IOTA Foundation, a distributed ledger technology-focused nonprofit, completes the most extensive network upgrade in its history.
IOTA to be enterprise-ready
The new upgrade takes IOTA out of its experimental phase and moves into an enterprise-ready ecosystem for real-world use cases.
According to co-founder of IOTA, Dominik Schiener, Chrysalis represents the “best version of IOTA,” with features to be added in the coming months. New features include reusable addresses, UTXO, programmable transactions, and readiness for other key application layers, including streams, identity and smart contracts.
In anticipation of the final milestone for the blockchain, Coordicide, Chrysalis opens the door for developing enterprise and consumer-level applications on the IOTA infrastructure. The new upgrade will see the improvement of wallets, libraries, software implementations and security protocols.
With these new functions, Schiener encouraged developers to build applications on IOTA since Chrysalis will be production-ready for business applications. Chrysalis will reduce validation requirements on the Tangle – the architecture on which its cryptocurrency is built on. This could allow for faster transaction speeds and could also enable enterprises in any industry to implement IOTA more efficiently. Schiener said:
IOTA’s new dawn has arrived. We now have an enterprise-ready platform that will please both industry and consumer users with its enhanced functionally, industry-standard upgrades and energy efficiencies. Our engineers have worked diligently to build the foundation for Coordicide and beyond.
The launch of Chrysalis will occur on April 28, and the network has experienced its migration phase for a week since April 21. Token holders and providers can migrate their tokens during this time and after its launch. So far, according to Schiener, IOTA has already reached over 20% of all tokens to be migrated, which accounts for $1.2 billion tokens.
IOTA’s mainnet was launched in June 2016, which introduced Tangle, a scalable, lightweight protocol to overcome rising costs and power consumption by removing the need for miners and fees. With the Chrysalis migration, developers, crypto exchanges and users will be able to create applications and solutions on IOTA without an intermediary.