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IOTA activates Chrysalis Update



IOTA's Chrysalis network went live yesterday. The IOTA scene is celebrating Chrysalis as a big step. But what is in the update?

With the Chrysalis upgrade yesterday, a "new age" is dawning for IOTA, writes the IOTA Foundation. The cryptocurrency made in Germany is now “ready for use” as a “base layer for the economy of machines, the Internet of Things” and more. With the upgrade, IOTA "leaves the phase of experiments" and enters "an ecosystem that is ready for companies and open to real applications."

The IOTA Foundation is apparently convinced to present a milestone with Chrysalis. But what exactly happened - and what does the Chrysalis upgrade introduce?

It is actually the largest upgrade in IOTA's history. However, anyone who expects the central coordinator to finally switch off, through which IOTA is effectively a centralized financial service provider like PayPal, will be disappointed. The "Coo" is still there, and Chrysalis is in itself independent of the shutdown called "Coordicide". Nevertheless, it is considered an important step in that direction.

But what exactly does Chrysalis change? The announcement on the IOTA Foundation blog only reveals that it “touches all aspects of IOTA, including wallets, libraries, software implementations, and security protocols.” It “represents a refurbished toolkit for IOTA”.

To find out more, you have to dig a little deeper on the Foundation's blog - until the original announcement of Chrysalis in early February 2020. This announcement explains that Chrysalis is independent of Coordicide and “aims to improve the usability of the current IOTA mainnet improve".

According to the post, Chrysalis includes the following changes:

  1. a "white flag approach to calculating credit": This approach improves the speed of the wallets and prevents certain attacks.
  2. A new selection of “tips” in the nodes is also intended to accelerate the network.
  3. A new “milestone algorithm for the coordinator” that allows the network to process more transactions per second.
  4. The parallel introduction of a new signature scheme. The network will thus support both quantum-resistant and conventional signatures, which have several advantages and significantly reduce the size of transactions.
  5. "Atomic Transactions" simplify the structure of transactions, which makes the network more efficient, spam attacks take the power, the Merkle proofs shorten and offer more advantages.
  6. The introduction of a UTXO model, which replaces the previous account model. Such a model is faster and safer.
  7. Trinary transactions are represented in binary form internally. This makes it possible for the node to perform many operations without the annoying conversion of the software into trinary logic.

According to the media, Chrysalis has reduced the time it takes to confirm a transaction from two minutes to 10 seconds and cuts power consumption by around 60 percent. That is, without a doubt, progress.

Much about Chrysalis is surprising, however, as it takes back several unique properties of IOTA, in particular the trinary logic. The parallel introduction of conventional signatures also seems like admission to having gotten a little wrong with the Winternitz signatures but puts IOTA in the enviable position of being prepared for quantum computers without having to suffer the disadvantages of quantum-resistant signatures.

Other features, such as the change from an account to a UTXO model, act more like an adjustment to familiar conditions, for example with Bitcoin, which may make it a step forward for IOTA, but makes it seem insignificant in the general market. There are also features that reduce IOTA-specific weaknesses, such as the coordinator. Overall, Chrysalis does not look like the big hit, but more like an admission of problems that have so far been kept secret.

Still, Chrysalis should improve IOTA significantly, and that is clearly good news for the scene, for investors, and for users.

The upgrade has apparently gone smoothly so far. Users can migrate their tokens with the new Firefly wallet, which replaces the Trinity wallet. So far, a good quarter of the tokens have migrated. Migration will be possible until the coordinator is switched off.

With this IOTA will reach its final form. It is planned for the end of 2021.

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