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04 Mai 2021

Das IOTA Chrysalis network upgrade – Rückblick und Ausblick auf die Zukunft 

Michela Iseli

Michela Iseli

Business Development Manager bei Crypto Storage AG

Über den Autor

In dieser Mitteilung wird auf das Ergebnis der Migrationsphase, die am 21. April begann, geschaut. Hierbei wurde das Chrysalis Network Upgrade am 28. April endlich live geschaltet. Das Brokerage Team von Crypto Finance hat die Token im Auftrag ihrer Kunden migriert.


The IOTA Chrysalis network upgrade – looking back and ahead to the future

After the migration phase, which started on 21 April, the Chrysalis Network Upgrade finally went live on 28 April. Chrysalis is the most extensive upgrade in the history of the IOTA network, touching all aspects of the protocol: this included the libraries, wallets, and software implementations developed by the IOTA Foundation. With Chrysalis, IOTA is moving one step closer to its aim to become the backbone of the internet of things (IoT), by enabling economic relationships between machines and bridging the human and machine economies.

Tokens worth more than $1.4 billion were locked for migration prior to the network launch. These tokens are now available under their respective EdDSA addresses in the Chrysalis network, and users that have not yet migrated can now do so through IOTA´s fluid migration process. Our Brokerage team, as well as many exchanges, have migrated the tokens on behalf of their clients. Our Storage and Tokenisation team has supported industrial and financial institutions that use our self-custody solution as they went through this migration process. We received great feedback from our clients for our advice, the well-established information flow, and our continuous support. This was possible thanks to our close collaboration with IOTA and the open communication from the IOTA Foundation. Early involvement and transparent information about the progress and upcoming issues is key to developing and implementing new technologies successfully like this upgrade being rolled out for IOTA.

So, what is next?

With the Chrysalis migration complete, the ecosystem can now start to build on the IOTA tangle and plan for the future. Many of the Foundation’s engineers are now able to fully focus on Coordicide, developing digital assets and smart contracts on the new Chrysalis foundation. The next major milestone to a fully decentralised IOTA 2.0 will be the Nectar network that launches in a few weeks. Nectar will be the first complete implementation of the major Coordicide modules, which will be followed by the launch of the incentivised testnet. The goal of this network is to discover any bugs and issues and make refinements before a release is made for the IOTA mainnet. We are looking forward to these upcoming milestones and the forward-thinking projects enabled by the IOTA team.

For finance and industry, the IOTA token is an interesting alternative investment option into a promising new technology. With its DLT structure, IOTA enables new possibilities, based on IoT adoption in many sectors. Contact us to find out how we can support you in offering IOTA to your clients and to learn more about how to securely store IOTA tokens with our self-custody solution.

For more insights on IOTA, click here.

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