IOTA Foundation Announces ‘Chrysalis’ Update Ahead of Coordicide

The IOTA mainnet will see an intermediate update dubbed “Chrysalis,” to optimize the usability of the current mainnet before the significant “Coordicide” upgrade is completed, the project said it in a blog post today. 

The foundation plans to transition IOTA to a coordinator-free IOTA mainnet through the coordicide. However, Chrysalis purports to provide an enterprise-ready solution to our ecosystem, until the major upgrade is finally completed.

A chrysalis, according to the IOTA Foundation, is “the form a caterpillar takes before it emerges from its cocoon as a fully-formed moth or butterfly.” Meanwhile, it is separate from the coordicide efforts.

The incremental upgrades to the network under Chrysalis include a White-flag approach for calculating balances. It is a more straightforward approach that will optimize the speed and efficiency of tip selection, and also reduces the need for reattachments. 

Also, Chrysalis will feature a new selection algorithm for the coordinator, which will enable the network to support as much CTPS (Confirmed Transaction Per Second) as possible, with higher computational efficiency.

The Chrysalis will also allow new URTS tip selection in node software, Support for a new signature scheme in parallel to WOTS, Atomic transactions, and lot more, according to the report.

IOTA now on Bittrex Global

IOTA is said to be the first open-source, feeless distributed ledger established to connect both the machine economy and human economy. Its native token, (MIOTA) is the 18 largest cryptocurrency by market cap.

Bittrex Global, one of the largest cryptocurrency exchanges in the world, said it has added support for the IOTA token. The announcement saw the price of the coin racking up more than 20% over the last 24 hours. However, the price later dropped and is currently trading at  $0.34 at the time of writing. 

Conflict within IOTA Foundation

Besides the developments with IOTA, there appears to be an in-house conflict raging among the two founders, Sergey Invancheglo and David Sønstebø. Invancheglo accused the other co-founder of embezzlement, which involves an alleged $7.7 million worth of MIOTA (25,000,000).