A Tweet from IOTA has announced the much-awaited Chrysalis migration. There’s some really interesting tech that you need to take notice of here.
A quick refresher on IOTA
IOTA has been around since 2016. This isn’t a “new kid on the block” migration. IOTA has been adopted from huge names and companies. I remember seeing them launch way back before the 2018 bull run, even then they were a hot topic.
It’s a network for transferring data between humans and machines. IoT devices are going to be present in the future. With the advent of algorithmic businesses and data becoming further monetized, IOTA offers a perfect medium for information transference.
IOTA’s “blockchain” isn’t like the others. Unlike the trove of shitcoins being launched on Binance Chain and Ethereum every day, IOTA has its own tech. And it works in an efficient, and interesting way that–in theory–allows for more scalability. It uses an “acyclic directed graph” to store transactions on its distributed ledger.
Transactions are fee-less. Perfect for mass transactions. And great for people that don’t want to incur the blisteringly high transaction fees, we’re seeing on Ethereum and Bitcoin at the moment. And, interestingly, there are no miners required to validate transactions; users that make a transaction must approve two transactions.
What is IOTA Chrysalis
Chrysalis is a complete overhaul of the entire IOTA protocol. There were mistakes made in the past. Chrysalis is the next evolution for IOTA to bring it back to its deserved position in the blockchain space.
Smart-contracts, dApps, Defi, NFTs …. Where there are smart contracts, there are dApps and Defi and NFTs. This is probably the most exciting thing to pay attention to. Instead of having the entire network process smart contracts like on Ethereum, only a small portion of the network needs to. This will make costs incredibly low.
It’s going to be even faster. IOTA is already fast, but Chrysalis is taking it even further. They’re increasing transactions speeds, throughput and–to top it all off–there’s even a lower energy footprint. Rumour has it that it’ll be 50 times faster according to the CoinTelegraph.
You’ll be getting cutting-edge security. After previous stumbles where IOTA fell victim to hacks, you can be sure they’ve taken huge steps here. IOTA Stronghold is part of Chrysalis and is purpose-built to protect digital secrets.
IOTA developers are going to get new tools to play with. The new libraries (software packages that are used) are written in Rust. Rust is incredibly fast and secure and bound to be incredibly useful for spurring on innovation.
There’s going to be a new wallet. Firefly is a solid new wallet built by IOTA. It’s open-source, free to download, and made secure by the community. It also works on MacOS, Linux & Windows. And, it looks really nice with its future-proof UI.
When is the IOTA Chrysalis upgrade?
The migration starts today; 21st April 2021. But, the upgrade officially completes on the 28th.