Chrysalis is the most important update in the history of IOTA. IOTA 1.5 brings some major innovations. This has to be taken into account when switching to IOTA 1.5.
The IOTA crypto network, which specialises in the Internet of Things, is facing a major upgrade. On April 21, the upgrade to IOTA 1.5, also known as “Chrysalis”, will begin. The update will take seven days. The mainnet launch of IOTA 1.5 is scheduled for Wednesday, April 28. Chrysalis marks an important milestone on the way to IOTA 2.0 (“Coordicide”), which is to do without the central control module, the “Coordinator”.
” A new era has dawned for IOTA, ” says 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 residential users with its enhanced features, industry – standard upgrades, and energy efficiency. Our engineers have worked diligently to create 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, with IOTA 1.5, the average time the network needs to confirm transactions should drop from the previous two minutes to just 10 seconds.
1. Crypto trading place made in Germany
High reliability and transparency down to the last detail thanks to the long-standing expertise of Group Börse Stuttgart. Crypto trading with a partner you can trust. Get started now in 3 steps at the Stuttgart Digital Exchange.
Register now > & gt;
This is achieved, among other things, by a new algorithm for determining so-called milestones. Milestones are transaction bundles signed by the coordinator. Because in IOTA each transaction confirms a previous one, network nodes must wait until their transaction appears in a Milestone. The new algorithm for selecting these milestones is intended to significantly increase the number of confirmed transactions per second.
Another fundamental innovation is the way in which the “account balances” are managed in IOTA. So far, IOTA uses an account-based model, as can be found, for example, in Ethereum. With Chrysalis, the network converts to the UTXO model (Unspent Transaction Output), as it is 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 cases for IOTA. These include so-called colored coins. These are IOTA coins representing real assets.
This is what IOTA users need to consider when upgrading Chrysalis
From April 21, IOTA holders will be able to transfer their tokens to the new network using the new Firefly wallet that appears on the same day. However, there is no acute time pressure: even after the launch of Chrysalis, it should still be possible to migrate tokens from IOTA 1.0 to IOTA 1.5. However, especially exchanges and other crypto service providers are encouraged to make the move before the launch in order to be able to offer an uninterrupted service.
Beware of hackers
In an announcement about the upcoming Chrysalis launch, the IOTA Foundation urges the community to install the correct version of the Firefly Wallet. It is assumed that the migration of the entire IOTA supplement could make users a target for hackers and scammers:
The migration event is a worthwhile destination for hackers and scammers. When you download the Firefly wallet, please make sure you only download the official one to securely transfer tokens to your new address(s). Apart from 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 Ledger Nano hardware wallet to the new network. The first version of Firefly comes without Ledger support. If you can wait a few weeks and avoid the detour via an Exchange or the Trinity Wallet, you have to wait for the corresponding Firefly update. Loud Blog Post from April 15, the Ledger integration is already close to completion and is currently still being tested.
IOTA course in plus
The IOTA course (MIOTA) has reacted positively to the beginning of network migration. At 2.22 USD, MIOTA has a daily increase of 8.5 percent at the end of the day. In the month-on-month comparison, the MIOTA price has thus increased by 56.7 percent. According to Lübeck, the next technical resistance is 2.3 USD. The current support is the mark of 2.16 USD. Further important course objectives can be found in the current IOTA course analysis by Stefan Lübeck.
Learn crypto trading
The entry-level price for trading Bitcoin and digital currencies
3 Hours video course with professional trader Robert Rother
Learn to trade now