IOTA’s Chrysalis 2.0, This Is What You Need to Know
IOTA is ready for a major milestone with the launch of the Chrysalis phase 2 also know as the final stage for IOTA 1.5. The bridge network between IOTA and the Coordicide event which will lead it to full decentralization, Chrysalis will roll out on April 28th, 2021.
Dev Update, April 2021 – Our engineering team is ready for the #Chrysalis update, starting on April 21st! Check the latest updates about it and all our projects, including #Pollen, #Bee, #SmartContracts, #IOTAIdentity, #Stronghold & more. https://t.co/SxzRxAo7Gm#IOTA
— IOTA (@iota) April 15, 2021
After this date, IOTA’s current mainnet will become the “legacy mainnet”. According to an IOTA Foundation official post, the infrastructure that will replace the current mainnet is already in place. The organization said:
With Chrysalis just around the corner, the team is heads down in the final bits and pieces to make everything as smooth as possible both on April 21 and April 28. Tests are being run on multiple instances of infrastructure to test all the migration scenarios.
Classifying Chrysalis phase 2 as a “new beginning for the IOTA protocol”, the Foundation said they are testing the migration on Firefly with the help of internal and external testers. Since August 2020, the organization and IOTA developers have been developing the new components for phase 2.
In that regard, the team of developers has released several versions for the Pollen testnet. This component will introduce mana, a reputation system that will help boost IOTA security.
Software node Bee has been released in an alpha phase. Developers can access it and run a Bee node with an updated dashboard with full Chrysalis migration support.
Two of Chrysalis 2.0 most important components, Smart Contracts, and Stronghold have also been released in the first versions. For the first component, the developers are “refactoring the integration to reflect” some changes in Polled.
For Stronghold, the developers have placed the component under external audit and its benchmarks are “using microseconds for measurements”, as revealed by the IOTA Foundation. The organization said:
We are working together with the IF cryptography team to identify methods for performing multisig using Stronghold’s internal libp2p-noise based communication crate. Indeed, our primary focus now is on verifying and validating this crate and its processes.
IOTA’s token migration an important step for users
On Wednesday, April 21, 2021, IOTA holders, exchanges, and custodian can begin migrating their tokens. The process will be open until Coordicide deployment.
To begin the migration using Firefly, the holders will need to enter their seeds in the wallet. Later, they will receive a new mnemonic with an EdDSA address on the Chrysalis network. This address will have the user’s token. The IOTA Foundation said:
The heavy lifting is fully automated through the Firefly wallet and token holders are guided by a simple interface.
IOTA (MIOTA) is trading at $2,16 with 12.3% losses in the daily chart following the market’s general sentiment. On the weekly and monthly chart, MIOTA has 3.8% and 62.4%, respectively.