According to a press release shared with Herald Sheets, IOTA Foundation, the non-profit building the infrastructure for the Machine Economy and Internet of Things (IoT), is today completing Chrysalis, the most extensive network upgrade in its history.
Starting from today, there will be a 1-week token migration phase. The Chrysalis network upgrade is slated to go live on 28th April 2021, when the current Mainnet will become the IOTA Legacy Mainnet.
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This much-anticipated upgrade will move IOTA out of the experimental phase into an enterprise-ready ecosystem that is open to real-world use cases.
The Chrysalis upgrade has an impact on all aspects of IOTA, such as wallets, libraries, software implementations, and security protocols. It will also serve as a foundation for the upcoming rollout of Coordicide.
The report reads in part as follows:
“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.
“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.”
According to the report, the upgrade is the second and final phase of the Chrysalis upgrade. The first phase played out in September 2020. Considering IOTA Foundation’s roadmap, the final and major milestone will be Coordicide, which is slated for the end of 2021.
The report added that the Chrysalis upgrade will make the rollout of Coordicide by the end of the year seamless, due to the fact that many of the changes required for Coordicide have already been achieved now with the Chrysalis upgrade. This also implies that any enterprise applications that are implemented between now and the launch of Coordicide will undergo only minor adjustments to the fully matured Coordicide network.
As stated in the press release, highlights from the Chrysalis upgrade include the following:
- Enterprise-ready – Integration with IOTA is now largely plug and play, a completely new network that is able to scale to the demands of production-level clients. IOTA’s Chrysalis update brings an enterprise-ready product to market.
- Standardization – IOTA Chrysalis modules are now based on industry standards, utilizing the most widely researched, highly vetted, and well-established standards to provide easy integration for the industry.
- Improved usability – Whether it’s the sleek new interface of the Firefly Wallet or the standardized software bindings for most programming languages, IOTA Chrysalis represents a complete revision of user interfaces.
Reacting to the new development, Co-Founder and Chairman of the IOTA Foundation, Dominik Schiener said:
“IOTA’s new dawn has arrived. We now have an enterprise-ready platform that will please both industry and consumer users with its enhanced functionally, industry-standard upgrades, and energy efficiencies. Our engineers have worked diligently to build the foundation for Coordicide and beyond.”
So, token holders and service providers are thereby urged to migrate their tokens during the migration phase or after the official rollout of Chrysalis. But it’s recommended for exchanges to migrate ahead of the launch to avoid service interruption.
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