The IOTA project has successfully completed its Chrysalis upgrade, allowing the network to handle up to 1000 transactions per second. This is about 50 times faster than before when the Bitcoin Revolution network reached about 20 TPS.
According to an August 19 blog post of the IOTA Foundation, IOTA 1.5, also known as Chrysalis, is now available. The update is designed to be an intermediate step before the elimination of the IOTA Network Coordinator. The Coordinator is a centralized server managed by IOTA developers that creates checkpoints in your transaction history.
Under Chrysalis, the transaction confirmation time for token transfers on the IOTA main network has been reduced to four seconds in some cases, at least eight times faster than before.
It is also possible that the network can handle more than 1000 TPS; during community testnet testing, IOTA stated that the network was able to reach 1500 TPS.
Iota starts first phase to become a „fully decentralized network“ by 2021
Moving from Pollen to „Coordicide“
Today’s network update, Chrysalis Phase 1, is the penultimate step towards „Coordicide“, i.e. the elimination of the Coordinator, before implementing Phase 2 later in 2020. Phase 2 includes „support for a new signature scheme and with it reusable addresses, UTXO, new node API, new client library API, a new wallet for both desktop and mobile devices, and more.
There are three stages in the official test network for the update, named after the stages in the creation of the honey: pollen (Pollen), nectar (Nectar) and honey (Honey).
The network announced that the first stage, Pollen, had begun in June. Nectar, which will be released in the fourth quarter, is expected to provide a full implementation of the Coordicide modules in an incentivized test network, testing the network for errors or problems before finally launching the main network. Network participants can generate „nectar“ or rewards for finding errors or possible attack vectors.
The final stage in the test network for IOTA 2.0, Honey, will incorporate all the final modules of Coordicide, which represent the first version of IOTA 2.0, or the fully decentralised IOTA core network. The final upgrade in the main network is expected in early 2021.