News • 2 min read
Bitpanda is pleased to let you know that we will fully support the IOTA Chrysalis update. This means that as a user holding IOTA on Bitpanda, there’s nothing for you to worry about - we will take care of migrating all your funds to the upgraded network.
With its launch in June 2016, IOTA introduced the world’s very first distributed ledger based on a directed acyclic graph (DAG) called the Tangle. With a design unlike any other in the industry, the Tangle was created to combat rising costs and power consumption by removing miners and fees. In short: IOTA’s goal is to bring the blockchain space and the Internet of Things (IoT) to the next level.
The greater vision behind the IOTA project extends further, aiming to transform entire industries. This includes the automotive industry through to supply chains and to personal identity, by enabling devices to exchange value, information and digital assets with each other autonomously and automatically. After a number of setbacks involving technical flaws as a result of IOTA’s nascent status, IOTA set out to improve and reinvent the project.
Chrysalis is the most extensive update in the history of the IOTA network that will involve all aspects of IOTA’s protocol, software implementations, wallets and libraries. As part of the Chrysalis update, IOTA will undergo a fundamental and natural transformation towards a more mature network in several steps.
The new Chrysalis network is geared towards supporting a broad range of new use cases. The upgrade will also lay the foundation for IOTA’s Coordicide, ringing in the much-awaited end of the Coordinator, a greatly disputed IOTA component used to approve transactions in the ledger and to protect the network from attacks.
If you are a user holding IOTA on Bitpanda, you don’t have to worry, as we will migrate your tokens to the new network and there is nothing you need to do. We will let you know on our social platforms when we need to disable deposits and withdrawals for the duration of the update; trading however will not be affected.
You can find more information on IOTA including the latest development status of Chrysalis here.
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