“Enterprice-ready”: IOTA starts the Chrysalis week

With Chrysalis, the most important update in the history of IOTA began on April 21st. IOTA 1.5 brings some radical innovations. You have to keep this in mind when switching to IOTA 1.5.

The IOTA crypto network, which specializes in the Internet of Things, is about to undergo a radical upgrade. The upgrade to IOTA 1.5, also known as “Chrysalis”, will begin on April 21. The update will take seven days to complete. The mainnet start of IOTA 1.5 is therefore planned for Wednesday, April 28th. Chrysalis marks an important milestone on the way to IOTA 2.0 (“Coordicide”), which should do without the central control module, the “Coordinator”.

“A new era has dawned for IOTA,” said Dominik Schiener, co-founder and chairman of the IOTA Foundation, in a press release on the Chrysalis launch quote.

We now have an enterprise-ready platform that will delight both industrial and home users with its improved functions, industry-standard upgrades and energy efficiency. Our engineers have worked diligently to lay the foundation for Coordicide and more,

so Schiener continues.

IOTA 1.5 with Performance Boost

Chrysalis should bring noticeable improvements for users and developers. For example, the time that the network needs on average to confirm transactions should fall from the previous two minutes to just 10 seconds with IOTA 1.5.

This is achieved, among other things, by a new algorithm for determining so-called milestones. Milestones are bundles of transactions that have been signed by the coordinator. Because every transaction in IOTA confirms a previous one, network nodes have to wait for their transaction to appear in a milestone. The new algorithm for selecting these milestones should increase the number of confirmed transactions per second significantly.

Another fundamental innovation is the way in which the “account balances” are managed in IOTA. So far, IOTA has been using an account-based model, as can be found, for example, with Ethereum. With Chrysalis, the network is switching to the UTXO (Unspent Transaction Output) model, as known from Bitcoin.

On the one hand, the UTXO model is intended to improve the resilience and security of the network. In addition, the switch to UTXO opens up a use case for IOTA. This includes so-called colored coins. These are IOTA coins that represent real assets.

IOTA users have to consider this when upgrading Chrysalis

From April 21, IOTA holders will have the option of transferring their tokens to the new network using the new Firefly wallet, which will appear on the same day. However, there is no acute time pressure for this: Even after the launch of Chrysalis, it should still be possible to migrate tokens from IOTA 1.0 to IOTA 1.5. Above all, exchanges and other crypto service providers are encouraged to move before the launch in order to be able to offer an uninterrupted service.

Beware of hackers

In an announcement of the upcoming Chrysalis launch, the IOTA Foundation warns the community to install the correct version of the Firefly Wallet. It is assumed that the migration of the entire IOTA supply could make users a target for hackers and fraudsters:

The migration event is a worthwhile destination for hackers and fraudsters. When downloading the Firefly wallet, please make sure that you only download the official one in order to securely transfer tokens to your new address (es). Except for Firefly, there is no officially recommended way for users to migrate their tokens.

In addition, it will initially not be possible to transfer tokens directly from the hardware wallet Ledger Nano to the new network. The first version of Firefly comes without ledger support. If you can be patient for a few weeks and shy away from the detour via an exchange or the Trinity wallet, you have to wait for the corresponding Firefly update. According to Blog post from April 15, the ledger integration is already close to completion and is currently being tested.

IOTA course in the plus

The IOTA course (MIOTA) reacted positively to the start of the network migration. At USD 2.22, MIOTA had a daily plus of 8.5 percent at the time of going to press. In a monthly comparison, the MIOTA price has increased by 56.7 percent. According to Lübeck, the next technical resistance is at USD 2.3. The USD 2.16 mark currently serves as support. You can find other important course goals in the current IOTA course analysis by Stefan Lübeck.