Greetings All

As you all know, we were hit with an exploit yesterday which allowed a malicious attacker to create a stake reward of 15 Million Coins.

Thankfully, Bittrex have systems in place to check for such anomalies and the market was closed whilst we work out the bug and fix the issue.

We have now corrected this issue which we believe was left in the code from the code base we started with.

To be on the correct chain, you must download the new client version 1.0.0.2 which can be found https://www.dropbox.com/s/pk8pg4n3bap33xz/windows-ibits-qt-1.0.0.2.zip?dl=0

You must delete everything in the app data folder apart from wallet.dat, and then start the new client and allow it to sync up.

Once sync'd you will be on the good chain.

Linux QT update is  coming shortly.

For those running the coin daemon, the Github has been updated to reflect the update and the same process is required. (keep wallet.dat, delete everything else, recompile then run)

Again, on behalf of the ibits team, we apologize for the turbulent start, and we hope our next update will not be a fix but rather a progressive update.

Trading should go live shortly when bittrex update their client.

Any questions do feel free to ask.

Thanks

Greetings.

I'm sure we all know and see that iBITS has been a roller-coaster ride so far, and yet it is still early days.
We are incredibly happy that our crowd-fund was sold out and we are making sure we put the money raised to good developmental use.

Just to note, we will not tolerate accusations of being in anyway affiliated with Crowdsale or other projects that happened on there. We've had this idea for quite a while, and we saw the perfect opportunity to raise the needed funds to make it happen on that platform. We could have chosen to go with Bittrex Crowdfund campaign, but we simply do not have the funds to spare, so we went with the lower initial cost option.

Thank you to all who purchased iBITS, we extend our thanks to you, because without you, this project cannot get off the ground.

Obviously our vision with iBITS is to create an internet registry and explore using the blockchain for more than just a store of value. Infact, we believe its value could be bolstered if it was seen not only as a currency but as a utility for proving the existence and uniqueness of digital assets. In this way, we function very much like a coloured coin.

We are going to be tackling the in-wallet Asset Manager first, and this will serve as the foundation for the attestation which will come after.
Here our first step is to get native hash digests of digital items and encode these through the OP_RETURN feature along with a marker for the ordered tree that we build.
By traversing this tree, we open up the possibility to search, and verify items encoded to this tree as well as timestamp.
What this means is that we'll be able to register and store proofs of digital assets directly on the blockchain.
Digital assets could be things like signed documents, be it pdfs, word docs, or even music.

Lastly, we're going to be running a contest shortly for all you designers out there. Stay tuned !