IOTA with new optimism for project Chrysalis

The IOTA Foundation has announced an imminent completion for the project Chrysalis and celebrates this with a new website. However, once again there is no concrete date when IOTA 1.5 aka Chrysalis will go completely live.

Under the promising headline “A new day for IOTA“, the IOTA Foundation gives a current insight into how far one has already come with the completion of project Chrysalis. Behind Chrysalis is IOTA 1.5, which will make the Tanglenet much more powerful and expand its functionality. Parallel to the blog post, an official website dedicated to Chrysalis was released here, which is supposed to bundle all essential information about IOTA 1.5. However, one important detail stands out right away: While phase 1 of Chrysalis has already been implemented on the mainnet since August 2020, phase 2 and thus the completion is again waiting for a concrete date.

The start of phase 2 for IOTA had already been postponed several times, and the last official target date was February 2021. An update for the IOTA 1.5 schedule has now been announced, but not yet published. Since IOTA 1.5 is supposed to serve as the basis for the decisive step towards a decentralized Tanglenet and thus IOTA 2.0, the progress is being eyed critically. Meanwhile, the cryptocurrency IOTA benefited from the new optimism on the major upgrades for the Tanglenet, trading above the $0.50 mark for the first time since the fall of 2018.

IOTA 1.5 – what’s still holding it back?

The IOTA Foundation now provides a list of issues on which it would like to provide further information in relation to Chrysalis. It admits to having often communicated less transparently in the past and vows to improve. Thus, the following sub-aspects of IOTA 1.5 are to be covered in detail in the foreseeable future:

  • Beta version of the future IOTA wallet Firefly as a desktop version.
  • New schedule for IOTA 1.5
  • Manual for transferring IOTA from the old Tanglenet to the future one, including a possibility to make up for this step later on
  • Reports from independent security audits on Chrysalis
  • Detailed documentation of IOTA 1.5 for developers
  • Documentation of the mandatory software for IOTA 1.5
  • Provision of versions of the Node software Bee and Hornet for Chrysalis
  • Explanations about possible additional modules for Firefly
  • Information about reusable addresses under Chrysalis
  • Introduction to the option of Atomic Transactions under IOTA 1.5, i.e. transactions between the Tanglenet and foreign blockchains
  • Explanations on how IOTA will protect itself from spam attacks in the future through Chrysalis.

The amount and the contents of essential aspects of IOTA 1.5 are a clear indication of how big and meaningful the fundamental change for the Tanglenet and thus the entire ecosystem of IOTA will turn out to be. And of course, this justifies optimism – but critically read, the list is also one that is bursting with announcements and only names topics without already presenting solutions.

Conclusion: When will IOTA 1.5 become reality?

Without IOTA 1.5, IOTA 2.0 and thus a decentralized Tanglenet is technologically impossible and therefore the impatience to complete Chrysalis is growing. It is against this challenge that the IOTA Foundation must measure itself. More transparency and user-friendly information are to be welcomed with IOTA, but this requires more than pathos like “A new day for IOTA”.

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