IOTA is on the move technologically. By the end of October, chrysalis is to be used in two steps to improve the ecosystem in many details. The project, also called IOTA 1.5, is considered an important step towards decentralisation.
At the beginning of February, the chairman of the IOTA Foundation, David Sønstebø, spoke about chrysalis for the first time, raising expectations. IOTA 1.5 aka Chrysalis will make the ecosystem more stable from a technological point of view and is a prerequisite for the big goal Coordicide, the adoption by the central coordinator. But then came the big crisis at IOTA with a critical security gap at the official Trinity Wallet, which occupied almost all capacities for about a month. But now the priority is again on chrysalises and IOTA has published details of the content and the time frame in a blog post.
Background on Chrysalis (Iota 1.5)
IOTA’s Tanglenet, a blockchain-like solution, has repeatedly failed temporarily in the past and has reached its technological limits. With Chrysalis the aim is to make the network more stable and more powerful. For this purpose, among other things, the standard software in the nodes is to be changed, from IRI to Hornet and Bee. As a result, the confirmation of transactions will in future take no more than 10 seconds and IOTA’s Mainnet will then be able to handle at least 300 transactions per second (TPS). At the same time, IRI will no longer be developed, which will save costs. This also applies to the support for libraries in various programming languages, which is to be reduced from Javascript, Python, Go, Rust, and Java to Rust.
With Chrysalis, IOTA is also introducing a new wallet that allows reusable addresses. In addition, the wallet architecture at IOTA is to be changed under the title “Stronghold” so that it can be integrated more easily into wallets from third-party providers. IOTA promises to carefully document all innovations and to have them checked extensively for security by external companies before they are released. It will inform crypto exchanges, cooperation partners and the community in detail about necessary changes and accompany them during the technical implementation.
A first stage of Chrysalis should be completed by the beginning of July, and IOTA 1.5. is planned to be completed by the end of October. Then a so-called snapshot of the entire network will be made, so that the clock can be turned back if necessary in case of problems. There are no clear indications as to when Coordicide will release IOTA 2.0. IOTA only says that the new roadmap focuses on projects that can be implemented in the next two years, not excluding Coordicide.
Conclusion: IOTA under technological pressure
It is well known that IOTA has had to wait for promising announcements before actually implementing them. If the foundation, through its chief developer Jakub Cech, now dares to name concrete dates for chrysalis, it seems to be quite sure of its cause. Chrysalis addresses important technological issues and has the potential to remove some of the innovation backlog at IOTA. What chrysalis does not include, however, is the enabling of more complex smart contracts – where IOTA had to concede a setback in April. And even the eagerly awaited switch to decentralisation has not been achieved by Chrysalis, IOTA 2.0 aka Coordicide is still a distant goal.
But if at least IOTA 1.5 could be achieved without complications, this would certainly be a positive sign to the outside world. Many investors there are surprised about internal information from the IOTA Foundation, which testifies to disagreements and sows doubts about the development work. Meanwhile, IOTA’s share price remains around 0.20 US dollars, far from the almost 0.50 US dollars of a year ago.
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