For IOTA, the Internet of Things (IoT) focused blockchain project, the developer team expects further adoption of IOTA on exchanges and PayPal with the Chrysalis update.
IOTA founders David Sønstebø and Dominik Schiener participated in a question-and-answer program organized by CoinMarketCap. One of the questions the founders answered was about the Coordicide update, which is planned to be released at the beginning of next year. Accordingly, the team expects greater visibility on exchanges and PayPal, with updates to Coordicide and Chrysalis version 2, the scalable distributed ledger of IOTA technology.
Coordicide ready next year
Speaking about Coordicide, Sønstebø mentioned that the innovation will be ready next year. If the opposite happens, it will be a major failure for them, in the team’s opinion. Schiener, the other member of the team, also made a few relevant statements. Accordingly, Schiener points out that the IOTA Foundation particularly emphasizes two concepts during the development stages. These are: technology and adoption.
According to the statements made, an encouraged test network will be created for IOTA in the first quarter of next year. Later, test networks parallel to that test network will be replicated and Coordicide will be implemented as soon as possible. The founders also pointed out that different IOTA divisions, such as IOTA access and IOTA identity, will be brought together after Coordicide is launched. However, according to the statements, the IOTA Foundation does not currently have a plan to bring these pieces together.
Dominik Schiener, one of the founders of IOTA, also made statements about PayPal’s crypto money services. Days ago, PayPal announced that it will soon support cryptocurrencies for its customers in the US. According to Schiener, this development will accelerate the crypto industry in 2021.
According to Schiener, there will be an increase in the level of IOTA adoption with Chrysalis. Schiener said he is optimistic that talks will be held soon with major services such as PayPal. Other updates announced in the program include meetings with central banks interested in adopting IOTA technology other than PayPal.