invezz.com
Cryptocurrency project IOTA (MIOTA) recently took to Twitter to announce the arrival of its new wallet, Firefly. Apart from presenting the wallet’s logo, the tweet was also accompanied by the promise of ‘Coming Soon.’
IOTA announces its new wallet
Two days ago, on November 24th, IOTA announced the pending arrival of its brand new wallet called Firefly, via Twitter. The tweet did not specify the time or even the date of the launch, but it did promise that it is coming soon.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
Coming soon #IOTA #Firefly pic.twitter.com/V3ew5WnVAj— IOTA (@iotatoken) November 24, 2020
While many were pleased to hear the news, others have criticized the new wallet’s name, noting that it is not as “elegant” as the name of IOTA’s other wallet, Trinity.
Why a new name for the wallet? Trinity sounded elegant and should have been fine. Is the new name selected so as to correspond with the names of other products of IF?— CSV (@csvedula) November 24, 2020
Trinity wallet hack
As some may remember, IOTA’s other wallet, Trinity, saw a major hack earlier this year. On February 12th, 2020, Trinity wallet suffered an attack on its software, causing the entire IOTA network to shut down for nearly a month.
The network was shut down by IOTA itself, in order to prevent further security breaches. However, reports noted that the attackers still managed to steal 8.55 million MIOTA ($2 million) from 50 wallet users before the company could react.
After the attack, IOTA announced that it is overhauling its internal processes, changing software security practices, and bringing improvements to its security capabilities and resources. The company promised that it will not let something like that happen again.
In the meantime, it was working with the FBI, as well as numerous countries’ police to identify the attacker. Its founder, David Sønstebø, also promised to repay all victims of the hack.
Now, the project is announcing a new wallet, likely with much stronger security features, although the exact details of what the wallet has to offer still remain unknown.