IOTA (MIOTA) Announces Successful Deployment of Chrysalis Network Update
IOTA (MIOTA) is now a step closer to achieving complete decentralization following the successful deployment of phase 1 of the Chrysalis network upgrade. The IOTA Foundation will now set its sight on the next step in the development of the project’s intermediate mainnet, in preparation for the major Coordicide upgrade.
IOTA 1.5 Sees Successful Phase 1 Deployment
In a blog post published on Wednesday (September 23, 2020), the IOTA Foundation announced the successful deployment of Chrysalis Phase 1 components on the IOTA network. According to the announcement, with the first step of IOTA 1.5 now complete, the network is seeing faster transaction throughput.
The news of the Phase 1 deployment rounds up a productive month for the IOTA development team. Back on August 19, BTCManager reported that IOTA devs had completed the Chrysalis Phase 1 update.
Concerning Chrysalis Phase 2, the IOTA team says it will be the “biggest network update” in the history of the project. An excerpt from Wednesday’s blog post reads:
“The components of Chrysalis Phase 2 affect every part of the IOTA ecosystem. From the node software, client libraries, products like Streams and Chronicle, to anything that takes any kind of dependency on those, as well as wallet users.”
Chrysalis is the intermediate stage before the much anticipated Coordicide network upgrade. The arrival of Coordicide is touted as being the framework for a fully decentralized IOTA network.
For now, work remains firmly rooted in the plans for Chrysalis Phase 2. Some of the proposed upgrades include migration from the current Bundle construct to a more agile atomic transaction matrix.
Another area under review is the project’s wallet. According to the announcement, Chrysalis Phase 2 will see changes to the IOTA wallet with Stronghold forming the basis for the new wallet which will replace the Trinity wallet.
Back in February, hackers exploited a bug in the Trinity wallet to steal about $1.6 million of user funds. For IOTA devs, the plan is for the new wallet to include a higher level of security for its users than the Trinity wallet.
Apart from constant upgrades and protocol improvements, IOTA is also seeing steady adoption. In August, a group of South Korean academics announced the application of IOTA technology in provenance use cases for the healthcare supply chain. IOTA’s patented Tangle tech is also being explored by card payments giant Mastercard.