Tag: CHRYSALIS

IOTA Inching Closer to Coordicide, Launches the DevNet and a New Digital Assets Framework

by Btcmanager

In what has been described as “experiencing the future today,” IOTA has launched the IOTA 2.0 DevNet and a new Digital Assets Framework to begin experimenting with the community.

IOTA 2.0 DevNet

As per an update on June 2, IOTA is moving closer to a fully decentralized network without a super-node called the Coordinator.

Following the release of the DevNet, IOTA is now inviting individuals and companies to join and test this network. IOTA describes the final, Coordinator-free network as highly scalable, feeless, without miners, energy-efficient, and public.

According to the network creators, the DevNet marks the beginning of a new age where individuals and companies can begin building dApps and creating differentiated business models before Coordicide.

Testing and Refinement ahead of Coordicide

From the DevNet, users can build and transact on, enjoying what would be the final, defining features of IOTA on the “Honey” stage once IOTA 2 is activated and Coordicide implemented.

The DevNet is the evolution of the Internet-of-Things focused network in their path to becoming a global standard.

Users would test IOTA’s low-energy Sybil protection system using Mana—useful in consensus and forming a reputation system for nodes.

They can also experience how the IOTA Autopeering system is effective in the security of network connections.

At the same time, users can examine the anchoring of IOTA smart contract chains and the efficiency of algorithms behind the network’s parallel reality ledger state.

This launch aims to help IOTA developers experiment, collect, and optimize the entire IOTA 2.0 solution.

From the data collected, developers would be better positioned to determine how parameters should be defined and even identify and remove all potential performance bottlenecks.

IOTA Developers are Building on Chrysalis Upgrade

It also comes a few weeks after the upgrade of Chrysalis in April 2021.

During the upgrade, IOTA launched a new set of libraries and wallets, paving the way for IOTA 2 to be fully production-ready.

As BTCManager reported, the IOTA Foundation is building and striking partnerships. In late April 2021, it announced a deal with Crypto Finance AG.

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IOTA’s Chrysalis Testnet Records 2000 MPS Ahead of Network Migration Release

by Btcmanager

Open-source distributed ledger IOTA’s mainnet update Chrysalis recently recorded 2000 messages per second (MPS) coupled with 1000 transactions per second on its testnet. Sebastian Kremer, a tech enthusiast who works for Eikona AG, tweeted the details of the test. He included a chart displaying the 2018 MPS tally in the tweet, stating that the test was done under a performance-regulated situation.

Chrysalis’ History

The IOTA foundation integrated Chrysalis to transform its ecosystem into a fast and scalable network. The mainnet update, popularly IOTA 1.5, came to the public’s attention late last year after its public testnet launched in December 2020. The public testnet has since recorded 1000 transactions per second with confirmation times as fast as 10 seconds.

Chrysalis was preceded by Hornet, an upgraded node software version that paved the way for the former’s first phase release. The mainnet update’s testnet showed it took far less memory in transactions than its node software predecessors. 

According to IOTA, Chrysalis is the route to achieve a permissionless and scalable distributed ledger technology(DLT), a feat named Coordicide. IOTA’s Director of Engineering said, 

“The substantial TPS increase and speed of the network are clear indications of the progress we’ve made and will continue to make as we move towards Coordicide.”

The Firefly Token Migration

Set to start on April 21, IOTA protocol users are urged to use FireFly wallets to initiate the upcoming Chrysalis network and token migration. The migration excludes IOTA Ledger Nano customers as the network is working for an implementation that suits them. IOTA has given its users an outline of how to go about the FireFly process on its blog site.

However, users who have their tokens in exchanges like Binance do not need to undergo the process as the exchanges will aid the migration. Clients who have their funds spread around different addresses in small amounts are advised to transfer their earnings to the Trinity wallet. Additionally, users utilizing Trinity wallet services should follow the steps similar to those using the FireFly wallet.

IOTA Protocol’s Promising Future

With attributes like 1000 TPS/MPS, the IOTA network may be on the road to success in achieving decentralized and scalable ledger technology. Nonetheless, the testnet results displayed by Sebastian Kremer were achieved using high-end CPUs across approximately 25 datacenters internationally. Thus it is unclear how the updates will perform when circumstances are dreadfully worse.

Furthermore, IOTA has developed its own decentralized social media forum, Society2, which gives users control over their online data. In Society2, IOTA node owners are capable of running their own social media applications and websites. The platform focuses on protecting user data via blockchain technology.

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IOTA is Slowly Patching Up Its Cracks From Prior Attacks

by Btcmanager

Hacking a wallet is one of the worst things that could happen to a cryptocurrency. This nightmare and a few more malfunctions have befallen IOTA since 2017. Consequently, IOTA has gone down from 4th overall, with a market cap of $13.2 billion in 2017, to 25th, with today’s market cap of $4 billion.

What IOTA Has Been Up to

The beta version of its new wallet was launched recently. But that’s the tip of the iceberg in this massive roll-out that will make things right, said IOTA Foundation co-founder and Chief Executive Officer Dominik Schiener.

However, the critical question is how much technology and people have matured in and behind it. Many things have changed for the IOTA Foundation, including the core team. IOTA has worked for the last 1.5 years on an upgrade to the network, which Schiener says would solve problems. Chrysalis, this update, is a new dawn for IOTA, said Schiener.

Oracles are another recent addition to IOTA (i.e., bringing data from the outside world to IOTA). Schiener referred to Alvarium as an IoT oracle and said that third parties like Chainlink wish to build oracles on IOTA. But IOTA is currently constructing its bootstrap oracle.

Schiener also listed some projects involving transparent supply chains with partners like Zebra Technologies or Trademark East Africa. Alvarium, a collaboration with Dell, is a project that highlights IOTA’s angle.

The focus of Project Alvarium is on how to secure and retrieve data from IoT devices. Those scores reflect the trust that data are not manipulated and are sufficiently secure for utilization, sharing, and monetization.

Last but not least, IOTA is currently working on its version of smart contracts. It is different from Ethereum’s “world computer” approach since IOTA applies sharding to subnetwork partitioning.

IOTA is Ushering in a New Era

Everything above, in fact, indicates a new IOTA phase. Each of the new developments would be interesting even in isolation. Although they have retained the core ideas behind IOTA, they appear to make a “completely new project,” Schiener put it.

There is no lack of desire for IOTA and Schiener. It depends mainly on the maturation of the technology and the organization behind the technology to deliver on the enormous promise of the new IOTA.

The timeline shared by Schiener is quite aggressive, intending to deliver everything mentioned above in 2021. It is essential to keep an eye on IOTA to see if these brave thoughts will succeed.

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IOTA and Horizen Partner to Maximize IOTA Oracles Adoption by New Blockchains

by Btcmanager

Horizen, a technology platform that enables businesses and developers to create their public or private blockchains, announced a partnership with IOTA. The partnership will see the newly launched IOTA Oracles’ functionality and introduce oracle capabilities to the Horizen sidechain and scaling protocol, Zendoo. 

IOTA Partnership Plans

IOTA is a cryptocurrency built to operate as the anchor of the Internet of Things economy. It is specially designed to offer a solution to this problem by creating a fee-free cryptocurrency that can run on the most humble devices.

IOTA Oracles were built to bring off-chain data to decentralized applications and smart contracts on the IOTA network. They securely bridge both the digital world and the physical world in a feeless and decentralized way. 

The partnership’s initial goal was to introduce IOTA Oracles functionality into Zendoo, Horizen’s fully decentralized and customizable sidechain protocol. In detail, the integration takes place in two stages: First, Zendoo will add the power of IOTA Oracles to its POC side chain. Second, the IOTA oracle submission is integrated directly into the Zendoo SDK. 


Horizen’s Zendoo makes the IOTA oracle available to any blockchain or Horizen-based decentralized program. It allows businesses and developers to spin-up their customizable blockchain.

With the successful changes to Chrysalis, an intermediate step before Coordicide, the IOTA network is preparing digital tokens at some point in the first half of 2021. IOTA is now focused on connecting different ecosystems with unique valuable offerings and practical applications.

Chrysalis is the most significant improvement in IOTA’s history and covers all aspects of the protocol, library, portfolio, and software implementation developed by the IOTA Foundation. It is truly a significant step for IOTA as it is ready for production and the foundation for upcoming features such as smart contracts and tokenization.

Tokenization Centers IOTA’s Plans

The increasing demand for DLT solutions led IOTA to develop solutions that further boost acceptance. Consequently, they published various tools, libraries, and frames for the ecosystem to thrive when they get the most out of their knitting.

The detail of a digital asset framework is the first step in a larger scheme. Tokenization connects many parts of a mobile network, including smart contracts. The free and easy tokenization of the scalable machine platform opens up new possibilities in NFT and others that the user can explore.

Instead of a blockchain, IOTA is supported by a DAG called Tangle. The IOTA team chose to use DAG over blockchain because they felt it would help solve many of the scalability and cost issues associated with blockchain. With Tangle, each transaction can be processed individually rather than concurrently, and it can even be processed asynchronously.


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Digital Tokens Coming to IOTA, Chrysalis Mainnet Launch in March 2021

by Btcmanager

The IOTA Foundation is releasing the official protocol Request for Comment (RFC) for the Digital Asset Framework. It has also activated asset tokenization on the Coordicide Testnet (GoShimmer), an update on Feb 18 shows.

Chrysalis Mainnet Launch is in March

Coupled with changes made on Chrysalis, an intermediate step before Coordicide, the IOTA network is getting ready for digital tokens at a tentative time in H1 2021. The IOTA development team has disclosed their intention of deploying Chrysalis onto the mainnet in March 2021.

Accordingly, the project is ready to receive applications for grants for projects willing to explore IOTA’s digital tokenization.

With the transition closer to complete decentralization and even more possibilities in the blockless network, the team said Chrysalis would be the “enabler of exciting new use-cases, partners, and products that have not been possible before.”

IOTA is Fast-Tracking Digital Token Activation

The IOTA Foundation stresses the importance of asset tokenization. It wants to activate this feature “as soon as possible.”

However, how fast this deployment depends on the thorough review of the RFC now that Chrysalis is active.

Towards that end, the IOTA Foundation will be integrating the Digital Assets framework in Firefly, a new wallet designed from the ground up to replace the Trinity wallet.

Unlike other Distributed Ledger Technology (DLT) designs, the IOTA network is secure, decentralized, and energy-efficient despite leveraging a Proof-of-Work consensus algorithm.

Furthermore, it can inherently scale, with throughput increasing with the network’s demand. Unlike Bitcoin or Ethereum, currently bogged by transaction fee troubles, IOTA scalability means zero cost of transactions, even for intensive projects.

Tokenization is Center to IOTA’s Plans

The rising demand for DLT solutions now makes IOTA build solutions that will further spur its adoption.

Consequently, they are unleashing a broad spectrum of tools, libraries, and frameworks for its ecosystem to flourish as they draw maximum benefits from the tangle.

Digital Assets framework details are the first step in the bigger scheme. Tokenization is a cog that interconnects many of the network’s moving parts, including smart contracts.

Specifically, the free and easy tokenization on a scalable machine-facing platform opens new opportunities and possibilities in NFTs and more for users to explore.

As BTCManager reported, IOTA launched their First Party Oracles to protect against data manipulation.


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IOTA (MIOTA) Inching Closer to Complete Decentralization

by Btcmanager

Jakub Cech, the Director of Engineering at the IOTA Foundation, on Jan 14, released the development update detailing progress made in December 2020.

IOTA Smart Contracts and Chrysalis

In their report, the Chrysalis testnet and the pre-alpha version of IOTA smart contracts were made public in December. Hornet has since been running on this testnet as most integrations for Chrysalis phase 2 are now ready.

Chrysalis is the intermittent stage (IOTA 1.5) before Coordicide. The objective of releasing the testnet to the public, the foundation explains, was to test all of the Chrysalis components openly while concurrently adding remaining capabilities and components.

Auditing of Bee Node Software, Stronghold, and Firefly

From next week, users will be able to test the Bee node software on the testnet. The Bee Node software audit is ongoing and will conclude in early February—or after three weeks.

Developers also released version 0.3.5 of Pollen—the first phase designed as the testbed for engineers and developers testing and validating the concepts of IOTA 2.0. The update will be more robust, secure, and reliable, as that was the main goal.

The development team is also working on Stronghold and will release its Beta version in Spring. The primary determinant will be its feature-completeness and robustness.

Meanwhile, most of Firefly‘s user interface is complete. Its code will also be audited in January.

Leading IoT

IOTA is the leading distributed ledger technology (DLT)-based Internet of Things (IoT) platform whose supporters say will underpin the future of machine and data economy. Unlike the common architectures deployed by existing platforms, IOTA is using a blockless system.

Their design is to inherently lower transaction fees and incrementally scale the base layer depending on the platform’s demand. Therefore, diverging from Ethereum or Bitcoin, a sharp increase in load won’t clog the network but exponentially increase its throughput.

The network throughput, as adjudged from their setting, is variable, fluctuating depending on user load.

The Coordinator Problem

Despite what IOTA seeks to achieve, the network is presently under the control of the foundation which runs the Coordinator. It is a super-node primarily tasked with protecting the network against third party attacks and confirming Proof-of-Work transactions.

However, their pressing concern is to remove the Coordinator and decentralize the network in a three-stage release strategy starting from Pollen, eventually culminating with Honey.

As BTCManager reported, IOTA will consider a partnership and bridge to Cardano, a peer-reviewed and research-led smart contracting platform.

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IOTA Announces Chrysalis Phase 2 Public Testnet is Now Live

by Blockchain News

IOTA’s network upgrade, Chrysalis has recently launched its public testnet. Chrysalis, also known as IOTA 1.5, is IOTA’s intermediate stage between IOTA 1.0 and IOTA 2.0, Coordicide. 

IOTA 1.5 Chrysalis Testnet Goes Live.jpg

Phase 1 of Chrysalis was launched earlier this year, in August, reaching one of the many important milestones in the network’s development.

The release of phase 2 of Chrysalis on the IOTA mainnet will be one of the biggest upgrades the IOTA network has ever witnessed, and the released testnet would allow developers to transition their integration towards the final implementation. Earlier this month, developers were testing Chrysalis’ functionality on a private testnet, and were working on taking the necessary steps for pushing out the testnet. 

This upgrade sets the stage for adoption, and takes the network one step closer to IOTA 2.0. IOTA’s official announcement said:

“Today we are opening the Chrysalis testnet to the public. This period is key to a successful protocol upgrade early in the new year. We welcome everyone to test the functionality and provide feedback.”

IOTA further added that changes are still ongoing, where there would still be bugs, and audits performed, as well as breaking changes introduced. IOTA explained that this is all part of the process. IOTA warned:

“Bear in mind that changes are still ongoing, and there will be bugs, audits will be performed, and breaking changes introduced. That’s all part of the process.”

The components the IOTA team is publishing with the testnet are a new wallet.rs library with JS bindings via Neon, a new CLI wallet, a new faucet for requesting testnet tokens, experimental JS library with Chrysalis APIs implemented, and Hornet v0.6.0-alpha node version.

All of these components are currently in an early alpha stage, which remains to be audited. 

IOTA 1.5 Phase 1 Milestones

With the completion of the deployment of Chrysalis phase 1, the network is not witnessing 1,000 transactions per second, with an average transaction confirmation time of 10 seconds. Performance and reliability improvements for node software will also be a feature for IOTA 1.5, and the majority of transactions would reach their destination on the first try.

Before the network upgrade, IOTA was only able to handle 5 to 20 transactions per second, struggling to even reach 40. The network has now upgraded to Hornet nodes, allowing the improvements of tip selection and milestone selection algorithms, supporting over 1,000 transactions per second.

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IOTA Foundation: Chrysalis Development Positive, Efforts on Functionality Audit

by Btcmanager
TM Forum to Use IOTA Tangle to Gather Reliable Data

TM Forum to Use IOTA Tangle to Gather Reliable DataThe second phase of Chrysalis is progressing well, according to the latest update from the IOTA Foundation on Dec 11. Chrysalis Phase 2 Chrysalis is the intermediate stage before Coordicide.  Here, IOTA will eliminate the central coordinator for a fully decentralized, infinitely scalable, and secure distributed ledger network powering the internet of things and the next

Read MoreRead More. The post by Dalmas Ngetich appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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IOTA Works Towards Chrysalis Upgrade, MIOTA Price Predictions are High

by Blockchain News

The IOTA 1.5 network upgrade, also known as Chrysalis is quickly approaching, with IOTA’s new wallet, Firefly introduced last week. Phase 1 of Chrysalis was launched earlier this year, in August, reaching one of the many important milestones in the network’s development. 

IOTA works towards 1.5 Phase 2 upgrade

Chrysalis is designed as an intermediate step before IOTA transitions into IOTA 2.0, also known as Coordicide. 

IOTA 1.5 Phase 1

The successful deployment of Chrysalis Phase 1 has witnessed the upgrade of the network to process 1,000 transactions per second, with an average confirmation time of 10 seconds. Before the network upgraded to Chrysalis, the IOTA network was only able to handle 5 to 20 transactions per second. This upgrade takes the IOTA network one step further towards an enterprise-ready network. 

IOTA 1.5 Phase 2

The second phase of IOTA 1.5 was expected in the second half of 2020. Phase two of Chrysalis involves the introduction of the functionality of unspent transaction output (UTXO), as well as other functions including atomic transactions, reusable addresses, and the transition to a binary transaction layout. 

IOTA Foundation’s technical director Jakub Cech recently updated the progress on the components for the launch of Chrysalis Phase 2. Developers are now testing Chrysalis’ functionality on a private testnet, and are working on taking the necessary steps for pushing out the testnet public. Cech added that the CLI wallet has been completed, and a new faucet will be deployed soon. 

IOTA’s new wallet—Firefly

The details of IOTA’s next-generation wallet Firefly was recently released. IOTA’s primary wallet has been Trinity, which has already set a high standard in the DLT industry, which allows for a seamless and simplified user experience. Although IOTA’s Trinity wallet has made one-time signatures safe for users, it will remain in IOTA 1.0.

As previously reported by Blockchain.News, IOTA’s new wallet, Firefly was built with the context of the addition of tokenized assets, chat, and contact management. Although these features are expected to be launched later on, the Firefly wallet “has been built with the future in mind.”

Major steps taken in Firefly’s first version are based on security, core user experience, and expandable architecture. Developers behind the Firefly wallet have focused on perfecting the core of the platform.

IOTA price prediction

IOTA’s token, MIOTA price is currently trading at $0.334724 at press time. MIOTA’s market capitalization is currently at $932,666,478 and ranks the 31st by market cap according to CoinMarketCap.

MIOTA’s all-time high price reached $5.25 in December 2017, when the crypto market witnessed an incredible rally. Although the IOTA token’s price is currently way down below its all-time high, many investors speculate that MIOTA could still see more growth.

According to an analyst, companies would want to purchase IoT information, and in order to do so, they would need to purchase the IOTA token. The biggest demand, according to the analyst, will come from the biggest companies that want to make more profit and reduce costs efficiently. The analyst further highlighted that the insurance and health industry would largely benefit from IOTA. 

According to his forecast, IOTA would cover at least 20 percent of the IoT market value by 2025, valuing at $300 billion. This would take IOTA’s price to $107.95 per MIOTA. IOTA has been the biggest player involved in the automobile manufacturing industry with IoT. IOTA’s adoption could continue to grow as it becomes the standard mode of transactions between devices that are connected to the internet. IOTA’s Tangle technology also enables the network to be infinitely scalable.

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IOTA’s Next Generation Wallet—Firefly: What to Expect

by Blockchain News

Recently, Charlie Varley, the technical lead at the IOTA Foundation published the details of IOTA’s next-generation wallet—Firefly. This new wallet comes with a range of improvements that will transform IOTA into an enterprise-ready protocol.

What new features to expect from IOTA Foundation's new wallet Firefly

Varley explained that for most people, the primary gateway to interact with a blockchain or distributed ledger technology (DLT) protocol is through a wallet. Cryptocurrency wallets allow users to be able to secure their private key when sending and receiving cryptocurrencies. However, many wallets have limited their functionality to making basic payments. Currently, wallets are expanding their use case and have become platforms for more innovations within blockchain and DLT. 

IOTA’s primary wallet—Trinity

IOTA’s primary wallet has been Trinity, which has already set a high standard in the DLT industry, which allows for a seamless and simplified user experience. Varley added that although IOTA’s Trinity wallet has made one-time signatures safe for users, it will remain in IOTA 1.0

What are the new features of the Firefly wallet for IOTA 1.5?

IOTA’s new wallet, Firefly was built with the context of the addition of tokenized assets, chat, and contact management. Although these features are expected to be launched later on, the Firefly wallet “has been built with the future in mind.”

Major steps taken in Firefly’s first version are based on security, core user experience, and an expandable architecture. Developers behind the Firefly wallet have focused on perfecting the core of the platform. 

1. Profiles and Accounts

The new features of the wallet include profiles and accounts; where profiles enable multiple people to use the platform on the same device without access to each other’s wallets, and accounts meaning that a user is able to separate their funds. 

2. New user experience features

For the Firefly wallet, many undesired user experience issues have been resolved, while other minor features have been added. The IOTA Foundation has also added a network indicator to give users information regarding the health of the IOTA network.

3. Expandable and exportable app core

The Trinity wallet faced a limitation where, as Varley explained, a “tight coupling between the logic and application itself.” He added that with Firefly, the developers have followed an approach where all the features are reusable by other developers in other applications. 

4. Leveraging on the benefits of Chrysalis

The Firefly wallet is also able to enjoy the benefits of Chrysalis, which includes 24-word recovery phrases, improved network performance, and reusable addresses. IOTA has successfully launched phase 1 of Chrysalis in August this year, reaching one of many important milestones in its development.

With the completion of the deployment of Chrysalis phase 1, the network is not witnessing 1,000 transactions per second, with an average transaction confirmation time of 10 seconds. Performance and reliability improvements for node software will also be a feature for IOTA 1.5, and the majority of transactions would reach their destination on the first try.

What’s next for Firefly?

Varley explained that Firefly will integrate many upcoming features of the IOTA protocol, including tokenized assets and Dapp interaction. He concluded:

“Firefly will also see new features that enhance IOTA’s user experience as a payment protocol, such as a contact system and an accompanying browser extension. Our priority is first on releasing the desktop version, before attention turns to mobile, and later, the contact system and chat.”

Firefly’s desktop version is already in advanced stages of development, and the first alpha is aimed for launch later this month. 

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