Crypto

What Comes Next for IOTA Following the Multi-week Shutdown?

Many cryptocurrency enthusiasts are wondering how things will progress for IOTA. Following an outage of nearly three weeks, the coming weeks may prove crucial for this ecosystem.

Shutting down a financial system for nearly three weeks is always unacceptable.

Is There a Future for IOTA?

This is especially true in the cryptocurrency world, where decentralization should prevent something like this from happening.

Although the IOTA developers did the right thing, the duration of this incident leaves a lot to be desired.

Now that the re-launch of the network draws closer, a lot of questions need to be answered.

Since no one has been able to transfer MIOTA to another address for weeks, a subsequent dump on exchanges seems rather likely.

Now that the vulnerability has been addressed, users have been able to export their Trinity seeds thanks to a new tool.

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Bringing the network back online is the next logical step.

The big question is whether new bugs and exploits will be discovered in the process.

There are also questions regarding the actual development of this particular project.

Multiple major vulnerabilities have been discovered since its launch.

Not only do those put the network at risk, but also all users and developers building on IOTA.

The future may look rather bleak for this project, at least in the short-term.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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