On August 19, IOTA Foundation?announced?the successful completion and deployment of?the first phase of IOTA 1.5 likewise called Chrysalis. They have been able to deploy the components of the phase on the IOTA mainnet, representing a main milestone for IOTA.
IOTA 1.5 is designed as an intermediate phase prior to its transition to IOTA 2.0 known as Coordicide. The components of Chrysalis are meant to improve IOTA network?s reliability, performance, and usability.
As a result of the successful deployment, the network can now handle 1,000 transactions per second, with an average transaction confirmation time of 10 seconds. Before the deployment, nodes, especially those running older node software, were only able to handle 40 transactions per second effectively.
However, after upgrading the network to Hornet nodes, tip selection as well as milestone selection algorithms has improved and it is now supporting more than 1,000 transactions per second.
Based on the new improvements observed after this deployment, it is now possible for the network to serve a remarkably larger number of use cases, taking it closer to becoming an enterprise-ready network. Likewise, users now have the opportunity to run a node easier than before.
It has improved confirmation rates on the network and maintains a high confirmation rate in situations in which the previous version of the network could not. That is, user experience when it comes to sending tokens from one address to another has been improved. Likewise, many token transfers will not need promotion or reattachments in most cases.
?The average confirmation time of transactions on the IOTA mainnet should now be at least 8 times faster than before. With milestones being issued every 10 seconds, instead of around 80 seconds, tokens should now go from one wallet to another in a matter of seconds rather than minutes.?
According to the IOTA Foundation, the second phase of IOTA 1.5 should be deployed in the second half of this year. Some of the features to be introduced by the second phase include the functionality of unspent transaction output (UTXO), atomic transactions, reusable addresses, and a transition to a binary transaction layout.