The IOTA network is preparing to launch the much-anticipated first phase of its Chrysalis upgrade, also known as IOTA 1.5, on mainnet.

According to a tweet published by the IOTA Foundation, a non-profit that supports the development of the project, the initial phase of its Chrysalis upgrade will go live on the Mainnet next week.

Coming next week! The first phase of #Chrysalis (IOTA 1.5) on our #mainnet with significant performance, usability, and reliability upgrades. With over 1k TPS and 10 second confirmation times, this upgrade will bring an entirely new experience to using the current #IOTA network. pic.twitter.com/1gJ50mVM1x

— IOTA (@iotatoken) August 10, 2020

The 1.5 network upgrade is an intermediary step that will prepare the network for a transition to Coordicide or IOTA 2.0. Chrysalis’s first phase is intended to create performance, usability, and reliability upgrades to the current network.

These upgrades will enable the network to process 1,000 transactions per second and institute 10-second confirmation times. Users will be able to send and receive IOTA tokens in significantly less time than before.

The second phase of Chrysalis, planned for the later months of 2020, will introduce features such as UTXO, atomic transactions, and reusable addresses.

For many in the community, next week will be a time to see their patience rewarded. Earlier this year, the project was put on pause following the compromise of its Trinity Wallet.

For those interested in going further, a recent blog post provides an update on some of the more technical aspects of the development efforts.

The post IOTA Primed to Launch the First Phase of Its “Chrysalis” 1.5 Upgrade appeared first on BeInCrypto.

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