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IOTA Foundation Announces Release Date of IOTA 1.5 Network Upgrade Chrysalis

The IOTA Foundation, a non-profit organization focused on blockchain and open-source development announced today that the first phase of its Chrysalis upgrade will be live on August 19.

In the first phase of Chrysalis, IOTA’s 1.5 network upgrade will be live on the IOTA Mainnet next week. IOTA 1.5 is critical for the network’s transition to IOTA 2.0, to enable its enterprise-based full decentralized network.

According to a press release shared with Blockchain.News, IOTA 1.5 features a substantial increase to the current mainnet’s transactions per second (TPS); the network will process over 1,000 TPS during phase one.

The users of the IOTA network will also see improvements including the reduction of milestone insurance rate from the current 80 seconds to 10 seconds, witnessing an 8-fold increase in transaction confirmation times.

The new phase would also be introducing autopeering, a feature that allows nodes to find its peers without the intervention of a node operator, which simplifies the process of setting up new nodes.

Performance and reliability improvements for node software will also be a feature for IOTA 1.5, and the majority of transactions would reach their destination on the first try. Jakub Cech, Director of Engineer at the IOTA Foundation said:

“We are thrilled to announce the completion of our first of two phases of IOTA 1.5. The culmination of these will become the Mainnet’s intermediate stage before the removal of the Coordinator. The substantial TPS increase and speed of the network are clear indications of the progress we’ve made and will continue to make as we move towards Coordicide.”

What to expect after the first phase of Chrysalis

As announced by the IOTA Foundation, the second phase if IOTA 1.5 is expected in the second half of 2020. The second phase plans to introduce the functionality of unspent transaction output (UTXO), atomic transactions, reusable addresses, and a transition to a binary transaction layout.

These features would enable the users on the IOTA network to simplify the building of solutions for the IOTA protocol and would allow users to utilize the protocol on a day-to-day basis and for partners to build custom solutions.

The IOTA Foundation announced the testnet of its IOTA 2.0 network’s first phase Pollen in late June 2020. The release of the testnet marks the first time where it enables developers and other parties to test the capabilities of a fully decentralized IOTA network.

IOTA 2.0, starts with its first phase, Pollen, and the next two phases, called Nectar, its second testnet, and Honey, its mainnet.

IOTA Launches Chrysalis Phase 1, One Step Closer to an Enterprise-Ready Blockchain

IOTA has successfully launched phase 1 of Chrysalis, reaching one of many important milestones in its development. Chrysalis, also known as IOTA 1.5 is designed as an intermediate phase before its transition to IOTA 2.0, Coordicide.

With the completion of the deployment of Chrysalis phase 1, the network is not witnessing 1,000 transactions per second, with an average transaction confirmation time of 10 seconds. Performance and reliability improvements for node software will also be a feature for IOTA 1.5, and the majority of transactions would reach their destination on the first try.

Before the network upgrade, IOTA was only able to handle 5 to 20 transactions per second, struggling to even reach 40. The network has now upgraded to Hornet nodes, allowing the improvements of tip selection and milestone selection algorithms, supporting over 1,000 transactions per second.

With the new improvements seen in the Chrysalis deployment, the network is now capable of serving a significantly larger number of use cases, taking it one step further towards an enterprise-ready network.

The IOTA Chrysalis launch also allows users to run a node “easier than ever,” and the latest IOTA blog said:

“Node set-up and maintenance has never been easier. Running a node can be done with 4 commands via APT, or through Nuriel’s playbook. With autopeering, officially part of Chrysalis but released in Hornet a few months ago, you do not need to look for manual nodes to peer. We still recommend setting up manual peers if you run a node in a production environment.”

As announced by the IOTA Foundation, the second phase if IOTA 1.5 is expected in the second half of 2020. The second phase plans to introduce the functionality of unspent transaction output (UTXO), atomic transactions, reusable addresses, and a transition to a binary transaction layout. Phase 2 of Chrysalis will conclude the development of IOTA 1.5. IOTA outlined its current progress towards Phase 2:

“Work on Chrysalis Phase 2 began several months ago as RFC specifications. And development already began on some of the components, like the new wallet and client libraries.”

IOTA Foundation Announces the Alpha Release of IOTA Streams for Users' Ultimate Control Over Their Own Data

The IOTA Foundation has continued to aim for the publication of Coordicide in its mainnet by the first half of 2021, as the foundation will work with international bodies to promote clear regulatory guidelines and frameworks.

Today, the open-source non-profit foundation, IOTA has announced the final Alpha release of IOTA Streams, the framework to enable users to control the data collected from their internet of things (IoT) and connected devices.

IOTA Streams is an open-source decentralized ledger technology (DLT) framework for decentralized data streaming and encryption for use in embedded systems. This framework allows granular levels of data access and to enable sharing capabilities directly into connected devices.

Currently, IOTA Streams is still in its Alpha phase, as the IOTA Foundation believes that its new products will stay in this phase until they have transitioned to be compatible with the upcoming Chrysalis phase two integrations.

IOTA Foundation has continued to take the layer two technology approach with IOTA Streams. According to the official press release shared with Blockchain.News:

“This approach is highly important when it comes to the future of IOTA Streams, because to secure data from a device, structure it in an easily consumable fashion, and share it securely, requires these operations to be done on device, on prem, or on chip depending on the use case. By enabling these functions as an embedded integration, something important is created. The reality of the “Own your own data” movement can be realized.”

Although European citizens have their data in good hands with the General Data Privacy Regulation being in place, other parts of the world may have more privacy issues with their data. IOTA’s vision is to solve the issue of how data is stored, especially within existing centralized systems.

The IOTA Streams approach takes the storing and management of data away from a centralized system, allowing the structuring and process of the data in a granular way. This framework creates an intrinsic level of trust, for a fair system to be put in place. The official blog explained:

“For big businesses and enterprises there are a host of other concerns around data. Their employees’ data is being consumed which puts the products and services their business offers at risk. Reducing their ability to protect their intellectual property. They need ways to verify that their business efforts are being protected which puts privacy as a core requirement.”

IOTA is welcoming feedback on the specification for the improving IOTA Streams.

IOTA’s Next Generation Wallet—Firefly: What New Features to Expect

Recently, Charlie Varley, the technical lead at the IOTA Foundation published the details of IOTA’s next-generation wallet—Firefly. This new wallet comes with a range of improvements that will transform IOTA into an enterprise-ready protocol.

Varley explained that for most people, the primary gateway to interact with a blockchain or distributed ledger technology (DLT) protocol is through a wallet. Cryptocurrency wallets allow users to be able to secure their private key when sending and receiving cryptocurrencies. However, many wallets have limited their functionality to making basic payments. Currently, wallets are expanding their use case and have become platforms for more innovations within blockchain and DLT.

IOTA’s primary wallet—Trinity

IOTA’s primary wallet has been Trinity, which has already set a high standard in the DLT industry, which allows for a seamless and simplified user experience. Varley added that although IOTA’s Trinity wallet has made one-time signatures safe for users, it will remain in IOTA 1.0.

What are the new features of the Firefly wallet for IOTA 1.5?

IOTA’s new wallet, Firefly was built with the context of the addition of tokenized assets, chat, and contact management. Although these features are expected to be launched later on, the Firefly wallet “has been built with the future in mind.”

Major steps taken in Firefly’s first version are based on security, core user experience, and expandable architecture. Developers behind the Firefly wallet have focused on perfecting the core of the platform.

1. Profiles and Accounts

The new features of the wallet include profiles and accounts; where profiles enable multiple people to use the platform on the same device without access to each other’s wallets, and accounts meaning that a user is able to separate their funds.

2. New user experience features

For the Firefly wallet, many undesired user experience issues have been resolved, while other minor features have been added. The IOTA Foundation has also added a network indicator to give users information regarding the health of the IOTA network.

3. Expandable and exportable app core

The Trinity wallet faced a limitation where, as Varley explained, a “tight coupling between the logic and application itself.” He added that with Firefly, the developers have followed an approach where all the features are reusable by other developers in other applications.

4. Leveraging on the benefits of Chrysalis

The Firefly wallet is also able to enjoy the benefits of Chrysalis, which includes 24-word recovery phrases, improved network performance, and reusable addresses. IOTA has successfully launched phase 1 of Chrysalis in August this year, reaching one of many important milestones in its development.

What’s next for Firefly?

Varley explained that Firefly will integrate many upcoming features of the IOTA protocol, including tokenized assets and Dapp interaction. He concluded:

“Firefly will also see new features that enhance IOTA’s user experience as a payment protocol, such as a contact system and an accompanying browser extension. Our priority is first on releasing the desktop version, before attention turns to mobile, and later, the contact system and chat.”

Firefly’s desktop version is already in advanced stages of development, and the first alpha is aimed for launch later this month.

IOTA Works Towards Chrysalis Upgrade, MIOTA Price Predictions are High

The IOTA 1.5 network upgrade, also known as Chrysalis is quickly approaching, with IOTA’s new wallet, Firefly introduced last week. Phase 1 of Chrysalis was launched earlier this year, in August, reaching one of the many important milestones in the network’s development.

Chrysalis is designed as an intermediate step before IOTA transitions into IOTA 2.0, also known as Coordicide.

IOTA 1.5 Phase 1

The successful deployment of Chrysalis Phase 1 has witnessed the upgrade of the network to process 1,000 transactions per second, with an average confirmation time of 10 seconds. Before the network upgraded to Chrysalis, the IOTA network was only able to handle 5 to 20 transactions per second. This upgrade takes the IOTA network one step further towards an enterprise-ready network.

IOTA 1.5 Phase 2

The second phase of IOTA 1.5 was expected in the second half of 2020. Phase two of Chrysalis involves the introduction of the functionality of unspent transaction output (UTXO), as well as other functions including atomic transactions, reusable addresses, and the transition to a binary transaction layout.

IOTA Foundation’s technical director Jakub Cech recently updated the progress on the components for the launch of Chrysalis Phase 2. Developers are now testing Chrysalis’ functionality on a private testnet, and are working on taking the necessary steps for pushing out the testnet public. Cech added that the CLI wallet has been completed, and a new faucet will be deployed soon.

IOTA’s new wallet—Firefly

The details of IOTA’s next-generation wallet Firefly was recently released. IOTA’s primary wallet has been Trinity, which has already set a high standard in the DLT industry, which allows for a seamless and simplified user experience. Although IOTA’s Trinity wallet has made one-time signatures safe for users, it will remain in IOTA 1.0.

As previously reported by Blockchain.News, IOTA’s new wallet, Firefly was built with the context of the addition of tokenized assets, chat, and contact management. Although these features are expected to be launched later on, the Firefly wallet “has been built with the future in mind.”

IOTA price prediction

IOTA’s token, MIOTA price is currently trading at $0.334724 at press time. MIOTA’s market capitalization is currently at $932,666,478 and ranks the 31st by market cap according to CoinMarketCap.

MIOTA’s all-time high price reached $5.25 in December 2017, when the crypto market witnessed an incredible rally. Although the IOTA token’s price is currently way down below its all-time high, many investors speculate that MIOTA could still see more growth.

According to an analyst, companies would want to purchase IoT information, and in order to do so, they would need to purchase the IOTA token. The biggest demand, according to the analyst, will come from the biggest companies that want to make more profit and reduce costs efficiently. The analyst further highlighted that the insurance and health industry would largely benefit from IOTA.

According to his forecast, IOTA would cover at least 20 percent of the IoT market value by 2025, valuing at $300 billion. This would take IOTA’s price to $107.95 per MIOTA. IOTA has been the biggest player involved in the automobile manufacturing industry with IoT. IOTA’s adoption could continue to grow as it becomes the standard mode of transactions between devices that are connected to the internet. IOTA’s Tangle technology also enables the network to be infinitely scalable.

IOTA Announces Chrysalis Phase 2 Public Testnet is Now Live

IOTA’s network upgrade, Chrysalis has recently launched its public testnet. Chrysalis, also known as IOTA 1.5, is IOTA’s intermediate stage between IOTA 1.0 and IOTA 2.0, Coordicide.

Phase 1 of Chrysalis was launched earlier this year, in August, reaching one of the many important milestones in the network’s development.

The release of phase 2 of Chrysalis on the IOTA mainnet will be one of the biggest upgrades the IOTA network has ever witnessed, and the released testnet would allow developers to transition their integration towards the final implementation. Earlier this month, developers were testing Chrysalis’ functionality on a private testnet, and were working on taking the necessary steps for pushing out the testnet.

This upgrade sets the stage for adoption, and takes the network one step closer to IOTA 2.0. IOTA’s official announcement said:

“Today we are opening the Chrysalis testnet to the public. This period is key to a successful protocol upgrade early in the new year. We welcome everyone to test the functionality and provide feedback.”

IOTA further added that changes are still ongoing, where there would still be bugs, and audits performed, as well as breaking changes introduced. IOTA explained that this is all part of the process. IOTA warned:

“Bear in mind that changes are still ongoing, and there will be bugs, audits will be performed, and breaking changes introduced. That’s all part of the process.”

The components the IOTA team is publishing with the testnet are a new wallet.rs library with JS bindings via Neon, a new CLI wallet, a new faucet for requesting testnet tokens, experimental JS library with Chrysalis APIs implemented, and Hornet v0.6.0-alpha node version.

All of these components are currently in an early alpha stage, which remains to be audited.

IOTA 1.5 Phase 1 Milestones