IOTA Chrysalis Sets The Field For Corporate Use By October

The IOTA Chrysalis update was recently released by the IOTA Foundation which will set the field for corporate use by the end of October. The new release strategy for IOTA 1.5 will take place in two phases and Chrysalis will include major improvements that will make IOTA’s tangle technology ready for enterprise use as we are reading further in the IOTA news.

After the co-founder of the platform Serguei Popov announced a few days ago the new specifications for Coordicide, he stated that the specifications are close to completion and they will move to the development department soon. In the blog post, the foundation presented the roadmap for Chrysalis also known as IOTA 1.5. right before the launch of coordicide, Chrysalis aims to bring the IOTA network to a level where the companies can simply use the Tangle technology and develop applications based on it.

In order to achieve this, the new update was developed to meet the needs of the industry and to the partners. Via a blog post-Jakub Cech, the head of Development at the Foundation, stated:

‘’The IOTA mainnet has been operational since 2016 and so defining a new engineering strategy involves adapting our assumptions to industry feedback and demands. It also involves making difficult decisions to discontinue or redefine certain projects that are no longer feasible or relevant. At the core of this new strategy is an exclusive focus on technologies that will see adoption within a 2-year timeframe.’’

The goal of the foundation is to implement and test the IOTA mainnet and the technologies related to this version of the protocol in the next two quarters. Chrysalis will do most of the work and the migration of the token holders to achieve a smoother transition between Coordicide and Chrysalis. The new version will bring four key benefits that will facilitate the adoption of tangle technology. the complete transition will have more consequences for some platform components. The IRI standard node of IOTA will be discontinued:

‘’We plan to provide functionality for other major programming languages through FFI and transpilation of the Rust library, without any significant performance decrease.’’

Chrysalis will be the most comprehensive upgrade as Jakub Cech concluded:

‘’Chrysalis is the most promising series of upgrades made to IOTA yet. It is a major step for our enterprise-readiness, with increased transaction throughput, network stability, improved usability, and enables new features and use cases.’’