All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- The IOTA Foundation has announced April 28 as the launch date for the Chrysalis network upgrade.
- One week earlier, on April 21, the migration phase will begin.
After the IOTA Foundation had already presented its plan for the migration to Chrysalis phase 2 in mid-February, a start date has now been set. April 21, 2021 was announced yesterday as the official date for the migration of the Chrysalis network. On that date, the migration phase will start, which means that IOTA holders, exchanges and custodians will have 7 days to complete their token migrations before the network upgrade.
The network upgrade itself will not take place until April 28, 2021. After that date, IOTA holders will be able to migrate easily and smoothly with the official release of Firefly. It is important to note that the soon-to-be-released beta version of Firefly will not allow this.
As the IOTA Foundation also states, it “falls slightly short of the estimated Q1 release.” Dominik Schiener explained the background in yesterday’s AMA, saying that exchanges were a blocker. “While we are technically largely ready to start the network upgrade,” they were one of the reasons for changing the official launch date.
Many exchanges have predefined update cycles that cannot be skipped, shortened or changed at will. Schiener further revealed:
We’ve been in discussions with them for quite some time which is why we’re not able to define a date yet. But after the discussions we had this week with all the big exchanges that support IOTA including Bitfinex, Binance, Huobi, OKex, Bitpanda and so on, we basically came to the conclusion that April 21st for migration date makes the most sense.
The IOTA co-founder also stated that this is certainly a bit of a disappointment, as the actual Q1 target could not be met. However, there was virtually no other choice “if your largest market tells you they are only able to start the migration early April.”
So far, the IOTA Foundation has successfully completed “multiple audits by three independent firms” for Chrysalis, with the “team continuously reviewing and optimizing wherever possible.”
All of this is to ensure that Chrysalis will be a smooth and secure transition into a new and exciting future with much higher performance, stability, reliability and security. A New Dawn.
