announce Sergey Popov, co-founder of IOTA, said yesterday that the main specifications of the “Coordicide” update were nearing completion and had been handed over to the development department.

The post indicated that the IOTA Foundation has presented its roadmap for the release of the “Chrysalis” version, also known as IOTA 1.5, while the 2.0 version bears the name “Coordicide.”

Meaning that the IOTA network will go through the “Chrysalis” update to reach the “Coordicide” update, or what is known as IOTA 2.0

Prior to the launch of Coordicide, Chrysalis aims to elevate the IOTA network to a level where companies can take advantage of the IOTA Tangle technology and develop applications based on it.

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To achieve this, a new strategy has been developed to meet the needs of the industry and existing partners.

Jacob Cheek, Head of Development at IOTA, said:

The IOTA mainnet has been in operation since 2016, so defining a new engineering strategy involves adapting our assumptions to industry observations and requirements.

It also involves making difficult decisions to stop or redefine some projects that are no longer feasible or relevant.

At the core of this new strategy is an exclusive focus on technologies that will see adoption within a two-year time frame.

IOTA aims to test and upgrade its core network and related technologies and release this new version of the protocol in the second half of this year.

The Chrysalis version will do most of the big work of achieving a smoother transition between Chrysalis and Coordicide.

In line with this strategy, Chrysalis will bring four main advantages that will facilitate the adoption of the IOTA Tangle technology:

• Simpler transition to “Coordicide”.
• Significant improvements in performance and in the form of scalability to several hundred transactions per second (TPS).
• Improve the development process.
• Accelerate IOTA Business Readiness.

Due to the complexity of the upgrade and upgrade, Chrysalis will be implemented in two phases.

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Iota Chrysalis:

The first phase will be ready by early July, and the second phase by the end of October

In the first phase, URTS, feature selection, and automatic peer selection will be implemented by early July.

This stage requires all nodes to be upgraded.

Then, the IOTA network will achieve transaction confirmation times of around 10 seconds, higher data throughput (TPS) and make overall contract improvements.

The second phase is expected to be released into the mainnet by the end of October and will include the new UTXO model, atomic transactions, reusable addresses (Ed25519), and increased hardware support for all major architectures through more standard encryption (EdDSA) and new features.

Phase 2 will require a snapshot to enable wallet and exchange users to migrate to Chrysalis.

A full transition will have far-reaching consequences for some components of IOTA.

For example, IRI, the previous standard node program for IOTA, will be discontinued, and IRI v1.8.6 will be the last major release.

In addition, the five different library implementations (JavaScript, Python, Go, Rust, and Java) will be scaled back for easier maintenance.

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IOTA plans to provide functionality for other major programming languages ​​through FFI and port the Rust library, without any significant performance drop.

Trinity Wallet will remain the main wallet.

But the new kernel will be the wallet library written in Rust, another new library based on Rust and Stronghold, and will allow for ultra-secure handling and storage.

Ultimately, Chrysalis will be IOTA’s most comprehensive upgrade to date, which will pave the way for the industry, as Jacob Cheek concluded:

“Chrysalis” is the most promising series of upgrades that have been made to IOTA to date.

It’s a major step in getting our organization ready, with increased transaction throughput, network stability, ease of use, and enabling new features and use cases.

The coming weeks and months will bring some of the most exciting times in IOTA history.

We are on a clear path towards adopting IOTA as an enabling technology for the Internet of Things and beyond.

A detailed description of the new update for the IOTA Foundation can be found at Link.

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