We will have completed the Chrysalis network upgrade in only two days. With its completion, our protocol will finally be enterprise-ready. This transition marks a departure from exotic design decisions made in our early days. But the changes required for Chrysalis were not only based on our own deliberations. The various design decisions for components of Chrysalis also result from close cooperation with numerous industry partners. One of those partners is the Crypto Finance Group and their Crypto Storage subsidiary, which specializes in storage and other crypto asset solutions for finance, industrial, and professional clients.
With this short blog post, we provide a few insights into the open exchanges we have had with our partners, leading to our most extensive upgrade so far. Furthermore, we advocate for increased open dialogue in the crypto industry in general.
Leveraging our industrial partnerships: the path leading to enterprise-readiness
In our quest to develop a solution for the real world, we did not aim to create just a new form of digital payment solution: we also support the infrastructures of whole industries. With our vision to provide the underlying economic fabric of the Internet of Things, the creation of the Tangle, and an open-source ecosystem, we go beyond traditional cryptocurrencies and reach new heights in distributed ledger technology (DLT). Industry solutions based on our technology are being developed in a wide variety of sectors: automotive and mobility, eHealth, digital identity, smart energy sectors, and supply chain and global trade activities, as well as in new ways of asset handling and decentralized finance. Our approach has always been to leverage our extensive ecosystem of industry partners and to work together to create a technology that enables their business cases and the emerging Internet of Things.
To reach this ambitious goal, we listen to voices from each individual sector that we are targeting; this is why we partnered with the Crypto Finance Group in 2019. The partnership gained renewed momentum thanks to discussions on potential protocol improvements.
The Crypto Finance Group was one of the many players that got involved in lively exchanges with the IOTA Foundation and presented their needs regarding the IOTA network specifically in regard to the requirements for their storage and custodial solutions.
The Crypto Finance Group was the first professional IOTA token storage provider worldwide, serving the needs of financial intermediaries and partners across various industries. Our collaboration enables private and public investors, institutional investors, and beneficiaries to manage access to their IOTA tokens securely. In addition, thanks to the financial services of Crypto Finance Group, leading companies working with the IOTA token are now able to meet their institutional and compliance requirements.
The Crypto Finance Group has continuously shared their input and suggestions regarding secure storage solutions for their industry partners. They were one of the voices from the industry that argued early on to replace the Winternitz One-Time Signature Scheme (W-OTS), enabling the reuse of private keys and simplifying the handling of their client’s funds. The enormous improvements in conflict handling due to the change from an account model to a UTXO model are also in accordance with the Crypto Finance requirements and services, and it's fair to say they were one of the voices adding to the decision to switch to an UTXO-based model.
The Crypto Finance Group fully supports the IOTA Chrysalis upgrade with a top-tier infrastructure, and "Demand is increasing from clients and within the industry for IOTA token use cases without security compromises," says Stijn Vander Straeten, CEO of the Crypto Finance Group subsidiary, Crypto Storage AG.
We believe that this partnership is exemplary in setting the course of the crypto industry for the future: it provides open dialogue and a healthy feedback culture, and builds bridges between different sectors, projects, and service providers.
We look forward to receiving further feedback from all of our partners regarding our new protocol. We will continue to stay close to the industry and stay aware of current needs to develop and provide the best technological solutions - building the future of DLT together.
About Crypto Finance Group
The Crypto Finance Group (www.cryptofinance.ch) provides institutional and professional investors a level of quality, reliability, and security that is unique in the digital asset space today. The groups’ operations are shaping crypto asset adoption in the finance sector, with the first crypto asset manager for collective investments authorized by FINMA; one of the few FINMA-licenced securities firms providing 24/7 crypto brokerage services; and highly secure crypto storage infrastructure and tokenization solutions. The group was founded in 2017 and recognized as a Crypto Valley Top 50 blockchain company, a Top 100 Swiss Start-up, and a 2019 Swiss FinTech Award winner.
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