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IOTA Update 2020: The Hack & What Lies Ahead

IOTA To Renew Mainnet Next Week

IOTA To Renew Mainnet Next Week
CONTENT

  • Information about the upcoming upgrade, which should improve the performance of the network bandwidth, appeared in the blog of a crypto startup

  • The upgrade will improve the bandwidth of the cryptocurrency network

  • Operation time in the IOTA network will be 10 seconds

International consortium of news organizations developing transparency standards.

The team at the popular startup IOTA spoke about the details of the update, which is scheduled for next week. According to experts, the upgrade will increase the bandwidth of the main cryptocurrency network. Information about this appeared in the microblog of the project.

IOTA To Renew 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

At the moment, the startup team is preparing to launch the first phase of the Chrysalis upgrade, also known as IOTA 1.5, on the main cryptocurrency network. According to representatives of the project, after the upgrade, the cryptocurrency network will be able to process 1,000 transactions per second. The confirmation time for transactions will be 10 seconds..

As a reminder, in June the IOTA team presented the latest version of the node software – Hornet. The software update was a step towards the launch of the first phase of IOTA 1.5. During the stress test of the startup systems, the developers were convinced of the stability of the network with more than 150 nodes. Another benefit of the software is a 10-fold reduction in the amount of device memory required to run a node..

IOTA’s position in the cryptocurrency capitalization rating of the CoinMarketCap resource

IOTA has a tough year

The IOTA update was preceded by a series of problems. In December 2019, due to a technical failure, the cryptocurrency network was “frozen” for 15 hours. Developers rushed to rectify the situation with an updated software version.

In February 2020, hackers attacked the IOTA startup’s Trinity wallet. Previously, representatives of the project estimated the losses in the amount of $ 300 thousand to $ 1.2 million. Subsequently, the developers found out that the damage amounted to $ 2.2 million. In order to block the access of fraudsters to user accounts, the IOTA team needed to stop the work of the coordinator – the central node that controls transactions in the project network. So the startup was paralyzed again.

IOTA To Renew Mainnet Next Week

Soon, investors were provided with a new version of Trinity. The startup team promised to return the stolen funds of users. According to the investigation, the scammers gained access to the funds of the project investors through the theft of seed phrases. All information about the incident with a detailed chronology was published on the IOTA blog.

At the moment, representatives of the startup are preparing for a global update – Coordicide. Its task is to free the cryptocurrency network from the coordinator, replacing it with a more advanced mechanism. This will make IOTA more decentralized. The developers believe that the update will be a new stage in the evolution of the project. At the end of June 2020, the startup team announced the imminent launch of Coordicide.

Learn more about the coordinator and the reasons that prompted the project representatives to abandon the technical solution from our material.

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