IOTA Chronicle Launch: The Solution For Storing Blockchain Transactions

The latest IOTA Chronicle launch was announced by the foundation to create the solution for storing blockchain transactions permanently, as we are reading further in the IOTA news crypto.

Chronicle was first announced in September 2019 and now permanent transactions are a key part of the blockchain design. The IOTA foundation announced chronicle, the tool which will allow node operators to store the IOTA transactions forever. The project introduced the Chronicle last year and this marks the “alpha” release of the software with new improved features. The IOTA Chronicle launch will provide a new solution because of its distributed ledger that is different from most blockchains. The node operators run their node based on the partial snapshots from the network and delete the old transactions.

Last year we introduced #Chronicle, our full permanode framework for decentralized storage on the #IOTA Network. We're happy to share that Chronicle is now in Alpha and ported over to Rust! Check the developments of this new version at https://t.co/qeIrbbZhHJ

— IOTA (@iotatoken) July 10, 2020

By contrast, the Chronicle allows node operators to run “permanodes” which store IOTA’s entire transaction history in smaller databases that are easily searchable. Not every node has to do this but the node operators could charge access to this service. Permanent transaction storage is extremely important for transactions that contain information because IOTA can be used for storing decentralized identity documents for financial records that contain more than IOTA balances. This month’s release of the Chronicle changes the application’s programming language from Erlang to Rust which will provide more security and interoperability.
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The version offers flexibility to users such as node operators that can choose how long to keep transactions which storage solutions they will want to use and they can choose what type of data they want to store. Chronicle is a command-line app but the future versions of the app will include a dashboard and sample applications. Most of the blockchains promise permanent transactions with a ledger of those transactions but accessing those records is not easy. According to Coinmetrics reported back in December, it is easy to obtain complete databases for Bitcoin Cash, Litecoin and Bitcoin.
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Binance Chain, EOS, and XRP are harder to audit because of the high resource demands and designs.

IOTA’s design because of the decentralized “tangle” is much more different from the design of the previously mentioned blockchains. It’s not clear whether the Chronicle will bring a superior approach to performance.