IOTA Foundation lays out plan for migration to Chrysalis phase 2 – Token And Crypto

IOTA Foundation lays out plan for migration to Chrysalis phase 2

  • With the launch of Chrysalis phase 2, IOTA holders will need to migrate their tokens from the current network to the new one.
  • The migration will be possible at least until the launch of Coordicide.

The IOTA Foundation will be launching Chrysalis phase 2 or IOTA 1.5 to usher in a “more mature network” that promises to be ready for enterprise scale deployment. However, before Chrysalis phase 2 can be activated, a migration process is required, which consists of its own 2 phases.

As a new blog post from the IOTA Foundation explains, the process will involve the migration of the IOTA token to EdDSA addresses. In anticipation of the release of documentation and guidelines for this process, the IOTA Foundation touted this process as one of the most anticipated aspects of the Chrysalis update.

IOTA’s migration process

As announced by IOTA Foundation’s Director of Engineering Jakub Cech, “everyone will need to migrate their tokens from the current network to the new one.” The migration will be split into a pre-launch period and a post-launch period.

In the first of these two phases, which will occur one week before the Chrysalis launch, a new version of the Hornet node will be deployed. Through this software, users will be able to do “migration transactions only”. However, it is not mandatory that users migrate in the week leading up to the launch. Cech explained the 2 phases as follows:

Before Chrysalis launch – Funds migrated during the week before Chrysalis launch will be available on the new network straight away after launch.

After Chrysalis launch – A continuous migration will allow users to transfer their funds to the new network anytime after Chrysalis launch.

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