The IOTA Chrysalis launch of the update is now live which brought a huge increase in speed on the network as we are reading in the iota news crypto today.
The iota project completed its Chrysalis upgrade which enabled the network to handle more than 1000 transactions per second. With the IOTA Chrysalis launch, the network is faster by 50 times than previously when it was topped around 20 TPS. According to the blog post from the IOTA Foundation, IOTA 1.5 aka Chrysalis is now live. The upgrade is designed to be an intermediate stage before the removal of the Coordinator of the IOTA network. the Coordinator is a centralized server that is managed by IOTA developers that creates a few checkpoints in the transaction history.
Under Chrysalis, the confirmation time of transactions for the token transfers on the mainnet has been reduced to four seconds in some cases or about 8 times faster than before. It is also possible for the network to be able to handle more than 1000 TPS during the community testent testing as IOTA stated the network was able to hit 1500 TPS. Today’s network upgrades Chrysalis Phase 1, is almost the last step towards Coordicide, or the removal of the Coordinator before implementing Phase 1 in 2020. Phase 2 includes “support of a new signing scheme and with it reusable addresses, UTXO, new node API, new client library API, a brand new wallet for both desktop and mobile and more.”
There are three stages for the official testnet for the upgrade, that were named after the stages in the creation of honey: Pollen, Nectar, and Honey. The network announced the start of the first stage back in June. Nectar is due for the fourth quarter and is expected to provide a full implementation of coordicide modules on an incentivized testnet which will test the network for bugs or issues before releasing the mainnet.
Network participants will be able to generate nectar or rewards for finding the bugs or other attack vectors. The final stage for the 2.0 testnet, Honey, will incorporate all final coordicide modules that represent the first version of IOTA 2.0 or the fully decentralized IOTA mainnet. The finished upgrade is expected in early 2021.
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