Back in October last year, we can recall that the IOTA (MIOTA) community experienced what can be described as a turbulent period after a bug was discovered in the network’s core code. The result of this vulnerability to the network was that experienced cybercriminals could easily hack the IOTA (MIOTA) Blockchain and get the IOTA (MIOTA) token. The news of the bug impacted the IOTA (MIOTA) community negatively and even made some token holders lose trust in the network’s security.
The IOTA Transaction Verification Was Designed to Fix The Issue
IOTA (MIOTA) fixed the problem swiftly with no recorded case of a hack and went on to implement the identity verification process for its users to reclaim any lost tokens on the network which is the IOTA transaction verification. IOTA released a step by step guide that allows the privacy protection and security of its users. Hence the launch of the IOTA (MIOTA) token reclaim process that will require the IOTA (MIOTA) transaction verification.
IOTA (MIOTA) remains a viable and trustworthy part of the cryptocurrency ecosystem. It is a permissionless ledger designed to help the MIOTA token holders generate their wallets, claim tokens, and conduct transactions with their tokens in a private mode, without having to share any private information. Note that much like any other network, the IOTA (MIOTA) blockchain isn’t completely secure, so, during the time the bug was discovered many false tokens reclaims were filed. Thus, for the network to tread safely without taking any risks, and to make sure the individual filing for a reclaim is indeed the actual owner of the MIOTA token, it decided to implement the IOTA identity verification process.
When the initial IOTA transaction verification process has been concluded, IOTA’s (MIOTA) IDnow system will send a list of all verified users to the IOTA (MIOTA) team. Then, the network will call the users on the of verified users to confirm their MIOTA addresses and complete the reclaim procedure. After everything has been successfully verified, a user can expect to receive his or her tokens within 30 days.