Crypto News

IOTA Foundation Prepares to Launch Chrysalis Phase 2

  • IOTA’s long-awaited Chrysalis token migration has begun, with users encouraged to use Firefly to smoothly transfer their tokens.
  • The upgrade promises high safety, speed and energy efficiency and prepares IOTA for the enterprise.

IOTA Foundation, A nonprofit building that built digital infrastructure to enable machine economy and the Internet of Things (IoT), is today completing the most comprehensive network upgrade – Chrysalis in its history. This upgrade moves IOTA out of the experimental phase and into an enterprise-ready ecosystem that is open to real-world use cases.

IOTA co-founder Dominic Schiener today revealed the latest status of the highly anticipated upgrade.

This upgrade is the second and final phase of the Chrysalis upgrade, the first of which was moved in September of 2020. The final milestone on the foundation’s roadmap will be coordinated, estimated to be in late 2021. Many of the necessary changes to the coordicide have already taken place. The Chrysalis has been achieved with the upgrade, which means that any enterprise applications that apply between now and Coordicide will only have to undergo minor, if any, adjustments to a fully mature Coordicide network.

IOTA reduces verification requirements on Chrysalis Tangles and allows for faster conflict handling and better transaction speed.

IOTA becomes enterprise-ready and standardized

These improvements will enable enterprises in any industry to implement IOTA more efficiently and with a lighter, more flexible and modular architecture. The complete network update of the IOTA protocol will allow for a more seamless transition as it moves through future updates, as the protocol will remain stable and enterprise-ready. Each update of IOTA for any production-level use, including updates to Crisis, is ahead of Chrysalis Phase 2.

The main features of the upgrade of Chrysalis are:

  • Enterprise Ready – Integration with IOTA is now largely plug-and-play, a completely new network capable of meeting the demands of production-level customers. IOTA’s Chrysalis update brings enterprise-ready product to market.
  • Standardization – IOTA Chrysalis modules are now based on industry standards, using the most widely researched, highly vetted, and well-established standards to provide easy integration to the industry.
  • Better applicability – Whether it is the newest interface of Firefly Wallet or standardized software bindings for most programming languages, IOTA represents a complete modification of the Chrysalis user interface.

“The new dawn of IOTA has arrived,” said IOTA Foundation President Schiener.

We now have an enterprise-ready platform that will please both industry and consumer users with its enhanced functional, industry-standard upgrades and energy efficiency. Our engineers have worked diligently to lay the foundations for coordination and beyond.

Chrysalis will launch on Wednesday 28 April. From today, 21 April to 28 April will be a one-week token migration phase.

Token holders and service providers can transfer their tokens during the migration phase or after the launch of Chrysalis. Ultimately, there is no practical difference between these two options and you can choose to migrate whenever you want, but you have to migrate to do value transactions.

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