IOTA Unveils Plans of Chrysalis’s Migration to its 2nd Phase

Chrysalis is IOTA’s most extensive update and is ready to release its second phase that would be all set for an enterprise-scale deployment. IOTA is prepared to migrate to a “more mature network” from its current network and create a base for IOTA’s futuristic Coordicide project. The second phase of Chrysalis migration aims to transfer existing IOTA tokens to EdDSA addresses on the new network. Migration to Chrysalis would be carried out in two phases: pre-launch migration and post-launch migration.

Token holders have the time to migrate their tokens till the launch of Coordicide, but exchanges would need to migrate sooner to avoid service interruptions before the network launch happens.

bit

IOTA has designed a pretty simple migration process before or after the Chrysalis launch, and users would be assisted by the Firefly wallet. The Firefly wallet would be initially accessible only on Windows, Linux, and Mac platforms. Users would be required to enter the IOTA seed in Firefly, and then Firefly would create a newer seed for the users. It would also generate an EdDSA address for the new network. Firefly would automatically send the funds to a pre-decided migration address situated on the older network. If users have migrated one week before the Chrysalis launch, their funds would be available after the release of Chrysalis on the newer network’s EdDSA address. However, if users have migrated their funds after the launch of Chrysalis, then you would be able to access their funds quickly on the newer network.

There are multiple events planned out for each sub-phase of the second phase of the Chrysalis launch. One week before the Chrysalis launch, an updated version of the node software “Hornet” would be released followed by the public version of the Firefly wallet.

At the time of Chrysalis release, milestones would be stopped from being released on the legacy network. New network snapshots would be provided. Additionally, the Chrysalis versions of the node software would be released.

After the release of Chrysalis, funds would be allocated to the new network via milestones. This would be based on the migration information obtained from the legacy network. The legacy Mainnet network would still be operational alongside the new Chrysalis network. However, normal token transfers would no longer be available on the old network. There would be no difference in the total number of supplied tokens on the old and the new network.

Right now, IOTA is busy coordinating and working with major exchanges to make the migration process roll out smoothly. More documents, guidelines, and FAQs would be published later to help everyone understand and carry out the migration process easily.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

Related Articles

Back to top button