The implementation of Chrysalis Phase 1 at IOTA went smoothly. If you use the official Trinity Wallet from IOTA, you have to update it now. Now the cryptoscene is waiting for the next steps, with which 2021 Coordicide aka IOTA 2.0 shall be realized.
IOTA has completed an important intermediate stage of technological renewal and has successfully integrated phase 1 of Chrysalis into the Mainnet. In a blog post, the IOTA Foundation once again summarises key points and reminds users of the official Trinity Wallet to activate an update now. However, the update is only available for the desktop version of the Trinity Wallet; according to IOTA, the app versions are still in the process of being reviewed by Apple and Google. With Chrysalis, Tanglenet will be much more powerful and prepared for the big goal IOTA 2.0.
Background to Chrysalis aka IOTA 1.5
In its latest report, the IOTA Foundation presents the progress achieved with Phase 1 of Chrysalis in data form:
- Transactions per second (TPS): After the first update for IOTA 1.5, 1,000 TPS and more are achieved, previously TPS were in a range of 5 to 20.
- The confirmation time for transactions was reduced by at least a factor of 8. Before Chrysalis, waiting times of 80 seconds were expected, now transactions are supposed to be completed in 10 seconds or less.
According to IOTA, this impressive progress was made possible by replacing the standard software for nodes. The previously used IRI was replaced by Hornet. In general, IOTA considers even 1,500 TPS with Hornet to be realistic.
Trinity Wallet at IOTA – another problem case?
At the beginning of the year a serious security hole at the official Trinity Wallet caused horror and the emergency stop of the Mainnet. Since then, the official IOTA Wallet has been viewed with suspicion and the current information policy on the updates there is surprising. According to the IOTA Foundation, an update of the desktop version of the Trinity Wallet is highly recommended and should be actively initiated by users. At the same time, however, it also says that the app versions are still to come. There are no clear instructions on what users of the Trinity Wallet app should do now. In case of doubt, this probably means keeping the app closed as a precaution and switching to the desktop version.
Conclusion: IOTA’s course is stagnating despite phase 1 of Chrysalis
Optimistic investors had hoped that the first part of IOTA 1.5 would also bring price gains for the crypto currency. However, (M)IOTA is currently quoted at around 0.37 US dollars and positive effects on the price from chrysalis have not materialised. Chrysalis Phase 2 is scheduled to go live by the end of October, completing IOTA 1.5. However, the next difficult technological step is still to come: Coordicide is to be procured as the central coordinator at IOTA. With a decentralised network, IOTA 2.0 would then be a reality. Earlier schedules have already been corrected. Now it is vaguely stated that Coordicide will be added to Mainnet after the first quarter of 2021.
This can be summarized as follows: IOTA is moving technologically towards the future and a first breakthrough has been made with Chrysalis Phase 1. But the IOTA Foundation has promised more, especially with Coordicide, and will have to be measured against its announcements. Furthermore, doubts about the update policy of the Trinity Wallet should be urgently dispelled.
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