After Crysalis, IOTA is still working hard on its vision of a decentralized network. To this end, the company recently launched its first testnet.
After IOTA published its long-awaited “Chrysalis” update at the end of April, the Berlin company is still working hard on its vision of a decentralized network. With the launch of the “Coordicide” update, the “Coordinator”, the centralized node that checks all transactions, will be a thing of the past. To this end, the start-up announced the launch of a first testnet, the IOTA 2.0 DevNet – code name: Nectar, on June 2, 2021. As a reminder: the IOTA timeline, which classifies technological progress, divides it into pollen, nectar and honey. With Coordicide, another big step has been taken in the direction of the honey phase, i.e. the first version of the “completely decentralized IOTA mainnet”.
The network is accessible to everyone and should also support all devices. The day marks the starting point at which the ecosystem will be able to run dApps and other business models before the final switch to the “Coordicide” update is carried out. IOTA also designed a new framework for digital assets that supported NFT, among other things. A new wallet should give the community the opportunity to familiarize themselves with the new gadgets and to experiment.
IOTA puts in the final spurt
The schedule for the ambitious project has been postponed again and again due to the abundance of construction sites and also due to personnel setbacks at the IOTA Foundation. Now, however, the developers seem to have taken the final spurt and are headed for IOTA 2.0 at full speed. Transaction bundles are currently still being validated by the coordinator. Because every transaction in IOTA confirms a previous one, network nodes have to wait for their transaction to appear in a milestone. Thanks to the new Chrysalis algorithm for selecting these milestones, the number of confirmed transactions per second increased significantly.
With the “Coordicide” update, the individual network participants then take over the checking of the transactions. It is still unclear when the final transformation of the network will be completed. BTC-ECHO has asked IOTA for an opinion. However, at the time of going to press this had not yet been answered.
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