IOTA is ready for an important milestone with the start of Chrysalis Phase 2, also known as the end phase for IOTA 1.5. Chrysalis, the bridge network between IOTA and the Coordicide event that will lead to full decentralization, will be launched on April 28thth2021.
Dev Update, April 2021 – Our engineering team is ready for the #Chrysalis update from April 21st! Check out the latest updates and all of our projects including #Pollen, #Bee, #SmartContracts, #IOTAIdentity, #Stronghold & more. https://t.co/SxzRxAo7Gm#IOTA
– IOTA (@iota) April 15, 2021
After this date, the current IOTA mainnet will become the “legacy mainnet”. According to an official contribution from the IOTA Foundation, the infrastructure that will replace the current mainnet is already in place. The organization said:
With Chrysalis just around the corner, the team is in the final stages of making everything as smooth as possible on both April 21st and 28th. Tests are run on multiple instances of the infrastructure to test all migration scenarios.
The foundation classified Chrysalis Phase 2 as a “fresh start for the IOTA protocol” and said they are testing the migration to Firefly with the help of internal and external testers. The organization and the IOTA developers have been developing the new components for phase 2 since August 2020.
In this context, the development team has released several versions for the pollen test net. This component will introduce Mana, a reputation system that will help increase IOTA security.
The software node Bee was released in an alpha phase. Developers can access it and run a Bee Node with an updated dashboard with full support for Chrysalis migration.
Two of the key components of Chrysalis 2.0, Smart Contracts and Stronghold, were also released in the first versions. For the first component, the developers are revising the integration to reflect some changes in Polled.
For Stronghold, the developers subjected the component to an external test, and their benchmarks use “microseconds for measurements,” as announced by the IOTA Foundation. The organization said:
We are working with the IF cryptography team to identify methods for performing multisig using Stronghold’s internal libp2p noise-based communication box. In fact, our main focus now is on reviewing and validating this box and its processes.
IOTA’s token migration is an important step for users
On Wednesday, April 21, 2021, IOTA holders, exchanges and custodians can start migrating their tokens. The process is open until Coordicide is used.
To start the migration with Firefly, owners need to put their seeds in the wallet. Later they will receive a new mnemonic with an EdDSA address in the Chrysalis network. This address contains the user’s token. The IOTA Foundation said:
The heavy lifting is done fully automatically by the Firefly wallet, and the token holders are managed via a simple user interface.
IOTA (MIOTA) is trading at $ 2.16 with a 12.3% loss on the daily chart, in line with the general sentiment of the market. On the weekly and monthly chart, MIOTA has 3.8% and 62.4%, respectively.