IOTA project has successfully upgraded to its Chrysalis upgrade, now permitting the network to handle up to 1000 transactions per second. This is often around 50x faster than previous speed when the network topped out around 20 TPS.
In line with a recent official web-blog post from the IOTA Foundation, IOTA 1.5, AKA Chrysalis, is now live. The upgrade is meant to be an intermediate stage before the removal of the Coordinator from the IOTA network. The coordinator is a centralized server managed by IOTA developers that makes checkpoints within its transaction history.
Under Chrysalis, the confirmation time of transactions for token transfers on the IOTA mainnet has been reduced to four seconds in some cases, a minimum of eight times faster than before.
It’s also possible the network might also be able to handle over 1000 TPS – during community testnet testing, [IOTA] stated the network was ready to reach 1500 TPS.
Complete Upgradation Summary Of IOTA Network
The recent network upgrade, Chrysalis Phase 1, is among the second to last step towards the “Coordicide” – i.e. the removal of the Coordinator – prior to the implementation of Phase 2 later this year. Phase 2 includes “support of a new signing scheme and with it reusable addresses, UTXO, new node API, new client library API, a fresh wallet for both desktop and mobile and more.”
There are basically 3 stages within the official testnet for the upgrade, named after the stages in the creation of honey: Pollen, Nectar, and Honey.
The network revealed that it had started the primary stage, Pollen, earlier in the month of June. Nectar, due within the fourth quarter, is predicted to offer a full implementation of Coordicide modules on an incentivized testnet, testing the network for bugs or issues before finally releasing the mainnet. Network participants can generate “nectar,” or rewards for locating bugs or potential attack vectors.
The final stage within the testnet for IOTA 2.0, Honey, will incorporate all final Coordicide modules, representing the primary version of IOTA 2.0, or fully decentralized IOTA mainnet. The finished upgrade on mainnet is predicted in early 2021.