The biggest network upgrade on the IOTA blockchain officially started. Chrysalis token migration is the first step toward this upgrade that started on April 21st. IOTA token holders should follow instructions in their wallets to migrate tokens to the new network.
Those holding the tokens in exchanges shouldn’t do anything special. Chrysalis is the first step toward more strategic updates in IOTA in 2021. The path is toward full decentralization on IOTA with the Coordicide network.
IOTA’s New Dawn
IOTA community and the IOTA Foundation believe Chrysalis is the new dawn for the blockchain. It’s somehow correct speculation because of the many features and changes Chrysalis brings to the IOTA blockchain. With the new upgrade, the strategic step before full decentralization Coordicide, developers and users can enjoy more from the IOTA blockchain. More security, higher resilience, faster transactions, and more capacity are some of the new improvements that Chrysalis will bring to IOTA.
IOTA Foundation focuses on many upgrades that Chrysalis will bring for developers on the IOTA blockchain. These features make IOTA an enterprise-ready blockchain that has everything needed for creating useful apps on the network. The new Chrysalis is a result of contribution and feedback from many stakeholders in the IOTA community.
Besides, the Foundation has always been busy working and discussing features with industry actors to find the best solutions for business use-cases. After all these efforts, Chrysalis will be publicly ready in less than a week. The token migration has started, and all IOTA holders can start moving tokens based on the instruction on the IOTA website.
IOTA token holders can migrate their tokens from the legacy network to Chrysalis using Firefly between April 21st to 28th. The tokens will be locked at the time of Chrysalis network migration, and transactions will be ready soon after the upgrade. Migrating the tokens will be available for users after the Chrysalis launch, too. According to the latest announcement:
“Please note that the migration of tokens between the 21st and 28th of April 2021 is not mandatory. Token holders will be equally able to migrate tokens after the Chrysalis network update on April 28th, at least until Coordicide, for which the IOTA Foundation estimates being able to present a fully decentralized release candidate later this year. During this “Fluid Migration” period, token migration will not be locked and will become available on the Chrysalis network in a short period of time.”
After the launch of the Chrysalis network on April 28th, only transactions from legacy IOTA addresses to the new Chrysalis addresses will be available. In simple terms, you can’t transfer tokens between IOTA old addresses after the updates are completed.
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