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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

All Hands on Deck for IOTA’s Chrysalis 2.0, This Is What You Need to Know

Reynaldo Marquez
Reynaldo Marquez
4 years ago
2 mins read
IOTA MIOTA MIOTAUSDT

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IOTA is ready for a major milestone with the launch of the Chrysalis phase 2 also know as the final stage for IOTA 1.5. The bridge network between IOTA and the Coordicide event which will lead it to full decentralization, Chrysalis will roll out on April 28th, 2021.

Dev Update, April 2021 – Our engineering team is ready for the #Chrysalis update, starting on April 21st! Check the latest updates about it and all our projects, including #Pollen, #Bee, #SmartContracts, #IOTAIdentity, #Stronghold & more. https://t.co/SxzRxAo7Gm#IOTA

— IOTA (@iota) April 15, 2021

After this date, IOTA’s current mainnet will become the “legacy mainnet”. According to an IOTA Foundation official post, the infrastructure that will replace the current mainnet is already in place. The organization said:

With Chrysalis just around the corner, the team is heads down in the final bits and pieces to make everything as smooth as possible both on April 21 and April 28. Tests are being run on multiple instances of infrastructure to test all the migration scenarios.

Classifying Chrysalis phase 2 as a “new beginning for the IOTA protocol”, the Foundation said they are testing the migration on Firefly with the help of internal and external testers. Since August 2020, the organization and IOTA developers have been developing the new components for phase 2.

In that regard, the team of developers has released several versions for the Pollen testnet. This component will introduce mana, a reputation system that will help boost IOTA security.

Software node Bee has been released in an alpha phase. Developers can access it and run a Bee node with an updated dashboard with full Chrysalis migration support.

Two of Chrysalis 2.0 most important components, Smart Contracts, and Stronghold have also been released in the first versions. For the first component, the developers are “refactoring the integration to reflect” some changes in Polled.

For Stronghold, the developers have placed the component under external audit and its benchmarks are “using microseconds for measurements”, as revealed by the IOTA Foundation. The organization said:

We are working together with the IF cryptography team to identify methods for performing multisig using Stronghold’s internal libp2p-noise based communication crate. Indeed, our primary focus now is on verifying and validating this crate and its processes.

IOTA’s token migration an important step for users

On Wednesday, April 21, 2021, IOTA holders, exchanges, and custodian can begin migrating their tokens. The process will be open until Coordicide deployment.

To begin the migration using Firefly, the holders will need to enter their seeds in the wallet. Later, they will receive a new mnemonic with an EdDSA address on the Chrysalis network. This address will have the user’s token. The IOTA Foundation said:

The heavy lifting is fully automated through the Firefly wallet and token holders are guided by a simple interface.

IOTA (MIOTA) is trading at $2,16 with 12.3% losses in the daily chart following the market’s general sentiment. On the weekly and monthly chart, MIOTA has 3.8% and 62.4%, respectively.

IOTA MIOTA
IOTA with moderate losses in the daily chart. Source: IOTAUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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