IOTA successfully deployed the Chrysalis Network

The IOTA project says it has successfully implemented the Chrysalis upgrade, giving IOTA a new protocol, a new wallet and a library of ready-to-use tools.

Accordingly, IOTA also carried out the transfer of MIOTA tokens to the network, with a total value of up to $ 1.4 billion. Users holding tokens on major exchanges like Binance, Bitfinex… will not have to take any action because the exchange will convert MIOTA. Meanwhile, exchanges like OKEx, Huobi will start transferring Chrysalis tokens in May. IOTA users who do not hold tokens on the exchange can still move tokens according to the project’s instruction process.

Chrysalis upgrade will officially mark IOTA step out of the testing phase to build practical uses. With Chrysalis, many features of an application blockchain have been deployed on IOTA, including smart contracts, identity data, reusable addresses, wallets, UTXO, programmable transactions.

Source: Twitter

Meanwhile, enterprise-grade solutions could have started to be built on IOTA’s Tangle platform as well.

In the short term, IOTA will focus its attention on upgrading Nectar to bring decentralization to this cryptocurrency and move on to Coordicide – IOTA 2.0 version.

Nectar will integrate many essential pieces of Coordicide on testnet, with the goal of detecting bugs and vulnerabilities, and refining before deploying on the mainnet.

The 1D candlestick movement of the IOTA / USDT pair on the Binance exchange

During the period leading up to the Chrysalis upgrade date, IOTA’s MIOTA token price surged, setting a new record at $ 2.68 on April 16 before being corrected to $ 1.60 following the Bitcoin sell-off. At press time, the MIOTA price has rebounded back to $ 2.1.

What is Chrysalis?

Chrysalis is the intermediate stage of the mainnet before Coordicide is complete. Chrysalis Phase 1 components went to mainnet rollout in August. The engineering team is currently working on Chrysalis Phase 2.

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