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- 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.
One of the most anticipated aspects of the #Chrysalis update is the migration of IOTA tokens to EdDSA addresses. Read about the migration process and your migration options using the #Firefly #wallet. https://t.co/yQDv6X2mlw#IOTA
— IOTA (@iota) February 16, 2021
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.
Source: https://blog.iota.org/chrysalis-migration-process/
The migration process itself is simple. Whether before or after Chrysalis, IOTA holders only have to enter their seed into the new Firefly wallet. Thus, Firefly will be “the main way for users to migrate their funds from the legacy network” to the upgraded Chrysalis network. Furthermore, Cech clarified the following for all IOTA holders:
Ultimately there is no practical difference between these two options and you can choose to migrate when you want. It is however recommended that exchanges migrate ahead of the network launch to avoid any interruptions to their service.
Users will be able to continue to migrate their funds in the period after the launch of IOTA, at least, “until Coordicide.” While the IOTA Foundation has stated that users should not feel pressure to complete the migration process, they do recommend doing so when they “have time available.” IOTA’s Director of Engineering concluded:
Both the legacy Mainnet and the new Chrysalis network will be operational. Users can freely migrate funds from the old network at any time and funds will become available on the new network almost immediately. Funds will be allocated to EdDSA addresses through milestones based on the migration information from the legacy network. The total supply of tokens will be the same on the old and new networks.
IOTA holders who hold their tokens on an exchange are not expected to need to take any action. “We are working with major exchanges to ensure that funds on exchange wallets are migrated to the updated Chrysalis network automatically,” Cech said.
This news is republished from another source. You can check the original article here