IOTA, a distributed ledger technology, announced that their Chrysalis network upgrade is officially live. It is now production-ready and has a clear path towards its goal of complete decentralization with Coordicide.
The team tweeted:
“#ANewDawn - Our new #Chrysalis network is Live! #IOTA entered a new phase on its way to the #MachineEconomy. Faster. Higher efficiency. Higher security. And ready to be used by everyone interested in a green, scalable, and innovative #protocol.”
IOTA’s wallet and suite of libraries are fully operational with the brand new protocol,
Tokens Migrated To Chrysalis Network
Before launching the network, tokens worth more than $1.4 billion were locked for migration. The tokens are now available under respective EdDSA addresses in the Chrysalis network. Users who haven’t yet migrated to the new network can do so through a fluid migration process.
Tokens held on exchanges such as Binance, Bitfinex or Bitpanda, have been migrated by the respective exchange. This includes tokens of many others preparing for the network update. The exchanges have migrated the tokens on behalf of their customers.
Users who are maintaining or are planning to maintain a Chrysalis Hornet or Chrysalis Bee node can upgrade their systems using the respective latest releases. Users intending to maintain a legacy IOTA node have a release prepared for them too.
IOTA Thanks Community And Team
The IOTA Foundation congratulates its community and team for its outstanding work. The successful launch of Chrysalis Network was possible due to the suggestions, improvements, and the many feedback rounds offered by the two.
The team at IOTA states,
“Chrysalis is a prime example of how collaborative effort and community involvement can help elevate a project to new heights. The Chrysalis network upgrade would not have been possible without the help of the entire IOTA community. We are very grateful to be part of such a capable, enthusiastic and engaged ecosystem.”
IOTA is now enterprise-ready after the Chrysalis upgrade. It has entered a new era of adoption and will serve as a base layer for the blockchain community. It will enable new use cases, set standards for data and value transfer without fees, and maintain a minimal environmental footprint.
IOTA Gearing For Nectar Launch
Users can start to build on the Tangle and plan for the future. IOTA 2.0, Coordicide, will not have any substantial changes as the majority of the codebase exists in Chrysalis already. Projects built on the current codebase will not require major refactoring later on.
With Chrysalis completed, IOTA can focus on Coordicide along with digital assets and smart contracts. The next milestone to a fully decentralized IOTA 2.0 is the Nectar network, scheduled to launch in just a few weeks.
What’s Nectar? IOTA says,
“Nectar will be the first complete implementation of the major Coordicide modules, which will be followed by the launch of the incentivized testnet. The goal of this network is to discover any bugs and issues and make any refinements before a release candidate for the IOTA mainnet.”
IOTA aims to become the first production-ready DLT network based on a fully decentralized leaderless consensus protocol that is scalable, feeless, and secure, achieved without requiring any miners or wasting resources.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.