IOTA prepares for Chrysalis mainnet upgrade launch that is only a week away from going live so let’s find out more about the preparations in the latest IOTA news.
IOTA prepares for the first phase of Chrysalis or IOTA 1.5 that will go live sometime next week. According to a tweet that is published by the foundation, the upgrade will allow the network to process 1000 transactions per second and will also institute 10-second confirmation times. Earlier in June, the foundation released the latest version of the node software- the Hornet.
This paved the way for the next IOTA 1.5 after the community-driven stress test which ended up in a stable network with more than 150 nodes. The testing showed that the upgraded network consumed about 10 times less memory than IOTA’s previous node software. In May, the decentralized social media team named Society 2 started working on an IOTA-based DeSM framework and the project had a goal to enable a new standard in privacy, interoperability, and control between all social media platforms.
During the COVID-19 pandemic, another company based in Madrid released a new IOTA-based platform that helps fight the coronavirus. As recently reported in our IOTA crypto news, The European Union has just chosen IOTA as the key innovator in the H2020+CityChange Research program which is a funding program that includes financial support of more than 80 billion EUR by the end of 2023.
IOTA participated in many funding programs for the research and further development of the Internet of things as well as its use in the free economy. A lot more companies are starting to recognize the potential of the IOTA tangle. The foundation also released Stronghold, the software library for a secure password manager that can be easily integrated into customer-specific hardware. With Stronghold, IOTA released the software library for secure management of digital assets and it can be even used independently for the MIOTA cryptocurrency. Stronghold is a collection of multi-purpose libraries for securely managing passwords, personal data, and private keys, laying another foundation block for the further IOTA adoption.
IOTA was developed as a cryptocurrency for machines which also showed a strong development since the official launch until today. The potential of the tangle technology doesn’t go unnoticed between the tech giants so that numerous other major companies will also reference IOTA or the IOTA Tangle in new patents in July.
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