving up vices, cryptocurrency companies and the rest of the financial industry see it as an opportunity to make big promises to get investors involved with their platforms. The IOTA Foundation, which gained notoriety for integrating blockchain into the Internet of Things, has just released their 2020 roadmap with many developments in their technology to usher in the next decade.

One of the first matters at hand is an update to the current IOTA technology stack, which will help them better serve real-world applications. Autopeering technology, for example, allows nodes to run and connect with neighbors, though users previously had to manually search for these matches.

IOTA is also taking on issues with decentralization, as the platform offers a new implementation of node software, written in Rust, which will open access for “users with very limited resources.” This step is set to last from this month until February 2020, and the official integration of the Bee software will be available sometime before April next year.

To solve privacy issues on the website, OTA aims to implement the Masked Authenticated Messaging (MAM) solution. MAM will offer access to encrypted data streams for any device size, as the platform aims to launch it on six different programming languages.

Amongst these updates is an upgrade to IOTA’s Trinity wallet, as well as the release of a light version of the wallet called Spark. Spark is meant to be used by wallets with low balance, and this release will be a web-based solution.

Other changes taking place in 2020 for IOTA will include improvements in node software to meet increased demands, support for reusable addresses, and tip selection algorithms for the Tangle. To view the roadmap in its entirety, visit https://roadmap.iota.org/.

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Author: Krystle M

“It’s Alt Time, Whether you Like it or Not,” Analysts on the Start of Alt Season

  • Weekends are for altcoins to make gains, this time it’s BAT, IOTA, Cardano, and EOS’s turn
  • Altcoins will continue to catch up but investors getting “picky” about cryptos

This week has been a good one for altcoins as they surged in a long time while Bitcoin remained flat around $10,000.

If we take a look at the past 7 days performance of cryptocurrency market, while Bitcoin is in the green by just over a half a percent, top altcoins, Ethereum and XRP are still up by more than 17% and 10% respectively.

Stellar (XLM) is the biggest gainer with 22.54% gains followed by IOTA which is enjoying a rise of 20.65% in its value.

Other prominent gainers in terms of 7 days performance are Cardano (13.11%), LINK (14.37%), Maker (15.46%), BAT (18.67%), VeChain (14.14%), and ABBC Coin (1884%), as per Coincodex.

Today, altcoins are in the red with a few exceptions like BAT (6.66%), IOTA (3.04%), Tron (0.66%), Cardano (1.40%), and EOS (2.96%).

“Altcoins will continue to catch up”

Bitcoin is the king of the cryptocurrency market. In 2019, Bitcoin price soared more than 160% and BTC dominance went from 53% to 73%.

But now as Bitcoin takes a breather and its dominance start dropping below 70%, it might be time for altcoins to catch up “Altcoins will continue to catch up,”

Scott Freeman, co-founder of JST Capital told Bloomberg.

“With the realization that these technologies now are being adopted, they’re starting to solve real problems, and it’s coming to fruition at some level where the value proposition of these things is being recognized more broadly.”

But have to wait for a Bit Longer

Market analyst and trader CryptoWolf says while Bitcoin is expected to trade sideways for the next few months as the trading range gets thinner with possibly of dumps, “It’s alt time. Whether you like it or not.”

However, not everyone is sold on the idea of alt-season. It could be a bull run for some of the altcoins but not a massive one, for that matter.

For Mati Greenspan, eToro’s senior analyst, it’s too soon to call it the start of an alt-season.

“People are getting a bit more picky about what they’re investing in as far as cryptocurrencies. Seems like those who’ve been waiting patiently for the emergence of a new altcoin season are just going to have to wait a bit longer.”

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Author: AnTy