IOTA will not be able to complete its major upgrade chrysalis until early next year at the earliest. The schedule for IOTA 1.5, which has already been changed several times, now includes February 2021. The reactions are mixed.
In its latest progress report of November, the IOTA Foundation has had to retract ambitious timetables for the technological upgrade of Tanglenet. This becomes very concrete with Chrysalis aka IOTA 1.5: Although Phase 1 of Chrysalis went live already in August. But phase 2 of Chrysalis is still in internal development, it is said now. One hopes to switch a Testnet in the coming weeks publicly. In the roadmap of IOTA now February 2021 is mentioned for the completion of chrysalis. This important step by IOTA had only been postponed in September from October 2020 to the end of the year.
IOTA follows its roadmap
The admission of the IOTA Foundation to change even already corrected official schedules again meets with mixed reactions in the discussion on Twitter. On the one hand, there is the camp, which as usual expresses understanding and emphasizes that care goes before speed. However, disappointed voices are also growing louder, questioning the credibility of IOTA Foundation announcements and pointing to competing projects that are faster.
In fact, it is noticeable: The new progress report is teeming with phrases such as “more or less”, “we expect” or “being tested”. IOTA 1.5 is supposed to make Tanglenet much more powerful and has been announced as a crucial preparation for IOTA 2.0. In detail, Chrysalis also seems to be stuck with the completion of a new wallet as well as safety tests.
The founders of IOTA had last decided that IOTA 2.0 aka Coordicide would definitely become reality in 2021. With this, IOTA should be able to say goodbye to the central coordinator and Tanglenet should be decentralized. But in IOTA 2.0 only the first of three successive testnets called Pollen is still in operation and the successor Nectar, which was actually planned for this autumn, is still only under development.
Meanwhile, there is a small but important news about the technological plans at IOTA. Until now, IOTA has been using its own system called Winternitz one-time signature scheme (W-OTS) for signing transactions. Its advantage was that it could not be overridden even by quantum computers. But to make IOTA faster, W-OTS is to be replaced by the more widespread standard ed25519 at Chrysalis Phase 2. The question of how to design cryptographic solutions that are safe from quantum computers will be postponed by IOTA until later.
Conclusion: IOTA disappoints the markets
IOTA’s share price lost almost four percent after the news about the delayed development of Tanglenet was published, thus bucking the trends for Bitcoin (BTC) and important Altcoins. Once again, investors are apparently showing their skepticism as to whether IOTA will be able to catch up technologically in time. This is because the impression is growing that the roadmap at IOTA is – to put it politely – more of an approximation than a reliable statement about the future.
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