IOTA’s Chrysalis 2.0, here’s what you need to know

IOTA is poised for a major milestone with the launch of the Chrysalis phase 2, also known as the final phase for IOTA 1.5. The bridge network between IOTA and the Coordicide event that will lead it to full decentralization, Chrysalis will be rolled out on April 28th, 2021.

After this date, IOTA’s current mainnet will become the “legacy mainnet”. According to an official post 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 going head down in the last bits and pieces to keep things running as smoothly as possible, both on April 21 and April 28. Tests are performed on multiple infrastructure instances to test all migration scenarios.

Classifying Chrysalis Phase 2 as a “new beginning for the IOTA protocol,” the Foundation said they are testing the migration on Firefly with the help of internal and external testers. Since August 2020, the organization and IOTA developers have been developing the new components for phase 2.

In that regard, the developer team has released several versions for the Pollen testnet. This component introduces mana, a reputation system that will help improve IOTA security.

Software node Bee has been released in an alpha phase. Developers can access it and run a Bee node with an updated dashboard with full Chrysalis migration support.

Two of Chrysalis 2.0’s major components, Smart Contracts and Stronghold, have also been released in early versions. For the first component, the developers are “restructuring the integration to reflect some changes in Polled”.

For Stronghold, the developers have placed the component under external audit and the benchmarks use “microseconds for measurements,” as revealed by the IOTA Foundation. The organization said:

We are working with the IF cryptography team to identify methods of performing multisig using Stronghold’s internal libp2p noise-based communication crate. Indeed, our primary focus now is on verifying and validating this crate and its processes.

The token migration from IOTA is an important step for users

On Wednesday, April 21, 2021, IOTA holders, exchanges and custodian will be able to start migrating their tokens. The process is open until Coordicide is deployed.

To start the migration with Firefly, the holders must enter their seeds in the wallet. Later they will receive a new reminder with an EdDSA address on the Chrysalis network. This address has the user’s token. The IOTA Foundation said:

The heavy lifting is fully automated through the Firefly wallet and token holders are guided by a simple interface.

IOTA (MIOTA) is trading at $ 2.16 with a loss of 12.3% on the daily chart, following general market sentiment. On the weekly and monthly chart, MIOTA has 3.8% and 62.4% respectively.

IOTA with moderate losses on the daily chart. Source: IOTAUSDT Tradingview

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