IOTA Transaction Verification for the Token Reclaim Process: All you need to know
IOTA [MIOTA] community experienced a turbulent period in October 2017 when a bug was discovered in the network’s core code. An intelligent cyber hacker with experience can easily break into the IOTA [MIOTA] blockchain system and get IOTA [MIOTA] token because of this vulnerable bug. The incident impacted in a negative way that some investors were feeling skeptical about the security which they can offer to its users.
The IOTA Transaction Verification Was Designed to Fix The Issue
To fix the problem they implemented the identity verification process for its customers to reclaim any lost tokens on the network which is the IOTA transaction verification. Before any hack was reported they fixed the issue and ensured security to their customers. They even published a step by step guide which permits the privacy protection and security of its users. [MIOTA] transaction verification will be required for the [MIOTA] token retrieve process launch.
It is a Ledger without permission designed to aid the MIOTA token to generate their wallets, claim tokens, and conduct transactions with their tokens in a private mode. They need not have to share the private information with anyone.
During the period when the bug was discovered many cases where filed claiming that their token is stolen. The incident forced them to implement system’s identity verification process for ensuring security and to ensure the individual filing for a reclaim is indeed the actual owner of the MIOTA token.
Once the verification process of the initial transaction is completed IOTA’s [MIOTA] IDnow system will send a list of all verified users to the team. After this to conclude the reclaim procedure, all users of the network will be called to verify and confirm their MIOTA addresses. After the successful verification of the process, users will receive tokens within 30 days.
Image via IOTA
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