What is Chrysalis? Everything you need to know about IOTA’s biggest update
The full article was originally published by Noman Nasir Minhas on Medium. Read the full article here.
IOTA has witness massive increase in its stock prices in recent days. All of this is attributed to the upcoming of IOTA’s Chrysalis release which is biggest release of IOTA in terms of both technology and effort. But What is Chrysalis and what changes it is bringing to the existing ecosystem of IOTA? And Why it is resulting in surge in stock prices of IOTA tokens? Let’s start from the beginning with start of IOTA.
IOTA before Chrysalis
Incase, if you are unfamiliar with IOTA is, here is a quick introduction
IOTA is an open-source distributed ledger and cryptocurrency designed for the Internet of things (IoT). It uses a directed acyclic graph to store transactions on its ledger, motivated by a potentially higher scalability over blockchain based distributed ledgers. IOTA does not use miners to validate transactions, instead, users that issue a new transaction must approve two previous transactions and perform a small amount of proof of work. Transactions can therefore be issued without fees, facilitating microtransactions. (Source: Wikipedia)
For detailed introduction of IOTA and difference between IOTA and Blockchain read this article.
The IOTA ledger was created in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov. IOTA launched its first main-net in Auguest 2016, which used a DAG (Directed Acyclic Graph) data structure called Tangle. This main-net can be called IOTA-1.0 which was initial release of IOTA. The IOTA network was built for the Internet of Things, with tamper-proof data, feeless micro transactions and low resource requirements. The Tangle was designed to be a more equitable, democratic and secure network, where every node would directly contribute towards the security of the overall system.
IOTA entered into a market which was already very competitive due to well established cryptocurrencies like Bitcoin and Ethereum. Hence it was necessary to seek community feedback and follow continuous development. IOTA made tremendous progress in subsequent years not in just research and development but it also expanded its outreach by connecting with multiple international partners and organizations. One thing, which made IOTA unique when compared with competitors was its developer libraries. IOTA being open-source attracted a lot of developers from around the world to test and give feed back on the IOTA’s ecosystem. With all this maturing infrastructure based on research and community feedback, IOTA announced release of Chrysalis main-net.
Release of Chrysalis
In order to all the shortcomings of first main-net, IOTA has announced to release its new main-net called Chrysalis. So Chrysalis is basically a huge update in IOTA existing technological infrastructure and design. This update is expected to bring much improved security, efficiency and usability in addition to introduction of alpha versions of new features like smart contracts and tokenization.
Chrysalis (IOTA 1.5) is the main-net’s intermediate stage before Coordicide (IOTA 2.0) is complete.
In August 2020 IOTA released the first set of changes to push IOTA towards production readiness, “Chrysalis Part 1”. The release of the second and final part of Chrysalis will take place in last week of this April, with which IOTA has committed to deliver major improvements in performance, stability, reliability, and security. The Chrysalis update already contains many aspects required for the removal of the Coordinator (an application previously used by IOTA nodes to reach a consensus on which transactions were confirmed). Many breaking changes are deliberately made now with reduced adjustments remaining for the actual Coordicide event. This will allow enterprises, developers, exchanges, custodians and other partners to begin implementing their solutions with the launch of Chrysalis.