IOTA Tries to Battle Bad Publicity, Suggests Trinity Wallet May Arrive Soon

$4M IOTA Stolen from Wallets Which Used Online Seed Generation Websites

As MIOTA prices attempted to scale $2 once again, the project remains beleaguered by criticism.

IOTA (MIOTA) hovers around $1.92, recently touching the $2 levels. But this unique digital asset is having struggles, as the project once again faces new and old accusations of potential failures of the technology.

On the positive side, the IOTA project gave indications that the long-awaited Trinity wallet may be available within 5-6 weeks. Users should be careful not to fall for fake wallets during that period.

$4M IOTA Stolen from Wallets Which Used Online Seed Generation Websites

On the negative side, another recent analysis attacked the IOTA "tangle", stating there was the risk for replay attacks. According to the IOTA project, the attack was unfounded, and yet past glitches and lost coins help to add to the skepticism. In the end, the chief aim of IOTA, the Internet of Things, is yet to materialize.

But IOTA continues to reach out to high tech organizations and engineering companies, with the hope of integrating its network and using the token for smart transactions between machines.

"While some still try to discredit #IOTA’s research and development, those who are tremendously successful in business start to understand. This is from the main stage at Bosch Connected World. #BCW18pic.twitter.com/2J40inKEtW — Ralf Rottmann (@ralf) February 21, 2018"

Despite the promises, currently, the IOTA system continues to work while having the replay attack vulnerability, possible only in the exceptional case of reusing addresses. IOTA has warned against address reuse, but so far, no efforts have been made to patch up the issue.

The other criticism against IOTA is against the Coordinator, a centralized server that may be phased out in the future, but for now helps to bring order to transactions.

In the past weeks, the IOTA discussions have been heating up, as critics believe the developers do not adequately address the criticisms. At the same time, startups are trying to build prototypes to communicate with the "tangle":

"Just presented our first #IOTAbased prototype #tangibletangle#1 at the Frankfurt School @Crypto_CAC. Process: Physical heartbeat > digital bpm > JSON > #Tangle (Shortlink:https://t.co/0nRB2wYOnB) public documentation #soon @tangleblogpic.twitter.com/zGpw2hnEyF"

But with all the conflicting news, the MIOTA market price remains highly risky, and currently with an outlook to remain stagnant, or continue declining. The other trouble with IOTA is its pairing with the USDT asset on several exchanges. While USDT printing has stopped, the available coins give enough liquidity to boost the price of IOTA on some occasions. Yet moving actual IOTA and withdrawals may be a hassle.

Binance also pairs IOTA with its native Binance Coin (BNB), injecting liquidity. Trading against BTC is very limited, as well as against ETH, meaning that selling IOTA for a more liquid, widely-used asset may be difficult.