Today, August 11, 2020, IOTA Foundation declared that it will be displaying the first stage of its IOTA 1.5 network upgrade “Chrysalis” on the IOTA mainnet come next week.
The essence of this update is to build important presentation, dependability and usability upgrades to the existing IOTA ecosystem, which will enable users to send and receive IOTA tokens in not more than ten seconds.
The Director of Engineering department, IOTA Foundation, Jakub Cech said they were so excited to bring to the notice of the public the accomplishment of IOTA 1.5 first two stages. The end result will turn out to be the Mainnet’s intermediate phase, before the Coordinator is finally removed.
The extensive speed and increase in the transaction per second of the platform are proofs, even visible to the blind, that headway has been made and will continue as the network moves towards Coordicide.
IOTA 1.5 is a significant component for IOTA Foundation in moving to IOTA 2.0.
Due to the new modular, flexible nature of our software development process, we can apply components from IOTA 2.0 to our current mainnet. The first set of features stem from months of dedicated research and development that are part of our network upgrade strategy.
The flexibility and novel standard nature of the IOTA software development process allows for application of IOTA 2.0 component to the the new mainnet.
Features contained in the first set of IOTA 1.5 are Milestone Selection Improvements, New Tip Selection Algorithm URTS, Autopeering and White Flag.
The new network that’ll be built will however comprise the following:
- Drastic reduction of milestone insurance rate from eighty to ten seconds
- Adequate increase to the present mainnet’s TPS. The network is set to process more than 1,000 transactions per second with the new IOTA 1.5 stage one changes.
- There may likely not be need for most of the transactions to be attached; instead, they’ll get to their destination on first trial.
- Via autopeering, setup node times will be reduced
- Improvement in the reliance and performance for node software
The second stage, planned for Q2, 2020, brings to limelight, functionality such as Atomic Transactions, UTXO, transition to a binary layout and Reusable Addresses.
These features make the interaction with and creating solutions for the IOTA protocol, easier than ever, both for end users to access on a daily basis and for partners to as well construct custom solutions on it.
Furthering, the transformation of the IOTA 1.5, brings to table better conditions and tooling so as to back up the efforts of standardization, while making it easier to develop critical setup around its platform including custody solutions, real world applications, third party developer tools and wallet support.