Crypto Finance supports the IOTA Chrysalis upgrade
The Crypto Finance Group was involved in the planning and development of the IOTA Chrysalis upgrade and now supports the upgrade for its clients from day one of the migration. Crypto Finance enables financial institutions and intermediaries to access the IOTA ecosystem, it provides secure storage solutions for IOTA’s industry partners and users, and it was the first professional IOTA token storage provider worldwide.
IOTA has set itself apart from other blockchain developments with their vision for the internet of things (IoT). The Chrysalis upgrade takes this open-source approach to distributed-ledger technologies and launches it for the growing IoT ecosystem. This DLT structure was chosen to overcome known limitations of traditional blockchains: transaction fees, scalability issues, and high energy consumption. Industry partners are developing concepts with IOTA across automotive and mobility, eHealth and smart energy sectors, as well as supply chain and global trade activities.
The Crypto Finance Group, is pleased to announce the successful upgrade of its secure storage infrastructure with IOTA Chrysalis. The upgrade includes the introduction of established standards and a wealth of new tooling that will lead to major improvements in performance, stability, reliability, and security of the IOTA protocol.
The Crypto Finance self-custody solution is designed to meet the needs of financial intermediaries as well as significant partners across a variety of industries working on concepts that use IOTA. “We are proud to fully support the IOTA Chrysalis upgrade with our top-tier infrastructure, as demand increases among our clients and with industry partners for the IOTA token without compromising on security,” says Stijn Vander Straeten, CEO of Crypto Storage AG, the technology division of the Crypto Finance Group.
“The inputs from the Crypto Finance Group, as a partner providing trading and custody solutions to professional institutions, were extremely valuable for us during the development of Chrysalis.” comments Jakub Cech, Director of Engineering, IOTA Foundation.
Why is IOTA interesting for the finance and industry sector?
IOTA tokens are designed for enabling fast communication and transactions for IoT, with a blockchain structure that was designed for this purpose. Its value lies as an alternative form of currency, an alternative blockchain structure, and a conduit for IoT adoption across industry, retail, and other sectors.
What is the importance of Chrysalis?
Chrysalis is the most extensive upgrade in IOTA’s history, touching all aspects of the protocol, libraries, wallets, and software implementations developed by the IOTA Foundation, as it matures as a permissionless and scalable distributed ledger technology (DLT). With the network upgrade, IOTA provides best-practice cryptography and usability.
It provides a foundation for smart contracts, tokenisation, and upcoming features developed by the foundation. With these features, the community is able to build compelling new applications, including automated market makers (AMMs), feeless decentralised finance platforms, powerful oracles, and smart-contract-based start-ups that can leverage the power of the IOTA Tangle.
A further step remains, in adapting the mechanism for the consensus layer by removing a centralised finality Coordinator, in an event called Coordicide. The Chrysalis upgrade already contains many aspects required for the removal of this Coordinator. Many changes are deliberately being made now, so fewer adjustments remain for the actual Coordicide event. This allows enterprises, developers, exchanges, custodians, and other partners to implement their solutions with the launch of Chrysalis. The goal is for the network to remain feeless, while preserving decentralisation and security, and promoting unprecedented scalability.
Launched in June 2017, IOTA sets itself apart from other blockchain developments, with its aim to become the backbone of the internet of things (IoT). The network is not based on a blockchain, but a directed acyclic graph – called the Tangle – allowing for parallelised transactions. This network structure was chosen to overcome known limitations of traditional blockchains: transaction fees, scalability issues, and high energy consumption.
IOTA puts the focus on industries such as mobility, healthcare, smart cities, digital identity, or industrial IoT, and the idea of enabling devices anywhere to exchange value, information, and digital assets. Keeping assets secure with the Crypto Finance storage infrastructure solution contributes to the development of these concepts and the IOTA Foundation’s vision of supporting a machine-to-machine economy.
The Crypto Finance Group was the first professional IOTA token storage provider worldwide in January 2019. IOTA is one of a multitude of different crypto assets supported by the Crypto Finance storage infrastructure solution and offered by the brokerage team. It provides specific benefits for two key groups: Crypto Finance clients looking to enable their business model with IOTA investments and leading companies in industry working with IOTA are able to meet their institutional and compliance requirements.