- IOTA Chrysalis is expected to enable the network to become enterprise-ready as it allows its ecosystem to access new tool sets.
- Before the new upgrade, over 20% of all tokens were migrated.
- Chrysalis provides the foundation for the future implementation of smart contracts and tokenization.
The IOTA Foundation, a non-profit organization focused on distributed ledger technology, is completing the largest network upgrade in its history.
IOTA should be ready for business
The new upgrade takes IOTA out of its experimental phase and moves into an enterprise-grade ecosystem for real use cases.
According to Dominik Schiener, co-founder of IOTA, Chrysalis represents the “best version of IOTA” with features to be added in the coming months. New features include reusable addresses, UTXO, programmable transactions and readiness for other key application layers including streams, identity and smart contracts.
In anticipation of the final milestone for the blockchain Coordicide, Chrysalis opens the door for enterprise and consumer-level application development in the IOTA infrastructure. The new upgrade improves wallets, libraries, software implementations, and security protocols.
With these new features, Schiener encouraged developers to build applications on IOTA as Chrysalis will be production ready for business applications. Chrysalis is reducing the validation requirements for Tangle – the architecture on which the cryptocurrency is based. This could enable faster transaction speeds and allow companies in any industry to implement IOTA more efficiently. Schiener said:
The new dawn of IOTA has come. We now have an enterprise-ready platform that will please both industrial and consumer users with enhanced features, industry standard upgrades, and energy efficiency. Our engineers have worked diligently to lay the groundwork for Coordicide and beyond.
Chrysalis launches on April 28th and the network has been migrating for a week since April 21st. Token holders and providers can migrate their tokens during this time and after launch. According to Schiener, IOTA has already reached over 20% of all tokens to be migrated, which corresponds to a value of 1.2 billion US dollars.
IOTA tokens have been migrated
IOTA’s mainnet was launched in June 2016. Tangle introduced a scalable, lightweight protocol that can overcome rising costs and power consumption by eliminating the need for miners and fees. The Chrysalis migration allows developers, crypto exchanges, and users to build applications and solutions on IOTA without the need for a middleman.
Comments are closed.