IOTA’s New Chrysalis Network is Live

In an announcement published on 28 April, IOTA said the brand new protocol, wallet, and suite of libraries were now fully operational. The migration to the Chrysalis network was announced earlier in May, with tokens worth more than $1.4 billion locked prior to the network launch. These tokens are now available under their respective EdDSA addresses in the Chrysalis network. IOTA noted that users that have not yet migrated their tokens can do so through the protocol’s fluid migration process, while the tokens held on exchanges have already been migrated on behalf of the customers.

With Chrysalis, IOTA has become enterprise-ready and is set to enter a new era of adoption, the company said. There will be no substantial changes to IOTA until the launch of Coordicide, the network’s decentralized consensus mechanism. The majority of the code-base for IOTA 2.0 already exists in Chrysalis, including tools, libraries, and APIs. 

The next major milestone to achieving the full network decentralization of IOTA 2.0 will be the launch of Nectar, which will be the first complete implementation of the major Coordicide modules, which will be followed by the launch of the incentivized testnet. 

“IOTA will become the first production-ready DLT network based on a fully decentralized leaderless consensus protocol that is scalable, feeless, and secure,” the company said. “This is a tremendous pioneering achievement and milestone for the innovation of distributed ledger technology. All achieved without requiring any miners or wasting resources.”