IOTA is preparing to begin the official migration to Chrysalis on April 21st, while the official launch of the new update will take place on the 28th.
The developers of the blockchain IOTA announced that the date to begin the network migration to chrysalis It will be next Wednesday, April 21, starting a process of adaptation and change that will allow users, exchanges and custodians have time to prepare their migrations Tokens before the release of the official update, scheduled for next Wednesday, the 28th of this month.
IOTA launched the first phase of its Chrysalis network in August 2020, and since December the public testnet has been implemented, allowing developers to build on Chrysalis and test fast confirmation times and other innovations in beta; although IOTA token migration will be a reality from the 21st. This update is focused on paving the way for IOTA 2.0, the largest update to the network to significantly improve its decentralization, efficiency and scalability.
As stated in its announcement, IOTA is removing some of the exotic aspects of its protocol and replacing them with industry standards, which will help the protocol in its maturation and growth process. Chrysalis is the name chosen by the developers to name this upgrade, which represents a natural and fundamental transformation for the protocol.
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Performance, stability, reliability and security
IOTA developers explain that they have made a number of improvements to ensure that the Chrysalis upgrade is carried out as smoothly and safely as possible, guaranteeing optimal activation to ensure high performance, stability, reliability and security.
Chrysalis already has several advancements that will eliminate the figure of the Network Coordinator and, therefore, improve its decentralization. The update will allow companies, developers, exchanges, custodians and other services in the crypto industry to begin implementing their value solutions on the network. Even IOTA is looking towards the integration of the famous non-fungible tokens (NFT). Recently, the network shared a new digital asset framework in which it plans to support digital art and crypto collectibles on the blockchain.
So far, multiple successful audits have been completed from various firms to ensure the network is functioning optimally. The migration to Chrysalis was extended to give exchanges more time to officially support the transition, as many of them have predefined upgrade times or cycles that cannot be modified or altered.
AMA with Dominik Schiener
On the other hand, Dominik Schiener, co-founder of IOTA, held a WADA (Ask Me Anything) to answer the most frequently asked questions from the crypto community regarding IOTA development, IOTA 2.0, and the official migration to Chrysalis. Schiener noted that the IOTA team has been working hard on resolving several implementation-related issues that have delayed its official launch. Additionally, the team has been focusing on deep-scrutinizing the network’s security in order to detect any flaws or vulnerabilities that could allow hackers to extract funds once the token transfer is activated.
Schiener reminds us that the activation of this feature will allow the migration of the token supply available on the network to the new upgrade, so IOTA users will start making a large number of transactions on Chrysalis. This, in turn, will make the network a high-value target for hackers and scammers.
Chrysalis is one of the largest upgrades in IOTA’s history, encompassing all aspects of the protocol; from libraries, wallets, and software implementations developed by the IOTA Foundation. The network’s developers have called Chrysalis the upgrade that truly marks “a new dawn” for IOTA.
IOTA recently activated smart contracts on the network, as an important step that brought developers even closer to the activation of Chrysalis, initially estimated for last March.
670% growth
At the time of this writing, MIOTA, the network's native token, is trading on the markets with a value of $2,02 per unit, and maintains a market capitalization of over $5.600 billion. MIOTA has had sustained growth over the last year, although it was at the beginning of 2021 that it began to grow exponentially.
Over the past 3 months, MIOTA has appreciated by 670%.
Continue reading: IOTA Smart Contract Protocol (ISCP) Alpha Version is Here
