Wednesday, May 5, 2021

IOTA Enters a New Dawn, Now On Clear Path towards Full Decentralization with Chrysalis Launch

IOTA is getting there bit by bit. Token migration is now concluded. Chrysalis network upgrade has been officially rolled out. This represents a transition into a new dawn for IOTA, with a brand new protocol, wallet, and suite of libraries in full operation.

According to the report, IOTA is becoming production-ready with the successful rollout of Chrysalis, which indicates that there is now a clear path towards full decentralization with Coordicide.

Read Also: IOTA Launches New Firefly Wallet with Advanced Security and Usability

In the course of the token migration that lasted for 7 days prior to the network launch, tokens worth more than $1.4 billion were locked, the report stated. These tokens are now available under their EdDSA addresses in the Chrysalis network.

So, users that have not migrated their tokens can do so through the fluid migration process. However, IOTA tokens on exchanges, such as Binance, Bitfinex, among others, have been migrated by these exchanges on behalf of their users in preparation for the upgrade.

The report reads in part as follows:

“Users maintaining (or planning to maintain) a Chrysalis Hornet or Chrysalis Bee node can now upgrade their systems, using the respective latest releases (Chrysalis Hornet release, Chrysalis Bee release). The same applies to anyone intending to maintain a legacy IOTA node, for which we prepared a release as well.”

Read Also: Chrysalis Will Transform All Developers Tools, Node Software in the IOTA Ecosystem

What Chrysalis Brings To IOTA Ecosystem

According to the report, IOTA is now enterprise-ready and entered into a new era of adoption with the launch of Chrysalis.

With the latest and notable development, the IOTA network will be able to serve as a base layer for the machine economy, the Internet of Things (IoT), among others, which will, in turn, enable new use cases and set standards in data and value transfer. The report specifically stated that all the aforementioned operations will come at no cost (feeless) for users.

This new development has automatically opened the door for partners, academia, and developers to start building on the IOTA Tangle.

“There will not be substantial changes on the way to IOTA 2.0, Coordicide, as the majority of the code-base including tools, libraries, and APIs already exists in Chrysalis. Projects built on today’s codebase will not require major refactoring later on,” the report added.

Read Also: IOTA Announces Competitive Smart Contract Alpha

IOTA Foundation’s engineers can now focus on other developments, such as Coordicide, Digital Assets, and Smart Contracts.

The next phase of development is now Nectar, which will represent the first complete implementation of major Coordicide modules. It’s slated to launch in just a few weeks.

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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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