Electroneum Update – November 12, 2017
Electroneum’s CEO Richard Ells Speaks!
1. Reset your passwords for all emails used for Electroneum services. (Read this line slowly: reset the password for your EMAIL, not Electroneum’s account)
2. Wait for instructions and wallet release announcement sometime in December or later.
1. EVERYONE has to RESET the password for any email used for Electroneum. Electroneum can have the best security but a hacker can still gain access if your email is compromised. (Go to your EMAIL provider. Change your password! Stop Using the same password in those different programs and businesses you sign up for. That is just plain risky. STOP IT! )
2. Richard and team have apologised time and over again for the delay and they are working super hard to make sure our ETNs are protected.
3. They were going to launch the wallets, but in order to do that, they had to launch the blockchain first. However, once the blockchain was launched and they started the process to release the wallets, the system was attacked by a botnet attack. In order to secure the investment of hundreds of investors that were affected, they made the morally right decision to stop releasing the wallets.
4. It’s a difficult position to be in because if they had continued the with wallet release, hundreds of investors will lose their investments and the media will tell the public that investor accounts were hacked which is very bad. They chose to stop the wallets from being released, but this, in turn, has angered people who wanted immediate access to their wallets. However, nobody loses money this way and it’s the better version of both bad news. Better ‘delayed’ than ‘hacked’. Better late than sorry.
5. The system is now ready to be deployed after one full week of coding, but the team is buying an ‘insurance’ by getting the professional services of Hackerone to perform ‘ethical hacks’ on the Electroneum’s system and report to Electroneum on any security loopholes found. This process will take 3-4 weeks and will begin on 13 November. Hackerone is used by US Department of Defense, UBER, Airbnb, Coinbase, Blockchain.info, Monero, Spotify and other high profile companies.
6. Richard reiterated that Electroneum hasn’t been hacked, investor coins are safe, and they are taking the best security measures possible moving forward.
7. All private key data are replaced with fake ones during the ‘ethical hack’ process performed by Hackerone so that in case Hackerone did manage to penetrate the system, the private key data will not be of any use should they be compromised. This is not to say that Hackerone cannot be trusted because they are professionals trusted by giant companies but Richard is simply taking another layer of ‘insurance’ and said he’s just being paranoid.
8. A forced password reset for all Electroneum accounts will be done before the wallets will be launched. If a user’s email is still compromised at this stage, then the user is still at risk of losing their ETNs. Remember to change your email passwords.
9. The offline wallet is SUPER SECURE. Super in a way that as long as your private key is not compromised, nobody on the planet can hack into the wallet to get the coins inside. It’s unhackable. And if you lose your private keys, there’s no way of recovering the coins. (Unless with the use of a ‘seed phrase’, which you should protect just as much as private keys)
10. Electroneum is not a scam because scammers will immediately run away with money as soon as they got hold of it, which they are obviously not doing, and still reveal their personal identity to the public.
11. Miners get rewarded for doing their job of maintaining the blockchain, and the blockchain cannot operate without miners.
12. Miners DID NOT affect mobile mining because mobile mining is SEPARATE from the blockchain mining. The difficulty of mobile mining has not been affected.
13. A minor group of people who sent money to Electroneum AFTER the ICO will get a refund (done by Electroneum programmers through a custom script), but only AFTER the wallets go live because all programming efforts are now focused on the wallets and system security.
14. No bonus will be given for the delay.
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