Wed, Aug 26, 2020 8:50 PM

IOTA Chrysalis Phase 1: What Has Changed And Why It Matters

CJ Breaking the wall

The update for popular crypto asset IOTA, also known as Chrysalis or version 1.5, has been launched on August, 19th. In a nutshell: the creators name it "the first distributed ledger". It is built not on traditional blockchain technology, but on DAG.

The goal of implementing this update is to increase throughput at least 50 times more than in the previous version and prepare the next big step for the product updates. The creators posted a detailed report on the company's blog. Also, the time for confirmations estimated at 10 seconds. It is noteworthy that these calculations are considered conservative. In several tests, they were improved even more significantly.

Iota gif

Fresh screenshots have already appeared in subreddit dedicated to this asset, showing IOTA is already achieving 60+ CTPS. Some users report peaks up to 250-450 CTPS. It looks like the update is going well so far.

IOTA tangle explorer

Two months ago another version of key software called Hornet was released. This release became the next step to Version 1.5.

The roadmap for updates stipulates that Coordicide Update is planned after this one. Its main goal is to remove a centralized server called Coordinator. That server captures all chain operations and all the key changes. Its removal means a complete decentralization of the network.

Version 2.0 will support a new signatures type, Unspent Transaction Output (UTXO), and new more secure crypto-wallets. The evolution of IOTA Chrysalis and the benefits it brings are illustrated in the image below.

Chrysalis

Why is it important?

Enterprise-Ready Blockchain, which IOTA will become after the v.2 update, opens up great prospects for the popularization of both this blockchain and decentralized technologies. Besides, it will raise the authority of the IOTA Foundation in the blockchain market.

More IOTA news

This spring Society2, a blockchain-powered social networking startup, launched the IOTA-based service for creating a new control policy for privacy issues and interconnections between different SM-platforms. At the same time, a team from Madrid launched a useful IOTA-powered software solution to fight the COVID-19.