IOTA Has A Reclaim Identification Verification Process To Get Tokens Back: What?
IOTA community had to face a lot of difficulty in its initial phase in the month of October 2017, as there was bug found in the code which was running in the background. The problem that was identified at that phase was very technical, but one of the blog posts helped a lot to solve the query and that was from Eric Hop.
He explained the details of the issue in a simple manner which helped IOTA to understand completely. The bug was related to the security services which was very easy to hack. So, IOTA tokens were at high risk and with them, the users feel insecure.
After some trials, the IOTA community came up with a solution and created the patch for the bug. For almost 3 days the system was shut so that it won’t be possible for any hacker to get into the system and hack the private details of the users. So, after the community came up with a new patch for the bug then the system was live with all the trials already happened. They made sure that users tokens are secured.
The general guide is available for the users to guide them if they are stuck somewhere and it is there in Hello IOTA Forum. The community is well versed with its decision which will help to wipe out the bug and keeping the users safe.
Privacy and security for the customers are a company first and foremost responsibility. The new Tokens can be returned to the original owners after the IOTA community has fixed the bug. The process through which the tokens will be returned is called a reclaim process.
This, however, looked like a small bug to most of the people, but the community has not taken it lightly and to improve the whole function it was not given to a single individual but the whole community starts working worldwide with the set of developers. It was very necessary to take the action seriously as the tokens were at high risk and they don’t want to take a single chance.
So, after the token was safe the rescued tokens were made to go for reclaim process. IOTA blog post then published an article on 25th October 2017 discussing the reclaim process. Later an update was announced on November 9, 2017. Many of the users through reclaim process have got their tokens back while others are still trying.
IOTA Identity Verification Process
The IOTA is the most reliable and simple community which is also a permissionless ledger, So the users can create their own wallet, get their own Tokens and receive and send transactions to others without sharing their personal details with anyone. It is the most tangible community.
This feature of IOTA is unique and intelligent which attracts its users. IOTA community shares leading projects in blockchain with people. So, for this reason, IOTA foundation would not know anything about the user except the basic protocol alone making it secure and intelligent.
It is not completely safe, and the community also has some limits as some duplicate reclaims can re-attempt to breach. Thieves can also try to steal the tokens of the users. An Experienced hacker might hack the token and then the community would be at high risks, but thanks to the design which the developers have made. If somehow the hackers will be able to breach the token they will not have enough information to carry on further, so the game ends there.
What Is The Next Step After The Identification Process?
Once the verification process has been completed the IDnow will send the IOTA a list of users for which the identification process has been completed and further IOTA will call the people to confirm the address again to which the token will be sent. The foundation will transfer the reclaimed Tokens to the owners within 30 days of the confirmation.
If the token is not delivered to the rightful owners, IOTA will hold the token and will keep them secure and wait for the council to decide.
Where to find the data privacy policies online for the reclaim?
- For IOTA the Website is : iota.org/research/privacy-policy.
- For IDnow’s: go.idnow.de/privacy/en.