IOTA to Launch Chrysalis Phase 1; Final Testnet Towards A Fully Decentralized Network
The first phase of IOTA’s 1.5 testnet ‘Chrysalis’ is set to be launched on the Mainnet next week as the IoT-focused DLT initiative prepares for full decentralization. IOTA announced this milestone on twitter, noting its users will experience significant improvements in performance, reliability, and usability upgrades.
Coming next week! The first phase of #Chrysalis (IOTA 1.5) on our #mainnet with significant performance, usability, and reliability upgrades. With over 1k TPS and 10 second confirmation times, this upgrade will bring an entirely new experience to using the current #IOTA network. pic.twitter.com/1gJ50mVM1x
— IOTA (@iotatoken) August 10, 2020
Notably, the Chrysalis testnet was initiated as the intermediate phase before IOTA 2.0 is finally rolled out. This transition will mark the removal of IOTA’s coordinator node hence dubbed ‘Coordicide.’ Should it run as expected, it will then set the stage for the IOTA ecosystem to become decentralized, scalable, and feeless.
According to the announcement, the Chrysalis testnet seems to be performing quite well, which, means we might see a fully decentralized IOTA network before the end of the year. Its launch on the Mainnet as scheduled in the coming week will introduce 10-second confirmation times as well as 1000 transactions per second.
Earlier in May, the IOTA foundation had detailed two stages that will define the Chrysalis Mainnet launch. Interestingly, the first phase, which, features an improvement of IOTA’s transactional efficiency through an auto-peering function, could be seen in action as early as next week. It will be followed by a second phase whose highlights will include performance enhancements, tokenization, and supporting reusable addresses.
With the IOTA 2.0 launch getting closer, a new naming convention that will define the upgrade was also detailed towards the end of June. The foundation posted a medium a blog where it guided stakeholders that the move to full decentralization ‘Coordicide’ will be identified as per the honey creation process; pollen, nectar, and honey. All stages will play a significant role in the final Mainnet launch; pollen will set the ground for the first IOTA 2.0 official testnet while nectar will feature an incentivized testnet for bug testing. Honey will finally introduce the fully decentralized IOTA Mainnet.