Jakub Cech, Engineering Director of the IOTA Foundation, published the development update on January 14, detailing the progress in December 2020.
IOTA smart contracts and chrysalis
In their report, the pre-alpha version of the Chrysalis testnet and IOTA smart contracts was made public in December. Hornet has since been running on this test net because most integrations are now ready for Chrysalis phase 2.
Chrysalis is the intermittent phase before Koordicide (IOTA 1.5). The foundation explained that the purpose of bringing the testnet to the public is to publicly test all Chrysalis components while also adding remaining capabilities and components.
Auditing of Bee node software and others
Starting next week, users will be able to test Bee node software on testnet. Bee Node software audit is ongoing and will be completed in early February or three weeks later.
The developers have also released the 0.3.5 version of Pollen, the first stage designed as a test environment for engineers and developers who test and validate IOTA 2.0 concepts. The update will be more robust, secure and reliable than it was the main purpose.
The development team is also working on Stronghold and will release the Beta version on Spring. The primary determinant will be feature completeness and robustness.
By the way, most of Firefly’s user interface is complete. The code will also be audited in January.
IOTA is the leading distributed ledger technology (DLT) based Internet of Things (IoT) platform that its supporters say will support the future of the machine and data economy. Unlike common architectures deployed by existing platforms, IOTA uses a blockless system.
Their design is to naturally lower transaction fees and scale the base tier incrementally based on platform demand. Therefore, unlike Ethereum or Bitcoin, a sharp increase in load will not clog the network, but will increase the throughput exponentially.
As can be seen from the settings, network efficiency is variable and fluctuates depending on the user load.