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IOTA is nearing production readiness, and in order to satisfy market demand, the platform has been updated with industry-standard features. The team launched the first phase of Chrysalis in August 2020 for the same reason, and it is now nearing the end of the largest update in IOTA’s history.
IOTA is making headlines today after its team revealed that the last Chrysalis network migration will take place on April 21, 2021. The migration phase will allow customers, exchanges, and custodians to schedule their token migrations ahead of the network update, which will begin seven days before the upgrade.
The announcement said,
“The network upgrade itself will officially happen on Wednesday, April 28th, 2021.”
Since December 2020, the public testnet has been up and running, and it has been modified by incorporating different components until it was feature-complete with the Chrysalis specifications.
Firefly, a new wallet built from the ground up to replace the Trinity wallet, was also launched by the project. It will operate in accordance with the Digital Resource System. It will be launched in beta next week, allowing us to use the latest IOTA until the mainnet update. However, users will not be able to transfer tokens in the beta version of Firefly until April 21.
IOTA’s development team added,
“We have rebuilt the entire IOTA tech stack (node, libraries, wallet) from scratch, including a token transition from the old WOTS signature scheme to the new EdDSA signatures. So far we have successfully completed multiple audits from three independent firms, and our team is continuously peer-reviewing and optimizing wherever possible. All of this is to ensure that Chrysalis will be a smooth and secure transition into a new and exciting future with much higher performance, stability, reliability and security.”
Here, it should also be noted that while the team had to push the date of the network upgrade, more exchanges are now supporting the transition.