The IOTA (MIOTA) platform has experienced threats in the past and is still smarting from the August 2017 scare. The attack meant that users could double spend by reusing their private keys prompting the technical team to isolate holder funds that were at risk to a safe custody. This was to protect users from losing their funds.
Now that the attack was resolved, holders were required to claim or reclaim their tokens through a verification process. This is a simple process to ensure users get their entitlement. Due to the sensitivity and complexity involves in the validation process, the claim owners seem to have become wary of the process.
Despite the verification process, MIOTA is among the coins that have gained in the last 24 hours trading session by double digits. This is a clear indication that the MIOTA holder is not bothered with claiming back their withheld funds but their focus is growth of the platform going forward.
Identity Verification and Token Reclaim
The IOTA ecosystem is an immutable distributed ledger and the process has involved the attention of the legal and core teams. However, the process has been streamlined but questions are still being asked as to whether affected holders will get their right claims. This appears to have eroded investor confidence on the IOTA ecosystem.
To get back their tokens, holders are required to pass through a verification process. This is good for the IOTA ecosystem; it will bring the community closer to the network as this is the right time for Know Your Customer (KYC) process. This will also ensure user privacy and security is enhanced for a safe platform going forward.
How the Verification and Reclaim process Affect IOTA
The IOTA (MIOTA) community has stood behind the platform and this has proved the ecosystem is very viable and trustworthy. This is permission-less outfit where participants can create their wallets, get them funded with MIOTA tokens and transact in a transparent and secure environment. Everything is kept private and sharing personal data publically is not possible.
The openness at which the team is conducting the claim and verification process appears to be drawing users to the platform and there is increased interest to the MIOTA token now the before. The team behind the process has assured the community that no false claims will be processed and genuine claims will be settled starting with the smallest amounts.
Is IOTA Network Secure Enough?
With the increased investor confidence and reclaims, the platform has embarked on a strategy to weed out false claims and only deal with genuine ones. The platform has taken stringent measures by the introduction of IOTA identity verification that will usher in IOTA IDnow.
The IDnow will generate the right list of IOTA (MIOTA) holders to the network foundation which will contact them personally. Once their genuine addresses re verified, the reclaim process will complete. To find out whether your address is genuine, all you have to do is visit the Tangle explorer at hetangle.org, otasear.ch. If you are done with the verification process, you can just check your balance in your GIU wallet.
For enhanced security and do avoid multiple claims through different addresses for the same amount, the IOTA foundation has assured the community that malicious claims will be detected easy using accounts that pass the KYC.