IOTA Foundation, a distributed ledger technology-focused nonprofit, completes the foremost extensive IOTA network upgrade in its history.

The new upgrade takes IOTA Foundation out of its experimental phase and moves into an enterprise-ready ecosystem for real-world use cases.

According to co-founder of IOTA coin, Dominik Schiener, Chrysalis represents the best version of IOTA, with features to be added within the coming months. New features include programmable transactions, reusable addresses, UTXO, and readiness for other key application layers, including identity, streams, and smart contracts.

In anticipation of the ultimate milestone for the blockchain, Chrysalis opens the door for developing enterprise and consumer-level applications on the IOTA coin infrastructure. The new upgrade will see the improvement of IOTA wallets, software implementations, libraries, and security protocols.

With these new IOTA functions, Schiener encouraged developers to build applications on IOTA since Chrysalis will be production-ready for business applications. Chrysalis will reduce validation requirements on the Tangle the architecture on which its cryptocurrency is built on. this might allow for faster transactions and will also enable enterprises in any industry to implement MIOTA more efficiently. Schiener said:

IOTA’s new dawn has arrived. We now have an enterprise-ready platform that will please both industry and consumer, traders with its enhanced functionally, industry-standard upgrades, and energy efficiencies. Our engineers have worked diligently to create the foundation for Coordicide Chrysalis and beyond.

The launch of Chrysalis will occur on April 28, and therefore the network has experienced its migration phase for a week since April 21. IOTA Token holders and providers can migrate their tokens during this time and after its launch. So far, according to Schiener, IOTA price has already reached over 20% of all tokens to be migrated, which accounts for $1.2 billion tokens.

IOTA’s mainnet was launched in June 2016, which introduced Tangle, a scalable, lightweight network protocol to overcome rising costs and power consumption by removing the need for miners and fees. With the Chrysalis migration, developers, cryptocurrency exchanges, and users will be able to create applications and solutions on IOTA coin without an intermediary.

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