The IOTA project has successfully completed the Chrysalis update, which allows the network to process up to 1,000 transactions per second. In other words, the Bitcoin Rejoin network has suddenly become 50 times faster than before, when the maximum number of transactions per second was only 20.
The IOTA 1.5 update, also known as Chrysalis, is now available. This upgrade is considered an intermediate step before the total removal of the Coordinator from the network. The Coordinator is a centralized server managed by IOTA developers, which aims to create checkpoints for movement history.
Thanks to Chrysalis, transaction confirmation times have been significantly reduced: in some cases just four seconds, i.e. at least eight times faster than before. It is also possible that the network can handle more than 1,000 transactions per second: during testnet testing, IOTA was able to reach a peak of 1,500 transactions per second.
From Pollen to Coordicide
This latest update, Chrysalis Phase 1, is the penultimate step towards „Coordicide“ – i.e. the complete removal of the Coordinator – before the introduction by the end of Phase 2. Phase 2 will include „support for new signing methods and with them reusable addresses, UTXO, new API for nodes, new API for client library, a new wallet for both desktop and mobile devices and much more“.
On the official testnet, the update will be divided into three phases, named after the honey creation steps: Pollen, Nectar and Honey.
The network announced the start of the first phase, Pollen, in June. Nectar is scheduled for the last quarter of the year, and will introduce a full implementation of the Coordicide modules in order to detect any bugs and issues before launch on the mainnet. Network participants can generate „nectar“, i.e. rewards, for the detection of bugs and possible attack vectors.
The last stage of the IOTA 2.0 testnet, Honey, will integrate all final Coordicide modules. It will be the first fully decentralized version of the IOTA network. The final transition to the mainnet is scheduled for the first months of 2021.