IOTA: Migration tool being tested, release by end of week

  • According to the IOTA Foundation, the migration tool is currently still in the test phase. An external audit will be carried out afterwards.
  • The schedule for the release of the migration tool is expected to be met and to be released by the end of the week.

Following the IOTA Foundation’s remediation plan on February 21 on how to get the IOTA network up and running again while preventing hackers from stealing IOTA from Trinity wallet users, things have become quiet around IOTA. However, today the IOTA Foundation released a new update on the development of the migration tool.

According to the status website, the migration tool still needs to be audited by an external party after the current test phase. Nevertheless, the former timetable is supposed to be kept and the release should take place this week:

We are currently in the testing phase of the migration tools, once testing completes the tools will be audited by a external party. If this all goes well we are aiming to release these tools later this week.

Via Discord the developer of IOTA Foundation, Dave de Fijters added:

Yes audit is external, of course all parties are aware that this needs to be resolved asap so that is taken into account.

There are multiple teams working on the tool, it requires a good user interface (UX/Design team), A coded frontend (Frontend Dev/Trinity team), A backend (Dev) and some infrastructure (DevOps), apart from that it needs to be tested and audited as well.

Dominik Schiener, co-founder of IOTA also explained via Discord that the incident did not upset any of the partners:

Fundamentally, nothing has changed. This is a black swan event that is rather unfortunate (due to a series of events and wrong decisions), but we are doing our best to recover from this. Progress is happening nonetheless and none of our partners are worried.

What happens after the launch of the IOTA migration tool?

The migration tool gives IOTA owners the opportunity to switch to a new seed or to continue using the current seed for the Trinity wallet. However, the first option is strongly recommended if the Trinity wallet was used between December 17th and February 17th. The tool ensures that if two people try to migrate the same seed, a KYC process is triggered.

If the hacker tries to use the stolen seeds to steal more IOTA, while the actual owner also claims his IOTA with a new seed, both have to go through a KYC process. However, there will be a rather short migration phase of seven days for this.

Optionally there will be a “community validation” on the 8th and 9th day after the release of the tool. During this process, the community can check and validate the ledger status in case of conflicts. On the 10th day after the release of the tool, the IOTA network will be up and running again with the new snapshot. Then the coordinator will be activated again.

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Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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