IOTA, a distributed ledger for the Internet of Things that uses a directed acyclic graph (DAG) instead of a conventional blockchain has just gotten a major improvement with the launch it its version 1.5, also known as Chrysalis Phase 1 on its mainnet.
Image source: IOTA
IOTA uses a quantum-proof protocol, Tangle that is a Directed Acyclic Graph which has no fees on transactions and no fixed limit on how many transactions can be confirmed per second in the network;
Chrysalis Phase 1 is a set of components that has improved the reliability, performance, and usability of the IOTA network and now net the network capacity has improved to over 1000 TPS, instead of 5 to 20 TPS. The team has already stated working on Chrysalis Phase 2 that is expected to be released later this year.
Announced via its blog:
Chrysalis Phase 1 improvement makes the IOTA networks capable of serving a significantly larger number of use cases and business partners simultaneously, bringing us one step closer to an enterprise-ready network.
Improved token transfer experience
The technological upgrades brought by Chrysalis components improve the network’s confirmation rate and maintain a high confirmation rate in scenarios in which the previous version of the network could not. This means that sending tokens from one address to another has become a much better experience. It also means that the vast majority of token transfers will, in most cases, not require promotion or reattachments.
The average confirmation time of transactions on the IOTA mainnet should now be at least 8 times faster than before. With milestones being issued every 10 seconds, instead of around 80 seconds, tokens should now go from one wallet to another in a matter of seconds rather than minutes. You can see the new confirmation speeds for the network here.
Improved security and reliability
The white flag approach, implemented as part of Chrysalis Phase 1, completely negates some of the scenarios that impacted the confirmation rate in the previous network, such as conflict spams.
The algorithm also allows for much more efficiency with any tip selection algorithm that we use now or in the future. This makes the tip selection algorithm more lightweight, easier to tune and change. We expect that we might be further changing the tip selection algorithm in the future, for example, after Chrysalis Phase 2.
