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What is Chrysalis? Everything you need to know about IOTA’s biggest update

What is Chrysalis? Everything you need to know about IOTA’s biggest update

IOTA has witness massive increase in its stock prices in recent days. All of this is attributed to the upcoming of IOTA’s Chrysalis release which is biggest release of IOTA in terms of both technology and effort. But What is Chrysalis and what changes it is bringing to the existing ecosystem of IOTA? And Why it is resulting in surge in stock prices of IOTA tokens? Let’s start from the beginning with start of IOTA.

IOTA before Chrysalis

Incase, if you are unfamiliar with IOTA is, here is a quick introduction

IOTA is an open-source distributed ledger and cryptocurrency designed for the Internet of things (IoT). It uses a directed acyclic graph to store transactions on its ledger, motivated by a potentially higher scalability over blockchain based distributed ledgers. IOTA does not use miners to validate transactions, instead, users that issue a new transaction must approve two previous transactions and perform a small amount of proof of work. Transactions can therefore be issued without fees, facilitating microtransactions. (Source: Wikipedia) For detailed introduction of IOTA and difference between IOTA and Blockchain read this article.

The IOTA ledger was created in 2015 by David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov. IOTA launched its first main-net in Auguest 2016, which used a DAG (Directed Acyclic Graph) data structure called Tangle. This main-net can be called IOTA-1.0 which was initial release of IOTA. The IOTA network was built for the Internet of Things, with tamper-proof data, feeless micro transactions and low resource requirements. The Tangle was designed to be a more equitable, democratic and secure network, where every node would directly contribute towards the security of the overall system.

IOTA entered into a market which was already very competitive due to well established cryptocurrencies like Bitcoin and Ethereum...

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