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IOTA is relaunching on a whole different network. The Chrysalis update is a departure from the existing protocol and an opportunity to start from scratch with a more advanced network.
The Chrysalis network migration starts today. This cycle of migration would last seven days. Before the network update, customers, exchanges, and fund managers can prepare their token migration.
However, the update will be formally implemented on April 28.
Fixing past mistakes
IOTA is an open-source distributed ledger and cryptocurrency that is used to record and execute transactions between computers and devices in the Internet of Things (IoT).
However, just a year after its debut in 2016, IOTA was subjected to a significant wallet breach. This breach of confidentiality, among other things, caused IOTA to lose traction. Prior to the 2017 hack, it was ranked in the top five digital currencies. Its market capitalisation was marginally more than $13 billion at the time.
Despite the latest surge, the digital currency has yet to break the $2.50 resistance level. According to TradingView, IOTA is ranked 23rd with a market value of almost $6.5 billion at the time of publishing.
Chrysalis is IOTA’s solution for improved operating system efficiency, reliability, and protection. Furthermore, it introduces new technologies for users, companies, and exchanges.
#Chrysalis is coming in 2 weeks!
More performance. More stability. More security.
A new #IOTA protocol more lightweight, modular, and easy to use than ever before. https://t.co/sJXXiThHQE#ANewDawn pic.twitter.com/UhyjcLeP0x
— IOTA (@iota) April 14, 2021
“A new #IOTA protocol is more lightweight, modular, and easy to use than ever before,” IOTA tweeted ahead of the launch.
Chrysalis discusses protocol, libraries, wallets, and applications in IOTA Foundation applications. It is setting the groundwork for future launches such as smart contracts and tokenization.
The switch to Chrysalis is critical for IOTA to get rid of the organiser. An upcoming case dubbed “Coordicide” will remove a middleman from the IOTA operating system. This would allow users such as developers, exchanges, and custodians to start developing their own solutions.
The great migration
This is the first developmental upgrade in the history of the IOTA network. The first phase of this network expansion, dubbed Chrysalis 1.5, took place in August 2020.
This was the first step in the creation of Chrysalis 2.0. IOTA’s goal for it was to reduce transaction rates and efficiency.
The migration of properties is a critical component of the second step of the Chrysalis update. IOTA promotes a quick conversion mechanism for current network customers.
Token holders have two migration paths to take. Either before the official Chrysalis launch during the set migration period or anytime after that.
Although the network states there’s “no practical difference” between the different options, migrating assets before the launch would help prevent any accessibility or network disruptions.
Token holders on the old IOTA network would be able to migrate before the anticipated coordicide occurrence.
Hornet, the latest node app, will be launched during the migration phase. It facilitates migration transfers that allow for the movement of funds in advance.
Along with Hornet, IOTA’s latest wallet, Firefly, will be made public as a way for network users to safely move their funds to the new Chrysalis network.
Firefly operates without any third-party integrations. Previously, these third-party integrations were the cause for significant vulnerability in IOTA’s last wallet. Firefly is one of the operating system’s products of maturity, as it has been rewritten and rigorously audited.
IOTA will announce new products, libraries, and applications on the day of the conversion to assist developers and customers operating on the network.
A new dawn for IOTA productivity
IOTA unveiled new collaborations in the run-up to the Chrysalis upgrade, demonstrating the system’s enhancements and the potential to build smart contracts on their blockchain.
Sustainability collaborations with ClimateCHECK to tackle climate change and move for sustainability with a “sustainable internet of things,” which is one of IOTA’s areas of interest with Chrysalis, are among those alliances.
Furthermore, the IOTA Foundation recently secured collaborations in Asia to develop smart city programmes in different locations around the continent, as well as in Europe later in 2021. This will imply digitising real estate contracts and developing environments that are compliant with distributed ledger technologies.
As the Chrysalis transition approaches, the promise of increased network competitiveness looms. Only time will tell if IOTA’s rebirth will deliver on its aspirations and create a more competitive and stable environment for users and investors.