IOTA’s Chrysalis Upgrade To Increase The Usability Of The Blockchain Prior To Coordicide

In what has been a successful week for the IOTA community so far, the launch of Chrysalis updates (also known as IOTA 1.5), is bringing hope of mass adoption of the blockchain in the coming years. In an interview with CT, Dominik explained the aim and goals Chrysalis is trying to improve on the IOTA blockchain. He expects a number of major changes in the technical aspects and minor changes on security and management protocols. He said,

“Some of the changes are more radical, but they pose great opportunity for IOTA as they have been consistently requested from our community and corporate partners.”

The objective of the IOTA Foundation is to fully optimize the #IOTA mainnet and make it enterprise-ready. Read about the exciting features that will be introduced through #Chrysalis, our intermediate mainnet upgrade, over the coming months! https://t.co/4TVqQFnNqK pic.twitter.com/GCY2vIZzNg

— IOTA (@iotatoken) February 3, 2020

Features upgraded by the Chrysalis update

Some of the features set to be introduced with the Chrysalis update include introducing issuance of tokens on IOTA, a new cryptographic signature that will enable holders to re-use their addresses and new transaction recording for the future.

A. IOTA 1.5, issuance platform

Ethereum (ETH) has for a long time been regarded as the ICO platform, which provides a platform for blockchain projects to issue their crypto tokens. According to Schiener, IOTA holds similar capabilities of leading the field in issuance of tokens with the improvement in the Unspent Transaction model (UXTO) and atomic transactions on the blockchain. Dominik explained,

“UTXO allows for a safer, faster and clearer representation of a ledger. By combining UTXO with Atomic Transactions we will also get rid of bundle constructs, which in turn makes the development of core software much easier (and safer) and significantly increases the performance of IOTA. The biggest advantage of UTXO is an obvious one: colored coins.”

B. New cryptographic signature

The Chrysalis update will also implement new cryptographic signature scheme labelled “Ed25519” that aims to keep the same wallet address in transactions. This new signature will reduce the block space used and increase the rates of transactions per second.

C. The trytes degrade

Most of the computers today store info in bytes, or use the binary system, but as the name above suggests, IOTA had placed its systems in a trytes scheme that uses base-3 algorithms. However, the technology is way ahead of its time and the new Chrysalis update will degrade the system back to the binary system with an aim to boost adoption at the moment.