Blockchain company IOTA has announced that the first phase of its IOTA 1.5 network upgrade, dubbed Chrysalis, is now live on the mainnet.
The update aims to create significant performance, usability, and reliability upgrades to the current network as it transitions towards IOTA 2.0.
The first set of new IOTA 1.5 features released today include a new tip selection algorithm called URTS, milestone selection improvements that allows much higher TPS (transactions per second), and autopeering, which simplifies the process of setting up new nodes.
Jakub Cech, Director of Engineering, IOTA Foundation, said: “We are thrilled to announce the completion of our first of two phases of IOTA 1.5. The culmination of these will become the Mainnet’s intermediate stage before the removal of the Coordinator. 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.”
Coming next week! The first phase of #Chrysalis (IOTA 1.5) on our #mainnet with significant performance, usability, and reliability upgrades. With over 1k TPS and 10 second confirmation times, this upgrade will bring an entirely new experience to using the current #IOTA network. pic.twitter.com/1gJ50mVM1x
— IOTA (@iotatoken) August 10, 2020
Users of the network should see immediate improvements, including substantial increase to the current mainnet’s TPS, reduced milestone insurance rate from 80 seconds to 10 seconds as well as performance and reliability updates for node software.
The second phase, planned for the second half of 2020, introduces functionality such as UTXO, Atomic Transactions, Reusable Addresses and a transition to a binary transaction layout.
These features make interacting with, and building solutions for, the IOTA protocol simpler than ever. This will make it easier for end users to utilise the protocol on a day-to-day basis and for partners to build custom solutions.
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