The IOTA course is lifting and at the same time Chrysalis is getting closer from day to day. IOTA also wants to introduce Oracle to ensure smooth communication in the Tangle network of the future. What’s behind the upgrades?
The IOTA course (MIOTA) knows no more and in the last 24 hours alone MIOTA rose by more than 35 percent. On a weekly basis, it looks even better. Overall, the course was able to grow by more than 90 percent.
At the time of going to press, MIOTA is trading at $ 0.7963. But what news is currently driving the course and what exactly is behind it?
Chrysalis is going live soon
In a blog post on February 5, the IOTA Foundation gave a new update on the progress at Chrysalis (aka IOTA 1.5). Chrysalis wants to make the Tangle network significantly more powerful and expand the range of functions. For example, Chrysalis should also form the foundation for smart contract applications and tokenization on the Tangle network. The Foundation itself describes Chrysalis as the biggest upgrade in IOTA’s history:
“Chrysalis is the largest upgrade in IOTA’s history and affects all aspects of the protocol. Chrysalis is the foundation for the introduction of smart contracts and non-fungible tokens (NFTs) on the Tangle network.
The Internet of Things (IoT) project community has high hopes for Chrysalis. In particular, applications from Decentralized Finance (DeFi), such as price oracles, decentralized exchanges or other financial platforms, could also be built on the Tangle network in the future. Should that happen, it would actually be a milestone in the history of IOTA and could take the protocol to a whole new level. When exactly Chrysalis will finally be finished is still unclear.
IOTA should become completely decentralized
Coordicide (aka IOTA 2.0) should make IOTA even more decentralized. In a blog post, Serguei Popov, one of the co-founders of the project, reached out to the public and reported on the latest progress at Coordicide. Accordingly, the Testnet Nectar for Coordicide is about to be released. The IOTA Foundation has been working on Coordicide for a long time and the upgrade should finally make the Tangle network decentralized.
Nectar plays a crucial role in this. The testnet is supposed to encourage the search for bugs and is expected to enable Coordicide to be tested for a few months. According to the IOTA roadmap, the tests are scheduled to be completed in the first quarter of 2021.
Tangle network of the future: IOTA wants to introduce oracles
What are oracles anyway? Oracle supplies blockchains with external information. They represent the bridge between the real world and the world of decentralized networks. These are required in particular for the use of smart contracts and for interoperability between different distributed ledger technologies. The most famous oracle in the crypto space is Chainlink (LINK).
Since the use of smart contracts should also soon be possible on IOTA, oracles are essential. That is why the IOTA Foundation presented an oracle solution for the Tangle network on February 8th.
The oracles are supposed to help send data from the real world directly to the Tangle and vice versa. More information about the oracles will be announced in the coming weeks. In addition, you can already see in the above blog post how an IOTA oracle works and what possibilities it opens up for the entire Tangle network.
Overall, a lot is happening at IOTA. It seems like many investors are currently betting on Coordicide to go live soon. Should this not be a false start and there are not too long delays, there are many indications that IOTA still has enormous growth potential in the next few months.