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IOTA co-founder Dominik Schiener has spread the word that today the Chrysalis upgrade begins. IOTA will begin shifting to a freshly-rolled out network and it will take seven days to complete.
Laying foundation for smart contracts
Chrysalis is to take IOTA to the land of higher performance, being more stable and more secure. Besides, it enables dev teams, crypto traders and companies to access new toolsets.
In one of the recent tweets, the IOTA team stated that the new Chrysalis protocol would make IOTA easier to use than previously.
The new upgrade will improve the protocol, libraries, IOTA-based wallets, etc. Besides, and it’s very important, it will provide the foundation for implementing smart contracts and tokenization in the future.
Thanks to the Chrysalis migration, the intermediary on the IOTA OS will be removed and devs, crypto exchanges and other users will be able to create their own IOTA-based dapps and other solutions.
Moving assets to the new network
The first part of the new upgrade took place in late-summer last year known as Chrysalis 1.5.
Within this period of seven days, the new software for nodes, Hornet, will be launched and it will support migration transactions for a faster transfer of assets.
IOTA will also roll out its new Firefly wallet, so that users can shift their holdings to the new network seamlessly.