On April 21, Dominik Schiener, founder of the popular altcoin IOTA, said the platform is about to enter a new era. The Chrysalis 2.0 network will be fully overhauled and commissioned next week. The token’s new native wallet, Firefly, will act as a key component, as a bridge from IOTA 1.0 to the 1.5 update.
There are historical developments in the popular altcoin IOTA …
IOTA (MIOTA, Mi) holders can begin their token migration to prepare for Chrysalis. As Charlie Varley, Technical Lead at the IOTA Foundation (IF) said, this process is the first phase of the token reaching an equivalent digital cash potential.
This is simply great. After 12 hours, more than $ 220 million of IOTA tokens were locked down and Chrysalis was ready for its launch. Let’s get the $ 1 billion token locked before launch on the 28th next week!
The next big stage for networking will be Coordicide!
In a special episode of IOTA Talks, Charlie Schiener explained that the transition process is optional. Users can continue the transition process at any time before or after the Chrysalis release. The next big stage for the network will be Coordicide, and it will mark the beginning of the full decentralization of the platform. Regarding the update, the IOTA Foundation said:
This re-launch will bring IOTA to a fully equipped, enterprise-ready product level for use in external organizations and businesses seeking to harness the power of Tangle. Chrysalis will improve the efficiency, security, scalability and stability of the IOTA protocol (…).
IOTA is rising in the Bitcoin pair! What’s next?
At the time of writing, MIOTA is trading at $ 1.72 with a slight loss on the daily chart. On the weekly and monthly chart, the altcoin has a loss of 16% and a gain of 20.6%, respectively. According to analyst Lukas Tassanyi, MIOTA pulled its price higher after pricing, as seen on the 30-day chart, with support from the BTC pair.
Analyst Lukas Tassanyi believes the tokens took the form of a symmetrical triangle on April 21, when the IOTA Foundation launched Firefly. According to the analyst, MIOTA, possibly responding to current developments, has adjusted to breakout or rally. Since then, the price has been trending downwards.
Lukas Tassanyi: IOTA could become a $ 1 trillion project
As Lukas Tassanyi shows in the chart above, $ 1.63 could be a critical support for MIOTA if it continues south from its current levels. In the short term, the analyst expects a period of consolidation in the altcoin project. When reversing the trend, MIOTA could target an all-time high of $ 2.57.
In the long run, the analyst expects MIOTA and its platform to benefit from “two separate areas”: a cryptocurrency potential with low, fast transaction and high scalability, and the Internet of Things (IoT) market. Lukas Tassanyi added the following to his statements on the subject:
”If IOTA succeeds by tackling just one of these, that should make it a $ 1 trillion project already. IOTA is both the leading Blockchain alternative and the leading IoT ledger. No close competitors…”