The IOTA Foundation has announced a new upgrade called Chrysalis. The upgrade introduces some important features, including some that are changing long-standing IOTA principles.
Chrysalis (IOTA 1.5) was specially designed as an intermediary step before Coordicide,
a long-planned initiative to remove Coordicide from the IOTA network. The coordinator is essentially a centralized server managed by IOTA developers that creates checkpoints in its transaction history.
Coordicide is a long-term initiative that requires rich academic support, similar to Etheruem’s Serenity.
The group will integrate a new encryption signature scheme called Ed25519, in parallel with the existing WOTS scheme. Transactions will become much smaller, thus increasing IOTA’s transaction rate per second (TPS).
IOTA Co-founder Dominik Schiener noted that this is one of the features commonly requested by the IOTA community and business partners.
The team is also planning to turn IOTA into a platform to issue tokens. The two main changes are atomic trading and transition to the UTXO model. The last major change of Chrysalis reached the basic IOTA architecture. Transactions are currently encoded as trytes, part of ternary bytes.
IOTA has decided to return to a standard binary representation for Chrysalis.
Other features are relatively small, adding some performance and security improvements. The coordinator himself will also make some improvements before he stops working.
Roadmap of Chrysalis
Schiener emphasized that Chrysalis is not a delay in IOTA’s Coordicide roadmap, as it is mainly focused on improving the transaction performance of the project mainnet.
The current roadmap shows that Chrysalis will be completed by the end of the third quarter, although Schiener said that by the end of the second quarter it is possible.
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