One of the great challenges of the world crypto is to find usability to their Tokens, so from there on you can bring relevance to its users. In these moments the project IOTA is in it, along with your version of Chrysalis, which is aimed at the business world. One of the main functions of the Foundation IOTA is to define and enforce a roadmap of development that move IOTA to the preparation and adoption of the production. In a complex ecosystem in constant change as the DLT, to have a clearly defined vision and a strategy on how to get there is the key to success. The main network of IOTA has been operational from 2016. So defining a new strategy involves engineering to adapt our assumptions to the comments and demands of the industry. It also involves difficult decisions to discontinue or redefine certain projects that are not feasible or relevant. The core of this new strategy is an exclusive focus on technologies that will see adoption within a period of 2 years.
IOTA prepares for business use with Chrysalis
Research on Coordicide identified many new concepts that are incredibly valuable when implemented in the core network of IOTA. This led to formalize the engineering strategy around Chrysalis (IOTA 1.5), a series of updates to the protocol that achieves the preparation of business before Coordicide. The benefit of this approach is that a large part of the heavy work and the migration to the holders of tokens and the developers will take place prior to the launch of Coordicide, which will facilitate the transition between the updates of Chrysalis (IOTA 1.5) and Coordicide (IOTA 2.0). The goal of the Foundation IOTA over the next two quarters is to specify, implement, test, and update with success the main network of IOTA (and the technologies adjacent) to this new version of the protocol.
We’ve published our strategy for #Chrysalis (IOTA 1.5). This exciting new phase for the #IOTA protocol brings substantial improvements to the speed, usability & performance of the network. Read about its components, timeline and importance. https://t.co/hVuxG4vmGX— IOTA (@iotatoken) May 15, 2020
Expected results for Chrysalis
Transition simple to Coordicide: with a significant progress and the launch’s alphanet soon, they ensure that all the developers and companies that are based in Chrysalis not see major changes with the transition back to Coordicide.Substantial improvements in performance: with the changes introduced by Chrysalis, you will see a substantial improvement in the scalability and reliability of IOTA Mainnet. The main network will be able to handle several hundreds of TPS.Improved experience of the developer: new features of the protocol, the new libraries, the new modules and the new wallet will make the criptomoneda one of the best platforms to build, eliminating the friction that developers face today.Accelerated adoption: Chrysalis will make that IOTA is ready for the company, with technologies stable and reliable that will allow Startups, Corporations, and Governments to develop and launch products powered by IOTA.
The two phases of the project Chrysalis
The first phase consists of a selection of tip-enhanced (URTS), selection of milestones, a white flag and automatic operation. These are implemented in the software of the node gradually, and be completed in early July. This phase will require an update of all the nodes, including the node coordinator, and does not require a snapshot. The second phase consists of UTXO , atomic transactions, addresses, reusable (Ed25519) and the transition to a design of transaction binary. These represent significant changes in the core protocol and the way in which structured transactions. Once everything has been tested, validated, and audited, there will be a global snapshot to allow the entire network, users of wallet and exchanges are updated. We currently estimate that this will happen at the end of October.
Wallet of IOTA
The wallet Trinity is the most popular in IOTA today. The team has worked on a complete redefinition of the architecture of the wallet, both for UX and for UI, and also from a perspective of security and functionality. In essence, there will be a new library Wallet written in Rust, to allow other developers to implement easily wallets IOTA within their applications. Another new library in Rust, Stronghold, will enable the handling and storage secret ultra safe. Interface of the mobile application wallet Trinity
Expectations of Chrysalis
Chrysalis is the most promising of updates to IOTA up until now. It is an important step for the preparation business, with a greater transaction performance, network stability, enhanced usability and enables new features and use cases, sentencing of IOTA. The next few weeks and months are some of the most exciting in the history of IOTA. We are on a clear path towards the adoption of the Token as an enabling technology for IoT and beyond, as well as communicate with the company.
IOTA in numbers
At the time of publication, IOTA is negotiated in US$ 0,199, with a yield of little more than 30% so far this year. There is a current 2,779 million Tokens, which is the maximum that is provided for the project. Graph with the evolution of the price of IOTA in 2020. Source: CoinMarketCap For more information about the project IOTA and its business use, you can visit the official website at iota.org.