Thursday, June 17, 2021

Dominik Schiener: Over $220M IOTA Tokens Locked and Ready for Chrysalis Launch, $1 Billion Possible Before Launch

Dominik Schiener, the co-founder of IOTA Foundation, has taken to Twitter to hint at the community about the current and notable progress recorded in relation to the launch of Chrysalis.

According to Schiener in a tweet a couple of hours ago, over $220 million worth of IOTA tokens has already been locked in readiness for the official launch of Chrysalis, which will play out on 28th April 2021.

Read Also: IOTA to Unleash A fully Decentralized P2P Payment System with No Transaction Fees –IOTA Co-Founder

Schiener also believes that the locked tokens could reach $1 billion before the launch next week.

Dominik Schiener tweeted, “This is simply amazing. After 12 hours, more than $220m IOTA tokens are already locked and ready for the Chrysalis launch. Let’s reach $1 Billion tokens locked before the launch next week on the 28th!”

Read Also: IOTA Co-Founder Dominik Schiener: Coordicide Will Fully Decentralize IOTA

Token Migration in Progress

As reported by Herald Sheets, IOTA advanced into the phase of token migration on 21st April in preparation for the official launch of Chrysalis.

According to the report, the token migration phase will last for one week, but tokens can still be migrated after the launch. However, it’s recommended for exchanges to migrate ahead of the launch to avoid service interruption.

The much-awaited launch of Chrysalis is expected to move IOTA out of the experimental phase to an enterprise-ready ecosystem that is open to real-world use cases.

The report has it that the upgrade has a huge impact on all the aspects of IOTA, including wallets, libraries, software implementations, security protocols, and will serve as a foundation to the rollout of Coordicide:

“Chrysalis marks a true rebirth for the IOTA protocol, as it is the launch of an entirely new network. This relaunch will bring IOTA up to the level of an enterprise-ready product that is fully equipped for use in outside organizations and businesses that wish to leverage the power of the Tangle.

Read Also: IOTA Introduces Oracles Solution. This is why it’s Different from Existing Competitors

“Chrysalis improves the efficiency, security, scalability, and stability of the IOTA protocol, and moves the IOTA Foundation firmly out of an experimental concept phase into an enterprise-ready, plug-and-play DLT ecosystem.”

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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