IOTA is looking for a new dawn, a rebirth of its shaky original days and slightly infamous reputation. All this information and more is nicely presented in the video, take the time to watch it!ure of IOTA is summarized in this video by Chris Muller:
He covers the original intent of IOTA, how that failed in many ways. Briefly covers all the drama with firing the original founders, the hacks and the coordinator. Mentions how IOTA used to have one-time signatures, ternary and Q; how all that failed. Practically IOTA almost died from all of there failures. IOTA now uses reusable addresses EdDSA, binary and has IOTA Smart Contract Protocol (ISCP).
There was some positive events, and releases including:
- Community made IOTA node, hornet
- IOTA Streams for encrypted data channels
- IOTA Identity as a solution for digital identities
- IOTA Stronghold as a solution for storing all digital data securly (passwords in a wallet)
- IOTA Access to control access to a building
- Digital Assets: NFTs
- IOTA Oracles: To feed real world data into smart contracts/the tangle
- IOTA Chronicle solution for a perma node solution.
Ultimately, even though there are all this progress, the infamous coordinator still persists, a single point of failure; exactly what you don't want in a distributed network. However, the path to coordicide has developed from a collaboration with the research team at the IOTA Foundation and with academic institutions. Chrysalis primes the IOTA Ledger to make the transition of coordicide easy and upgrades the ledger to be more capable and efficient in the following ways:
- New URTS tip selection (speeds up verification)
- New milestone selection algorithm (allows +1000tps)
- White-flag approach allows conflicts across milestones to be ignored
- EdDSA Signatures (Reusable addresses)
- Size of transactions reduced
- Binary atomic transactions, no more ternary conversion
- Switch to UTXO instead of accounts
The last thing that needs to happen is coordicide! Currently the pollen test-net is running a coordinator-free ledger and is soon to get its final iterations before it becomes an incentivized bug hunt test-net. So the components of coodicide are mostly done they are going to essentially battle test it over the next year before transferring it to the mainnet.
Chrysalis, the recent IOTA update ultimatly shows:
- How performant a DLT can be
- The IOTA Foundation really delivers
- List IOTA on exchanges is much easier
- IOTA's frameworks listed above can now all be implemented in production
- Great new documentations: https://docs.iota.org
- The IOTA Foundation is willing to admit mistakes!
IOTA is looking for a new dawn, a rebirth of its shaky original days and slightly infamous reputation. All this discussed and is nicely presented in the video by Chris, take the time to watch it and support him!