IOTA is set to complete its newest project, Chrysalis Network, in two days thanks to its collaboration with the Crypto Finance Group and its Crypto Storage subsidiary. With the completion of the network’s upgrade, IOTA bids goodbye to its exotic design decisions it has been using from its early days and makes its new protocol enterprise-ready. In a statement seen on IOTA’s blog, IOTA owes its most extensive upgrade to Crypto Finance Group and many industry partners.
Leveraging Partnerships for Enterprise Readiness
As noted from IOTA’s blog, their aim is not to provide a digital payment solution but also to support industry infrastructures. The project aims to push beyond conventional cryptocurrencies and achieve milestones in digital ledger technology. Its technology is already being used to provide industry solutions in global trade activities, innovative energy sectors, automotive and mobility, digital identity, supply chain, eHealth, asset management, and decentralized finance.
IOTA prides itself on an extensive ecosystem of industry partners and has always leveraged its position to develop a supportive technology for their business use cases and the IoT. Its partnership with Crypto Finance was born in 2019 to help achieve these goals, and the collaboration gained traction following discussions on IOTA protocol improvements.
IOTA’s Storage and Custodial Solution
As a custodial solution provider, the Crypto Finance Group had been actively involved with IOTA Foundation and even presented its interest in the IOTA network. Its needs were to provide IOTA with storage and custodial solutions, and eventually became IOTA’s first professional storage provider for the IOTA Token worldwide. It served the needs of both financial middlemen and partners across different industries.
The collaboration supports all classes of investors and users in the secure management and access to IOTA Tokens. Leading enterprises using the token are also able to fulfill their institutional and compliance standards.
Crypto Finance has notably been actively involved in secure storage solutions to all its partners, constantly providing inputs and proposals. It was among the industry players that vouched to replace the Winternitz one-time signature scheme to allow the reusing of private keys and easy handling of clients’ funds. The replacement created significant improvements in conflict handling due to the shift from an account model to a UTXO version.
Crypto Finance Group Elevates IOTA Tokens Demand
According to Crypto Storage AG’s CEO, Stijn Vander Straeten, the Crypto Finance Group supports IOTA’s Chrysalis with its top-grade infrastructure fully. It has even elevated industry demands for IOTA Tokens use cases with zero security concerns.
The collaboration is setting the pace for the future of the cryptocurrency industry by providing a healthy feedback culture, open dialogues, bridge projects, sectors, and service providers. IOTA looks forward to more feedback from industry partners on their Chrysalis protocol. The network intends to remain close to the industry and alert on trends to develop the best possible technological solutions.
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