Unclaimed Tokens, Community Treasury and IOTA AS: FAQ

This article was first published on IOTA Foundation Blog
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Unclaimed Tokens, Community Treasury and IOTA AS: FAQ

With the launch of the new IOTA network, Chrysalis, the IOTA Community was presented with an option to decide how to treat unclaimed tokens from previous periods. Now that the dust has settled, we wanted to take the time to explain the situation and various options in more detail.

With the proposal for a community treasury we want to ensure that decisions on unclaimed tokens are open and community driven. We also want to further elucidate the IOTA AS fork.

What are the unclaimed tokens?

All major cryptocurrency networks are continuously being upgraded to advance their core technologies and move towards production readiness. Most updates require simple software updates for wallet users, developers or node operators. In rare cases, upgrades include breaking changes which require token holders to migrate their funds. For example, in cases where encryption schemes or address formats are changed fundamentally and backwards compatibility cannot be provided. Migration processes are typically fully automated and simply require token holders to claim their tokens with the same seed.

The IOTA network has had several of these upgrades with resulting token claim processes since the genesis network launched in 2016. While the vast majority of token holders successfully claimed their tokens, a small percentage did not for unknown reasons. Throughout the years, it has been a constant effort for people involved in the IOTA Foundation to keep the claim process running and to allow the rightful token owners to claim and receive their tokens. Before the Chrysalis upgrade, all unclaimed tokens were held in multiple custody wallets controlled by people related to the IOTA Foundation.

With the Chrysalis network launch, the IOTA Community was presented with the opportunity to vote on what would happen to unclaimed tokens from previous periods. It is our belief that no single individual or entity ...

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