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IOTA to talk with PayPal after launching Chrysalis phase 2

  • IOTA founders confirm the launch of an incentivized test network for Chrysalis in Q1 2021.
  • Following the release of Chrysalis version 2, founders expect further adoption of IOTA in exchanges and on PayPal.

IOTA founders David Sønstebø and Dominik Schiener were part of an Ask Me Anything (AMA) session with CoinMarketCap. In the session, the founders discussed the launch of Coordicide, Chrysalis, adoption, and the future of IOTA’s development. Overall, the feeling expressed by the founders is very optimistic.

One of the first questions answered by the founders is about the possible launch of Coordicide by 2021. Sønstebø stated that the goal is to have it ready by next year or he will consider it “a big failure”. On the other hand, Schiener said that the IOTA Foundation is focusing on Chrysalis version 2 from an “engineering point of view”. The IOTA founder noted that many of the components from Coordicide will be ready before activation:

We are building a clear transition roadmap to the new future of IOTA. It will definitely happen on the mainnet in 2021. We will have an incentivized test network in Q1. From there we will think about how we can pararelize some of the testing and validation of key components to make sure Coordicide happens as soon as possible.

Schiener said the IOTA Foundation team is excited about the progress being made with the development of the components that will lead to the deployment of Coordicide and the progress of Chrysalis. In that sense, there are two aspects that the IOTA Foundation has been able to handle: technology and adoption. The founders indicated that the IOTA Foundation has been able to combine both by listening to feedback from the enterprise sector to “ensure” that IOTA will have high levels of adoption. Sønstebø added:

This is about fulfilling the promise of DLT that we all heard from the Bitcoin incarnation. And doing it in a way that removes all the drawbacks of regular blockchains. So, I’m very excited about that and the next goal is to put it into production completely.

Then, the founders responded when the different parts of IOTA will be put together after the release of Coordicide. These parts, according to the question, are: IOTA acces, IOTA identity, smart contract, IOTA streams, Colored Coins and others. However, Sønstebø said that this is currently happening and that the developers can use them in different use cases. Each product will be important for the adoption of IOTA.

There is no IOTA Foundation plan to merge all of this into one. This is something that will evolve organically over time. When you have a use case, that’s when they come together.

PayPal effect? Increased adoption of IOTA

Speaking of adoption, the founders of IOTA referred to PayPal’s recent announcement to incorporate crypto-currencies into its services. In 2021 there will be an “acceleration” in the crypto industry. Schiener noted that Chrysalis will remove excuses from the exchanges to list IOTA and revealed the efforts of the IOTA Foundation to increase the level of adoptio:

We are already talking to some of these exchanges and some of these service providers (…). And also with Paxos, with PayPal I definitely think we will have discussions with them about integration.

Finally, the founders of IOTA stated that regulations are still a big obstacle and a vital issue. The IOTA Foundation has had meetings with central banks that have shown interest in adopting their technology. However, they did not make any announcements in this regard, stating that the “talks are continuing” and that “this is a long-term project”. Both founders agreed that the vision of IOTA, with its partnerships and the progress it has made, is being fulfilled more strongly than ever.

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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