The IOTA Foundation has planned to roll out the Chrysalis update to the IOTA mainnet in March, and add tokenization capabilities to the network in the first half of 2021.
According to the latest update on the IOTA blog, the project team has made significant progress over the past few weeks and is poised to roll out Chrysalis to the mainstream in March. The IOTA Foundation launched the Chrysalis testnet on December 14 in preparation for the rollout of Coordicide – IOTA 2.0.
Along with the changes made to Chrysalis, a milestone before Coordicide, the developers are preparing to add tokens to the network tentatively in the first half of 2021. The IOTA Foundation is ready to accept grant applications for projects wishing to study tokenization at IOTA.
According to the development team, as the transition to full decentralization approaches and new opportunities emerge, Chrysalis will become “a tool for creating exciting new use cases and attracting new partners to develop products that were previously not possible.”
The IOTA Foundation stresses the importance of asset tokenization. The developers want to activate this feature “as soon as possible”. Deployment speed is subject to developer investigation of the Request for Comments published by the IOTA Foundation for the Digital Asset Framework.
The IOTA Foundation will integrate the digital asset structure into Firefly, a new wallet that will replace Trinity. According to the developers, the growing demand for DLT solutions is driving IOTA to create new solutions. Developers use a wide range of tools, libraries and frameworks to grow the ecosystem, making the most of Tangle.
The Digital Assets framework is the first step in a new direction for the network. According to the developers, tokenization is a key element that will unite many components of the network, including smart contracts. In particular, free and easy tokenization on a scalable platform opens up new opportunities for NFT tokens.
Recall that in January it became known that the coronavirus testing center at Frankfurt Airport uses the UBIRCH solution based on IOTA technology to store and protect information about travelers who have passed tests.