IOTA Starts Token Migration to Chrysalis Network
IOTA has started the process of shifting to the latest network, Chrysalis, which represents the enterprise level variant of IOTA, and also a unique Firefly wallet. IOTA’s intention remains unchanged, states Dominik Schiener, but “we are in a much better position than ever to realize that vision.”
During IOTA discussions held today, Schiener and Charlie Varley provided a real-time demonstration of the shifting procedure. Fundamentally, IOTA holders utilize the latest Firefly wallet along with the past Trinity wallet to develop a transaction that will burn the tokens from the IOTA 1.0 network and transform them into a piece of genesis trade on the IOTA 1.50 network.
The transition period began yesterday and the latest network will go live on April 28. Any funds shifted at this point in time and before April 28 will remain frozen until the updated network goes live. In case you wish to utilize funds beforehand, it is suggested that you shift them to an exchange.
Any tokens held on cryptocurrency exchanges will also get transferred, but it will be administered completely by the exchange and users have nothing to do. Some cryptocurrency exchanges will not be able to shift funds before Chrysalis is rolled out. Nevertheless, trading can be done, but the crypto exchange will be unable to handle deposits or withdrawals of IOTA tokens until the migration gets completed.
Happening at 6PM CET! In a special episode to celebrate #Chrysalis and #EarthDay, @DomSchiener, @c_varley, and our team will do a live #token migration. Who wants to see what they’ve prepared for us? https://t.co/mFOKu90UvQ#IOTA #IOTATalks
— IOTA (@iota) April 22, 2021
In the last 24 hours, over $250 million worth IOTA tokens have been shifted without any issues. Schiener expects no issues, in any form, and guarantees people that they will be able to shit later, if they wish. As a matter of fact, in case users possess their tokens in Ledger Nano, they should compulsorily wait for a week or two for the roll out of Chrysalis, ahead of the overhauled variant of Firefly’s release. That will provide appropriate instructions to users during the migration process of tokens held in Ledger Nano.
In case a user forgets about the held tokens and remembers only after several years, a system will be provided to securely transfer tokens. Nevertheless, the procedure will be easy in case users shift their tokens in 2021, before the Coordicide upgrade. Schiener praised the core team of the IOTA Foundation, which includes roughly 140 employees, and also the community.
“It’s really amazing to simply think about all of these amazingly talented people we have in the Foundation, who truly care about IOTA, who truly care about realizing what we have started and realizing it with a newly-developed technical foundation for everything. I think right now we have a really, really strong team and a really strong technical foundation. This is the best version of IOTA possible, and we are launching it next week!”
Schiener and Charlie revealed mind-blowing developments that are going to happen. Schiener stated that NFTs hosted on IOTA will pave way for exceptional advancements as transactions are feeless. In an upcoming variant of Firefly owners of NFT will be able to display and view their assets. The Foundation chairman opined that they have entered the NFT sector at the right time.
Charlie disclosed that he has become a member of a slack channel which requires additional developers to assist and work in tandem with a huge number of enterprises who will be developing their application on IOTA soon after Chrysalis becomes effective.