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) has no stopping and in the last 24 hours alone MIOTA rose by 17.88 percent. On a weekly basis, it looks even better. Overall, the price was able to grow by 163.74 percent.
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 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 completed is still unclear.
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