IOTA is on its way to production readiness and has changed the platform with aspects that are in line with industry standards to keep up with market demand. The team deployed the first phase of Chrysalis for the same in August 2020, and now it’s entering the final phase of the biggest upgrade in IOTA’s history.
IOTA is in the news today after its team announced that the final Chrysalis network migration would take place on April 21, 2021. The migration period allows users, exchanges, and administrators to prepare their token migrations before starting the network upgrade 7 days before the network upgrade.
The announcement said
“The network upgrade itself will officially take place on Wednesday, April 28, 2021.”
The public test network has been in operation since December 2020. The same was tweaked by adding various components until it was fully equipped with Chrysalis specs.
The team also released Firefly, a new wallet designed from the ground up to replace the Trinity wallet. It will be integrated into the Digital Assets Framework. It will be released in beta next week so anyone can use the new IOTA before the mainnet upgrade. However, in the beta version of Firefly, users cannot migrate tokens. This is only possible from April 21st.
The IOTA development team added:
“We built the entire IOTA tech stack (nodes, 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 several audits by three independent companies, and our team is continuously reviewing and optimizing wherever possible. All of this is to ensure that Chrysalis is a smooth and safe transition into a new and exciting future with much higher levels of performance, stability, reliability and security. “
Another thing to note here is that while the team had to postpone the network upgrade date, there are now more exchanges supporting the transition.
Sign up for our Newsletter