On February 3, 2020, IOTA Foundation announced that its mainnet would see an intermediate update dubbed “Chrysalis” to optimize the usability of the current mainnet before the significant “Coordicide” upgrade is completed.
They also announced the release of version 0.1.0 of the Coordicide alphanet, an important Go implementation of Coordicide. The foundation intends to switch IOTA to a coordinator-free IOTA mainnet via this upgrade.
Nonetheless, Chrysalis is meant to provide an enterprise-ready solution to the entire IOTA ecosystem, pending the major upgrade.
More Details About the Chrysalis Update
According to IOTA, Chrysalis is like a caterpillar before emerging from its cocoon as a fully-formed butterfly. At the moment, Chrysalis is detached from the coordicide plans and is intended to boost the usability of existing mainnet prior to coordicide.
The incremental upgrades to the network under Chrysalis include a White-flag approach for calculating balances. It is a more straightforward approach that will optimize the speed and efficiency of tip selection, and also reduces the need for reattachments.
Also, Chrysalis will feature a new selection algorithm for the coordinator, which will enable the network to support as much CTPS (Confirmed Transaction per Second) as possible, with higher computational efficiency.
The Chrysalis will also allow new URTS tip selection in node software, support for a new signature scheme in parallel to WOTS, Atomic transactions, and lot more, according to the report.
mIOTA Price Skids Up by 20% After Bittrex Global Listing
IOTA is the first open-source, feeless distributed ledger developed with the sole aim of linking both the machine economy and human economy. Its native token, (MIOTA) is among the largest cryptocurrencies in existence today by market capitalization.
In 2020, IOTA is up on a great start! As we had reported here on The Daily Chain, Bittrex Global, one of the major exchanges in the crypto space, revealed it had added support for the IOTA native token. The announcement resulted in the value of the token skyrocketing up more than 20 percent over the last 24 hours. However, the price later plunged slightly and is now trading at about $0.34.
The Astonishing Feud Within the IOTA Foundation
Besides the positive developments in the IOTA ecosystem, some astonishing news this morning stirred mixed reactions, not just in its community alone, but also in the entire crypto space. Apparently, it appears that there’s an in-house rift raging among the two founders, Sergey Invancheglo and David Sønstebø.
Invancheglo has accused his colleague of embezzling an alleged $7.7 million worth of MIOTA (25,000,000). Whether unveiling these new details of Chrysalis is a public stunt to sway its community focus to the positive trends of the project or not, the co-founders need to stop squashing the beef, especially in matters that could shakedown the whole project.