IOTA launches Chrysalis for business use

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One of the big challenges of the crypto world is to find the usability of your tokens so that you can offer your users a massaging from there. The IOTA project is currently working on it with its Chrysalis version, which is aimed at the business world.

One of the main functions of the IOTA Foundation is to define and adhere to a development roadmap that moves IOTA towards production readiness and acceptance. In a complex and constantly changing ecosystem like DLT, a clearly defined vision and strategy is the key to success.

IOTA’s core network has been in operation since 2016. To define a new engineering strategy, we have to adapt our assumptions to the comments and requirements of the industry. It also includes difficult decisions to discontinue or redefine certain projects that are no longer feasible or relevant. The core of this new strategy is an exclusive focus on technologies that will be introduced within two years.

IOTA is preparing to do business with Chrysalis

Coordicide research identified many new concepts that are incredibly valuable when implemented in the IOTA core network.

This led to the formalization of the Chrysalis engineering strategy (IOTA 1.5), a series of protocol updates that help to achieve business readiness before Coordicide.

The advantage of this approach is that much of the heavy lifting and migrating for token holders and developers will take place before the release of Coordicide, making the transition between Chrysalis (IOTA 1.5) and Coordicide (IOTA 2.0 updates) easier. ).

The goal of the IOTA Foundation over the next two quarters is to successfully specify, implement, test and update the IOTA core network (and related technologies) for this new version of the protocol.

Chrysalis expected results

  • Easy transition to Coordicide: With significant advances and the rapid launch of Alphanet, they ensure that all developers and companies based on Chrysalis will not see any significant changes in the transition after the coordicide.
  • Significant performance improvements: With the changes introduced by Chrysalis, you will notice a significant improvement in the scalability and reliability of the IOTA Mainnet. The core network can process several hundred TPS.
  • Improved developer experience: New protocol features, new libraries, new modules and a new wallet make crypto one of the best platforms to build on and remove the friction developers are experiencing today.
  • Accelerated adoption: Chrysalis will prepare the IOTA business with stable and reliable technologies that enable startups, companies and governments to develop and launch IOTA products.

The two phases of the Chrysalis project

The first phase It consists of an extended tip selection (URTS), milestone selection, white flag and automatic operation. These will be gradually introduced in the node software and completed in early July. This phase requires an upgrade of all nodes, including the coordinator node, and does not require a snapshot.

The second phase It consists of UTXO, atomic transactions, reusable addresses (Ed25519) and the transition to a binary transaction design. These are major changes to the core protocol and the way transactions are structured.

Once everything has been tested, validated and verified, a global snapshot is created that can be used to update the entire network, wallet users and exchanges. We currently estimate that this will happen in late October.

IOTA wallet

The Trinity wallet is the most popular on IOTA today. The team worked on a complete rethinking of the wallet architecture for both UX and the user interface as well as from a security and functional point of view.

Essentially, there will be a new wallet library written in Rust so other developers can easily implement IOTA wallets in their applications. Another new Rust library, Stronghold, enables highly secure secret storage and management.

Trinity Wallet mobile app interface
Trinity Wallet mobile app interface

Chrysalis expectations

Chrysalis is the most promising series of updates made to IOTA so far. According to IOTA, this is an important step towards business readiness as it increases transaction throughput, improves network stability and improves usability. It also enables new functions and use cases.

The coming weeks and months are some of the most exciting in IOTA history. We are on a clear path towards introducing the token as a technology for the Internet of Things and beyond, as communicated by the company.

IOTA in numbers

At press time, IOTA is trading at $ 0.199, with a return of slightly more than 30% this year. There is a circulation of 2,779 million tokens, which is the maximum the project is planning.

Graphic with the price development of IOTA in 2020. Source: CoinMarketCap

For more information about the IOTA project and its commercial use, visit the official website at iota.org.



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