IOTA, which has revised the principles of DLT to offer an improved financial exchange protocol, is preparing for a major upgrade
Dominik Schiener, Co-founder of JOTAThe company, which claims to have “revamped” the principles of existing distributed ledger technology (DLT) to offer a royalty-free, open source protocol for secure data and financial exchanges, has resulted in one of the largest upgrades in history from IOTA that’s “Right in front of us.”
It becomes real. #IOTA $ IOTA https://t.co/CUkU8hvM2x
– Dominik Schiener 💎 🦋 💎 (@DomSchiener) April 5, 2021
Schiener confirms that in less than three weeks IOTA will “enter a new era of rapid ecosystem growth”.
As mentioned in an update from the developers, they are pleased to announce the official start date for the Chrysalis Network Migration, which is scheduled to take place on Wednesday, April 21, 2021. The migration period that “allows users, exchanges, and administrators” to prepare their token migrations prior to the network upgrade (starts 7 days prior to the network upgrade). “
The IOTA network upgrade itself will “officially take place on Wednesday, April 28, 2021”.
In the past year, IOTA developers have reportedly worked on moving the IOTA protocol “towards readiness for production, taking into account the actual needs and requirements of our ecosystem”.
The developers added:
“We have successfully removed some of the exotic aspects of the IOTA protocol and replaced them with industry standards. The first phase of Chrysalis was made available on the IOTA network in August 2020. We are now in the final phase of the biggest upgrade in IOTA history. “
The Chrysalis public test network has reportedly been operating live since December last year. The components were “gradually added to the network until it was equipped with the Chrysalis specifications”. The announcement also stated that developers and IOTA enthusiasts “can already read the new developer documentation to begin development on Chrysalis”.
The development team also mentioned:
“With the public beta of Firefly next week, we will allow everyone to experience the future of IOTA before the mainnet upgrade. (Note: a few seconds for proof of work, confirmation times under 10 seconds, and reusable addresses are absolutely amazing.)
While they were “a bit short” of their planned and estimated first quarter release, the “sheer size” and the “meticulous execution” were for that Chrysalis upgrade must not be “underestimated, nor should the upgrade be accelerated,” stated the developers.
They also mentioned that they “rebuilt 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”.
The developers confirmed that they have now completed several audits of three “independent” companies and that their team is “continuously conducting and optimizing peer reviews wherever possible”. They added, “All of this is to ensure that Chrysalis makes a smooth and safe transition into a new and exciting future with much higher levels of performance, stability, reliability and security. A new dawn, so to speak. “
The IOTA team noted that they are “technically mostly ready to begin the network upgrade” but the start date was changed because they “wanted to give the exchange more time to officially support the transition”. The team also found that many exchanges “have pre-defined update cycles that cannot be skipped, shortened, or changed at will”. They added that they clearly “have fairly strict review and security processes that cannot and should not be changed on a whim”. They also noted that they “will make sure that we take these timeframes into better account” for future upgrades.
The IOTA team added:
“When it comes to token migration, Firefly will walk you painlessly through the entire migration process (we will publish step-by-step instructions beforehand). Our new wallet automatically creates destination addresses in the Chrysalis network for your tokens. The heavy lifting of the migration is fully automated through the Firefly wallet, and token holders (including Ledger wallets) are managed through a simple user interface. In short, migrating your tokens from the current IOTA network to the new Chrysalis network is painless, easy and quick. “
“With the network migration, almost the entire token supply is transferred and many transactions are carried out. The migration event is therefore a valuable target for hackers and fraudsters. When downloading the Firefly wallet, make sure you only download the official one to securely transfer tokens to your new address (es). There is no officially recommended way for users to migrate their tokens other than Firefly. Of course, we keep an eye out for possible fake wallets or unofficial migration instructions. “
They also mentioned that to “make absolutely sure you download the official wallet, only download it from our dedicated network migration status page https://chrysalis.iota.org or directly from https://iota.org”. The IOTA team warned, “Do not use Google search or follow links posted directly on social media, even if they appear to be published by the IOTA Foundation.”
As a reminder, the IOTA team noted that token holders “are not required to migrate tokens before the Chrysalis network update and have the option to migrate tokens for an extended period after the network update”. They added, “As we get closer to the migration, we will post more videos, tutorials and guides to provide you with the information you need to successfully upgrade to Chrysalis.”