IOTA Presents Chrysalis Mainnet Update Scheduled for Next Week

News / 11.08.2020

IOTA posted on Twitter on August 10, about delivering an upgrade of the Chrysalis mainnet in the coming week. As per the tweet, IOTA 1.5 update means an entirely new experience for users utilizing the IOTA network now.

In the past, users were a bit skeptical about IOTA’s successes considering the delay of this scheduled upgrade. However, user’s agree that this excellent step into achieving the set goals by the IOTA Foundation was worth the wait.

What Users Can Expect after IOTA 1.5 Upgrade

The upcoming upgrade will be the first phase of the set 2-step transition of the Chrysalis mainnet. According to IOTA’s release strategy, these events come after careful considerations and research on the best applications into the network. The endgame of IOTA 1.5 enhancements is to be ready for corporates, performance improvements, better developer experience, faster adoption, and a smooth migration into Coordicide.

Narrowing it down to the expected advancements on August 19, IOTA will implement the white-flag approach, necessary for the improvement of speeds and transaction efficiency. Furthermore, it will eradicate certain risks and the need for reattachments. IOTA promises its community up to 1000 transactions per second with 10-second confirmation speeds.

Others include a new URTS tip selection, new milestone selection protocol, and autopeering. These undertakings will usher in tremendous CTPS support, a faster and more dependable node running, and minimized node setup time. The process will command acclivity for all nodes in the network.

IOTA Users to Get More Perks

The second phase headway expects to herald other exciting features. One of them is the UXTO model to account for speeds, better conflict handling, improved security, and overall network resilience. Another is the new signature scheme that will facilitate the reuse of private keys and quantum-resistant one-time signatures. Moreover, there will be a shift to internal binary representation for trinary transactions and atomic transactions.

Since the network lacks miners, it expects to avoid any clashes to facilitate better execution of the plans that are still underway. Besides, IOTA aims to cater to both machine and human economies. In due time, IOTA has its focus on a cheaper, a more manageable, stable, auditable, flexible network. 

Due to the announcement of the first phase of the Chrysalis upgrade, IOTA token, (mIOTA) has shot up to over $0.40 today. Soon, market analysts forecast that the coin may experience a more significant surge with the many plans lined up by the time. Now, all we have to do is wait and see.

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Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, he covers trendy issues on digital currencies.