IOTA Chrysalis has the seal of approval from more than a dozen companies

  • All audits for IOTA Chrysalis phase 2 are scheduled to be completed in February.
  • Co-founder Dominik Schiener sees IOTA “pretty well positioned” for the launch of Chrysalis phase 2, with more than a dozen companies having already given their “seal of approval”.

At the third part of the “IOTA Talks” series, IOTA co-founder Dominik Schiener spoke about the foundation’s goals, ecosystem growth and strategy. First and foremost, Schiener gave an overview of the current progress of the Chrysalis (IOTA 1.5) development. While the components of Chrysalis phase 1 were already integrated into the mainnet in August, the launch of phase 2 or the full implementation is in the starting blocks.

Schiener said the public testnet for phase 2 was released just before Christmas. Together with the community, the IOTA Foundation has been testing various components, such as the node software or the various libraries in the testnet over the past few weeks. In addition, the last protocol changes were completed.

Now the IOTA Foundation is in the process of preparing another update of the testnet, focusing on “slight changes to dust protection and changes to messages to allow more than 2 parents”. Regarding the current status of the two nodes, Hornet and Bee, Schiener revealed:

Right now we are in audit mode. Hornet and Bee are being audited right now, and I think we should have it done over the next two weeks. And we will publish all those audit results.

I think we should have the final release candidates, especially for Hornet ready relatively soon because the Hornet team is pretty much done. With Bee, we still have some missing components. But overall the major focus at the moment is on the libraries and modules that are necessary for the Firefly wallet.

Furthermore, the new Firefly wallet will also be audited over the next two weeks. “Relatively soon” there will also be an alpha release of Firefly so that the community can test and try out the wallet. All audits are expected to be completed in February.

The transition to IOTA Chrysalis phase 2

One of the biggest challenges according to Schiener will be the transition from the current Winternitz One-Time Signature (WOTS) scheme to the new, more common signature scheme Ed25519. This will dramatically reduce transaction size, allow multiple address usage, and enable a significant increase in TPS. However, there is “no direct way to move from one to the other,” as Schiener stated.

So what we are going to launch is basically a transition where you can go from the old network to the new network. And you will be able to transition your tokens and most important are the exchanges like Binance, OKEx and Bitfinex, that they are integrating the new library. […]

So I think we are pretty good at timing. The documentation should be all done next week, we will publish that and for all of you who are more keen to understand the intrinsic detail of the new protocol, I highly recommend you to read through it. […] With the documentation, you will be able to develop on top of [the future]IOTA.

With the launch of Chrysalis phase 2, IOTA will be in a “pretty good position” to achieve enterprise adoption. According to Schiener, already “more than a dozen companies have made exciting statements and given their seal of approval to Chrysalis.”

About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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