More

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

    • IOTA Foundation launched the Chrysalis upgrade on Monday, Feb 3, 2020.
    • Chrysalis, a series of upgrades on IOTA bridging the blockchain to Coordicide, features a number of updates.
    • IOTA co-founder, Dominik Schiener, expects the full upgrades to be complete by Q2 2020.

    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.”

    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.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Lujan Odera
    Lujan Odera
    Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,284FansLike
    2,759FollowersFollow
    4,130FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Indian State Telangana Govt Launches Blockchain Accelerator With Tech Mahindra

    The IT arm of Mahindra Group and the Telangana government have closed a partnership and aims to launch a blockchain accelerator that will be...

    Ripple Co-Founder' Claims His XRP Sell-Off Doesn't Impact The Market Is ‘Simply Preposterous'

    XRP Whale and former Ripple CTO argues his huge sell offs Not possible to sell off over 2% of the total supply without...

    Ripple (XRP) Price Analysis (February 19)

    Key Highlights The US dollar has now forced the XRP price value into a range trading condition. The XRP/USD price now hovers around $0.30...

    Microsoft Azure Integrates Lition’s Blockchain Tech to Scale Commercial Operations

    Microsoft is one of the fast-moving IT giants in blockchain research for leverage with their existing services. The firm recently integrated Lition blockchain which...

    European Space Agency to Use Blockchain-Powered Satellite Data For Mining Transparency

    Blockchain tech is fast on the track of providing solutions from space despite a skeptical approach towards its major use as per now ‘cryptocurrencies’....

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.