Tag: hornet

IOTA Network Increases its Speed by 20x Following its Relaunch a Few Months Prior

The IOTA Foundation, a non-profit organization focused on blockchain and open-source development has announced the latest version of its node software, Hornet together with the IOTA community.

The IOTA community has conducted a stress test that illustrated a stable network of over 150 nodes with over 650 confirmed transactions per second (TPS). This shows an increase in transaction throughput by a factor of 20, while Hornet is able to consume 10 times less memory under normal operations compared to its previous node software. 

This new node software is paving the way towards IOTA 1.5, also known as Chrysalis, which includes protocol enhancements that will lead to “a substantial increase in network speed.”

In a release shared with Blockchain.News, Luca Moser, Software Engineer at IOTA Foundation said, “Due to IOTA’s parallel architecture and feeless transaction model, developers can build real-world applications without the constraints imposed by traditional blockchain technology.” 

“IOTA’s focus on regulatory compliance, standardization, and industry collaboration are key pillars of its adoption strategy. Many of the upcoming protocol upgrades were developed in partnership with our community and network of partners in industry and academia.”

The IOTA Foundation has been working with partners in academia, government, and business to create develop safe and secure open-source technologies in the digital ecosystem.

Iota Network has seen a massive hack in February, on the platform’s Trinity Wallet software. The network was shut down on the same day to prevent any further security breaches, however, 8.55 million MIOTA, approximately $2 million was stolen from 50 digital wallet users.

The Foundation announced that the network was back online after almost a month after the attack. As the person or persons responsible for the February breach was not found, Iota said it will “continue to work with the FBI, as well as the UK, German, and Maltese police to identify and track the attacker.”

To prevent future additional attacks on the network, the IOTA Foundation has made changes to its software security practices, to improve its security capabilities and resources. 

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.”

Exit mobile version