IOTA 1.5 is set to go live today with the launch of Chrysalis. According to the latest information, the technological upgrade on IOTA is likely to stretch in several steps throughout the day.
Chrysalis aka IOTA1.5 has been long awaited – today, Wednesday, the biggest upgrade in IOTA’s history finally becomes a reality. Just before the leek, the IOTA Foundation announced the exact schedule via Twitter. According to this, the first switch for Chrysalis will be flipped in the morning at 9:00 am German time. After that, a so-called snapshot of all IOTA addresses in the old and future Tanglenet will be made. This is to clearly document where how many tokens were stored at the time of the IOTA changeover. This is of particular importance because the migration process for IOTA tokens had already started a week ago.
This inventory of IOTA between version 1.0 and 1.5 will then be published during the day today and anyone who wants to can then participate in the verification. The IOTA Foundation explains how this works technically here. Once the snapshot is confirmed, the official Chrysalis versions of the Node Softwares Bee and Hornet will be made available and should be installed. At 21:00 in the evening German time Chrysalis should then be the new standard in Tanglent for IOTA 1.5. From then on, the old Tanglenet can only be claimed for the migration of IOTA tokens.
IOTA Upgrade: Today the network stands still
Those who hold IOTA tokens must prepare for restrictions today. Leading crypto exchanges have already temporarily suspended IOTA deposits and withdrawals, and there are likely to be disruptions in trading as well. To migrate IOTA stored on your own wallet, you should wait for the news that Chrysalis is live. For that, watch IOTA’s official Twitter account. In general, the new official IOTA wallet Firefly will guide you through the process of transferring tokens to the new Tanglenet. But you don’t have to hurry, because the migration of IOTA tokens should be possible at least until the next big upgrade Coordicide.
Chrysalis will be followed by IOTA Coordicide
IOTA1.5 will primarily make Tanglenet faster and is considered the technologically necessary foundation for the even bigger step towards Coordicide. With this upgrade, targeted for the end of 2021, IOTA 2.0 is to become active and from then on do without the central coordinator. In the months until then, the IOTA community is waiting for mobile versions of the Firefly wallet and “colored tokens”, among other things, to be added to IOTA 1.5. There is currently conflicting information on other major topics such as IOTA Oracles and Smart Contracts as to whether they will only be possible with IOTA 2.0 as originally intended or whether they can also be launched under Chrysalis, at least in part.
In any case, the developers at the IOTA Foundation have further busy months ahead of them, because without the important additional functions for the DeFi division, for example, the IOTA ecosystem will fall behind.
Conclusion: optimism is growing for IOTA
IOTA’s price has settled to a level around $2 in recent weeks and already seems to be factoring in technological advances. However, the current price is a long way from IOTA’s all-time high from December 2017 at over 5 US dollars, and this will remain the benchmark for the time being from the perspective of long-term investors. For now, however, it is important to make the switch to Chrysalis and thus IOTA 1.5 cleanly.
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