IOTA has finally announced the reboot date of the network: this will take place on March 10th following the problems that the project has encountered in the last period.
The Seed Migration Tool is now available. If you used Trinity Dec 17th 2019 - Feb 17th 2020, please make sure you migrate your tokens in the next 7 days (from Feb 29th) before we turn the coordinator back on. Read about the migration tool & how to use it: https://blog.iota.org/seed-migration-tool-now-available-c253ccd9d23c …
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The shutdown had involved the Trinity wallet software managing the tokens of this platform, after an attack that took place in mid-February 2020. In order to address the situation, IOTA had decided to take the entire network offline.
The solution that was planned, the Seed Migration Tool, available for all desktop systems, is intended to automatically migrate IOTA tokens from the compromised seeds to the new ones that were not affected by the attacks.
The whole process will take place in steps and, by March 7th, users will have to update the Trinity wallet and change the password on the wallet as well as on all portals and services where the same password was used. Finally, it will be necessary to download, depending on the version of the operating system (Mac, Linux or Windows) the Migration Tool and follow the steps to migrate the seeds.
The IOTA Foundation obviously tried to apologize for what happened and reminded that all systems are vulnerable starting from the weakest element in the chain, which in this case was the trust in third-party code.
This news has not been welcomed by the community, primarily because the code of the Seed Migration Tool is not open source and therefore there is no way to really check what happened, thus lacking a fundamental principle of the blockchain world: being trustless.
In fact, these network problems have also made it clear that this project is not really decentralized, as trader Tone Vays also pointed out.
In early January, IOTA published a very positive 2019 report explaining how “all aspects of the project have improved significantly over the past 12 months”, but unfortunately – evidently – this was not the case and one wonders how much investors and the community will remain involved with IOTA.