IOTA Update 2023: The Hack & What Lies Ahead

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⏰ Time Stamps ⏰

1:17 Trinity Hack Overview
4:03 Fallout From Hack & Coordinator Shutdown
5:15 IOTA Dev Response
6:45 Coordicide Overview
8:40 Chrysalis
11:49 GoShimmer
13:15 Partnerships and Use Cases
15:30 Roadmap & 2023 Updates
17:37 Conclusion

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⛓️ ? Project Links ? ⛓️

► Website: https://www.iota.org/
► Docs: https://docs.iota.org/
► GitHub: https://github.com/iotaledger
► Coordicide: https://coordicide.iota.org/
► Hack Status: https://status.iota.org/
► Seed Migration: https://blog.iota.org/trinity-attack-incident-part-2-trinity-seed-migration-plan-4c52086699b6
► Roadmap: https://roadmap.iota.org/

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?️ Socials ?

► Official Blog: https://blog.iota.org/
► Twitter: https://twitter.com/iotatoken
► Discord: https://discord.iota.org/
► Reddit: https://www.reddit.com/r/Iota/

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? Other Resources ?

► What are Checksums?: https://www.howtogeek.com/363735/what-is-a-checksum-and-why-should-you-care/
► Colored Coins: https://en.bitcoin.it/wiki/Colored_Coins

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??‍? Hack Overview ??‍?

A hacker used a vulnerability in the Moonpay CDN account in order to inject some malicious code into the Moonpay SDK. These were then sereved to the trinity wallet which would then steal user’s seeds when they signed into their account.

In total, over 8.5 Ti of IOTA were stolen when the hacker wanted to cash out on the funds. The developers were able to stop the progress of the hacker as the funds were moved throughout the ecosystem.

In order to stop the hacker from moving any more funds, IOTA’s coordinator was shut down. This would remove the ability for any value transfers to take place.

?️ Chrysalis ?

This is a transitory stage that the network will take before it can transform into a beautiful and free tangle.

There are number of things that Chrysalis will do for the project. For starters, IOTA is going to use what it calls a White-flag approach. This is an approach to calculating balances that improves the efficiency and speed of the process.

Chrysalis will also implement a new algorithm for the Coordinator that determines milestone selection.

Another update will see IOTA users able to perform simpler atomic transactions. Doing so creates a reduction in the burden required for signature verification while also lowering network overhead.

?️ Go Shimmer ?

GoShimmer is work in progress but it is basically a prototype of a node software that allows nodes to reach a consensus without the Coordinator, allowing IOTA networks to be decentralized.

The GoShimmer node houses the modules for the Coordicide, which will use node identities and auto-peering.

As a result, Coordicide’s first prototype focuses primarily on the Internet of People, also known as IoP. From that point, IOTA will continue to improve the Coordicide project, focusing on the parts that address IoT needs.

IOTA was able to release the alpha-net of Coordicide just a few weeks ago. Version 0.1.0 of Coordicide was released on February 3rd, even though it wasn’t slated to be available until the second quarter.

?️ Partnerships ?

One of the most recent announcements is the working group that IOTA has formed with the Eclipse Foundation (an open source software foundation). This working group will be called Tangle EE and it will begin working on projects that can help develop viable commercial use-cases for IOTA’s tech.

Over 15 companies have already joined the working group. These include the likes of Dell STMicroelectronics.

Iota has also formed a partnership with the Future Farm consortium of Norway. With its Tangle technology, IOTA and the consortium plan on developing a new data infrastructure that will create transparency from the farm to your table.

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? Disclaimer ?

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.

#Iota #MIOTA #crypto #Hack #coordicide #tangle #iot #cryptocurrency #review

IOTA Update 2023: The Hack & What Lies Ahead

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Kane Dane