The team behind the crypto project IOTA (MIOTA) recently requested that the coin’s users briefly abort all transactions. The reason behind the request is the long-awaited launch of Chrysalis Phase 1, IOTA’s update that is expected to bring a number of changes to the project’s network.
IOTA 1.5 is coming
IOTA 1.5 is finally coming, as its team recently announced the start of the Chrysalis upgrade. The project is currently starting Phase 1 of the IOTA blockchain’s Chrysalis development phase, and this will be the last stage before Coordicide activation.
The announcement — and request not to conduct transactions — came earlier today, in a tweet published only hours ago.
We are now officially performing the network upgrade for #Chrysalis (IOTA 1.5) Phase 1. The upgrade will take a few hours. Please do not try to send transactions using wallet software during the downtime. We will keep you posted throughout the day. Stay Tuned! #IOTA
— IOTA Engineering (@iota_dev) August 19, 2020
IOTA also noted that it will keep regular updates regarding the development of the move, which includes the announcement of the completion of the upgrade.
What changes to expect
Furthermore, the project previously revealed that IOTA 1.5 will not support IRI software. As a result, all node operators will have to install Hornet in order to keep interacting with the network adequately.
They should also overwrite the CooAddress parameter in Hornet’s dashboard due to the address change. Additional changes are also to be expected, such as the update of certain API settings and alike, but nothing too big that will disrupt the operations is expected to occur.
In the meantime, the team also made major progress regarding Phase 2 of Chrysalis. Some documentation and specifications were already released, and are available for the review. Lastly, the greatest benefit of the new Chrysalis Phase 1 upgrade will be an increased throughoutput of transactions. IOTA 1.5 will be able to make 1,500 transactions per second, with confirmation time of only 10 seconds.