The “Chrysalis” upgrade of the IOTA protocol is over, with many exchanges reopening deposits and withdrawals.
📣The IOTA Network Upgrade is complete on #bitfinex.
Deposits and withdrawals of @iota are now available.Learn more about the IOTA Chrysalis upgrade⬇️https://t.co/Af2glSpxw7 pic.twitter.com/xjZxe9qdtz
— Bitfinex (@bitfinex) May 17, 2021
Chrysalis is a very important update because it relaunches the IOTA project with a sort of new dawn. Suffice it to say that the MIOTA token has not yet surpassed the all-time high of $5.25 recorded on 19 December 2017.
On the contrary, the current price is still much lower (below $2), and actually fell below $0.5 until February.
However, this update has been able, since its announcement, to push the price of MIOTA up, first to almost $1.5 in mid-February, and then to an annual peak of $2.5 in mid-April. Compared to 12 months ago it is worth 870% more, while compared to the all-time high in December 2017 it is still worth 62% less.
Last year, the project suffered a major setback, due to a major problem that took a lot of work to resolve and a radical upgrade to get the project back on track.
Chrysalis is in fact the most extensive update in the history of the IOTA project, touching on all aspects of the protocol, from libraries to wallets, including software implementations developed by the IOTA Foundation.
The goal now is to develop new innovations such as scalable Automated Market Makers, decentralized finance platforms, oracles and startups based on smart contracts.
In fact, the project’s “industrial” perspective also changes, as it seems to refocus on finance, rather than on industry, as was the case at the outset.
The benefits of the Chrysalis upgrade on IOTA
Chrysalis was finally launched at the end of April and now everything seems to be working properly.
One of the strengths of IOTA has always been its very low power consumption, with a very high number of executable transactions, without commission costs.
IOTA is in fact designed to be lightweight, so much so that for example an entire Hornet node can be run even on low-power devices such as Raspberry Pis. In addition, Chrysalis introduces a further reduction in energy consumption of between 33% and 95%.
IOTA is not based on blockchain, but on Tangle, and it is precisely this that greatly reduces the energy consumption of the network as a whole, while guaranteeing high performance.
Now we will have to see if the project will be able to completely overcome the problems of the past, and reinvent itself as a cheap and fast basic platform for decentralized finance projects.
