IOTA Foundation has crossed a major milestone in its history as it launches the final stage for IOTA 1.5 Chrysalis phase 2.
#IOTA is ready to be reborn with a complete overhaul of the entire project.In just a few hours the #Firefly Wallet will officially be released, opening up the migration to #Chrysalis. T-7 Days for the full launch of the brand new Chrysalis network.https://t.co/yCj2c65IK7
— Dominik Schiener 💎 🦋 💎 (@DomSchiener) April 21, 2021
The bridge network between Coordicide and IOTA will lead to its full decentralization. Once launched, it will be the most expensive network upgrade in its history. The move will take IOTA to the enterprise-ready system and out of the experimental phase.
The Chrysalis upgrade will be touching on all aspects of IOTA (MIOTA), including software implementations, libraries, security protocols, as well as wallets.
According to the announcement, the upgrade will give room for the development of any number of enterprises that will leverage the power of the IOTA tangle.
The migration period will last for seven days, which ends on April 28 when the upgrade will be finally made.
Correcting past errors
IOTA was launched in 2016 as a cryptocurrency and an open-source distributed ledger. Its main purpose is for recording and executing transactions between devices and machines that connect via the Internet of Things (IoT).
However, the platform experienced a major wallet hack less than a year after it was launched. This set the platform backward as it lost a bit of momentum. Before the hack, IOTA’s market capitalization was $11 billion and was in the top-5 spot among all cryptocurrencies. It fell massively after the wallet hack and wasn’t even making the top 20 list. The token is now ranked 23rd with a market cap of $6.5 billion
IOTA is gradually trying to get back to its former level, which explains why the platform has embarked on the Chrysalis 2 upgrade to make the platform more secure.
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