The Chrysalis (v1.5) upgrade has been launched on the IOTA mainnet, designed to increase throughput to 1,000 transactions per second. This is at least 50 times higher than in the previous version (5–20 TPS).
Chrysalis (#IOTA 1.5) Phase 1 is officially live on the #mainnet! We’re thrilled to release the first set of features stemming from months of dedicated research and development. You can read more about today’s upgrade here: https://t.co/NUbRTiC9Iv#IOTA #Chrysalis
— IOTA (@iotatoken) August 19, 2020
Transaction confirmation times have been reduced to ten seconds.
The stated performance targets for the upgraded network—1,000 TPS and up to ten seconds for transaction confirmations—are conservative estimates. In some tests they were improved to 1,500 TPS and four seconds respectively.
This Chrysalis phase and the forthcoming second phase are an intermediate step before the Coordicide upgrade. It will mark the transition to IOTA 2.0 and will support enterprise solutions.
Version 1.5 will also serve as a preparatory step ahead of removing the Coordinator—the centralized server run by IOTA developers that creates checkpoints in the transaction history.
The official testnet for the upgrade envisages three stages named after the steps in honey production: Pollen, Nectar and Honey.
The first phase began in June. The second, with full Coordicide module implementations and incentive additions, is expected in the fourth quarter. Testnet participants will be able to collect ‘nectar’ for bug discovery and potential attack vectors. In the final stage, early 2021, Coordicide will be fully deployed, marking the transition to full decentralisation of the network.
Version 2.0 will feature support for a new signature scheme for reusable addresses, unspent transaction outputs (UTXO), a new node API, a new client library API, and new desktop and mobile wallets.
In May, the Society2 project announced the launch of a social network built on the IOTA system, aimed at giving users back control over privacy and content.
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