IOTA has started migrating $6 billion worth of tokens to the new Chrysalis network.
In the latest IOTA Talks, co-founder Dominik Schiener tells us what the migration means, what you need to do as a user, NFTs, what the future of IOTA looks like and more.
IOTA has begun the migration process to its new Chrysalis network, an enterprise-ready version of IOTA, with a new Firefly wallet. IOTA’s vision remains the same, says Dominik Schiener, but “we are in a much better position than ever to realize that vision.”
In today’s IOTA Talks, Schiener and Charlie Varley gave a live demonstration of the migration process. Basically, IOTA holders use the new Firefly wallet in combination with the older Trinity wallet to create a transaction that will burn the tokens from the IOTA 1.0 network and make them part of the genesis transaction on the IOTA 1.5 network.
Happening at 6PM CET! In a special episode to celebrate #Chrysalis and #EarthDay, @DomSchiener, @c_varley, and our team will do a live #token migration. Who wants to see what they’ve prepared for us? https://t.co/mFOKu90UvQ#IOTA #IOTATalks
— IOTA (@iota) April 22, 2021
The migration period started yesterday, and the new network will launch on April 28. Any funds migrated between now and then will be locked until the new network is operational. If you desire to use your funds before then, it is recommended you move them to an exchange.
Migrating to Chrysalis
Any funds on exchanges will also be migrated, but it will be handled entirely by the exchange, with nothing for users to do. Some exchanges will not be able to migrate funds before Chrysalis is launched. However, trading will still be available, but the exchange will not be able to process deposits or withdrawals of IOTA tokens until they have completed the migration.
In the past 24 hours, more than $250 million of IOTA tokens have been migrated, with no problems detected. Schiener anticipates no problems whatsoever but assures people that if they are hesitant, it is fine to wait to migrate until later. In fact, if users hold their tokens with a Ledger Nano, they must wait until a week or two after Chrysalis launches before the updated version of Firefly will be released, which will guide users through the migration process using their Ledger Nano.
What if someone forgets about their tokens, and only remembers years later? No worries. There will be a mechanism even then to safely migrate tokens. However, the process will be smoothest if users migrate their tokens this year, before Coordicide.
Schiener gave credit to all members of the IOTA Foundation – about 140 employees – and to the community.
It’s really amazing to simply think about all of these amazingly talented people we have in the Foundation, who truly care about IOTA, who truly care about realizing what we have started and realizing it with a newly-developed technical foundation for everything. I think right now we have a really, really strong team and a really strong technical foundation. This is the best version of IOTA possible, and we are launching it next week!
Both Schiener and Charlie hinted at exciting things to come. Schiener said that NFTs on IOTA are going to be a big deal. With feeless transactions, IOTA’s NFT solution will be very attractive, he pointed out. In a later version of Firefly you will be able to view your NFTs or show them to friends. “We are arriving on the NFT scene at a good time,” the Foundation chairman observed.
Charlie revealed that he had been added to a slack channel “where they need more developers to help out with the sheer number of corporates who are going to be building their use-cases on IOTA immediately after Chrysalis goes live.”
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