Schiener also divulged the plan that will transform the platform to go commercial this year. In this regard, he stressed that IOTA Phase 1.5, also referred to as Chrysalis, will offer a new feature named EdDSA that will pave way for reusable addresses with reduced signature sizes with atomic trades and also UTXO in a framework similar to Bitcoin.
The aspects which will be made available include new milestone selection, WhiteFlag and tip selection enhancements. The work that needs to be finished for the Chrysalis roll out includes the binary transaction framework and update of nodes software that “will ease the transition from the old IOTA network to the new one” and the Autopeering aspect.
Nevertheless, Schiener believes that the latter won’t be ready before the scheduled time of upgrade. On the contrary, IOTA’s co-founder further stated that node Hornet software is already ready and is getting optimized by the core developers with support from the community. Schiener stated:
“The node software is complete and that is very good. We did the audits and everything looks good (…). With the libraries we have an implementation in Rust (…) the libraries are finished, they are implemented. You can start building your applications on Chrysalis IOTA today.”
The latest Firefly wallet, backed by unique framework and “look and feel,” will be made accessible by all users in the week ahead, in the form of public bet. The co-founder anticipates the wallet to be installed along with Chrysalis upgrade. Notably, Firefly will not depend on a single chunk of software as in the case of Trinity wallet, but on several elements with Wallet.rs and Stronghold.
In that manner, the wallet elements will stay “decoupled” and remain safe, preventing a hacker to dislodge everything at a go. Additionally, Firefly will not only act as a wallet for native tokens but can also be used to store NFTs, digital identity and even a vaccine passport. While launching Firefly, IOTA’s co-founder stated:
“I think not many people have started participating in the worknet, I think it was mainly the hardcore people with their own nodes. I think with the release of Firefly it will be easier for everyone to appreciate the differences of using reusable addresses and the difference in IOTA when transactions are confirmed in less than a second, and just generally the look and feel of this new IOTA that we’ve developed.”
As of date, the IOTA Foundation is striving to coordinate the rollout of Chrysalis with cryptocurrency exchanges. Bitfinex has already finished the shift while Upbit and Binance is yet to be “coordinated.” Even though the procedure is complex, Schiener anticipates that it will finish the coordination procedure by the end of this month and added:
“They are making the transition with us, it makes no sense to launch Chrysalis without the support of the exchanges.”