IOTA releases alpha version of Chronicle for industrial adoption

By July 11, 2020Altcoins
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  • The permanode “Chronicle” was released yesterday by the IOTA Foundation in an alpha version.
  • The IOTA Foundation expects more industrial use cases to be built on the Tangle as a result of the alpha release of Chronicle.

In September last year, the IOTA Foundation announced the official permanode solution for the permanent storage of all IOTA transactions. Yesterday the alpha version followed, which is now based on Rust and offers some new features. The permanode is particularly aimed at companies and government institutions that need to store all transactions permanently or for a certain, longer period of time.

The background is that everyone can save data on the Tangle and make it verifiable for third parties free of charge. For node operators, however, the storage requirements may become a problem at some point. Memory requirements can also be a problem on the Internet of Things (IoT), where low-level devices operate with limited resources. For this reason, IOTA provides local snapshots that allow node owners to delete old transactions and keep their tangle database small.

IOTA Chronicle will boost industrial use cases

However, in the enterprise environment, data may need to be stored for long periods of time. In Germany, for example, financial data must be kept for more than 10 years. Considering the use case of decentralized identities, data even has to be stored for the lifetime of the identity, as Jake Cahill from the IOTA Foundation describes in the new blog post:

For example, consider the case of a transaction that contains a decentralized identity (DID) document. A user shares this DID with a government to request a driving license. However, when the government looks for the DID on the Tangle, it may no longer be available and the request may be denied.

In order to enable this type of use cases, the IOTA Foundation has developed the permanode. Chronicle is the official solution of the IOTA Foundation. It makes it possible for node owners to store and query all IOTA transactions in a fast, secure, scalable and distributed database. The alpha version announced yesterday thus lays another important foundation stone for the adoption of IOTA in the industrial enterprise sector, Cahill stated:

Now, with this new release, corporate partners can use a more stable version of our decentralized storage framework Chronicle. We anticipate that more industrial use cases can be built on the tangle as a result of this release.

New about the alpha version released yesterday is that it was ported from the programming language Erlang to Rust. This created the basis for interoperability with future IOTA projects like Bee and a secure programming environment. In addition, the Chronicle alpha version is released with a command line interface (CLI) that allows a permanode to be created in minutes.

Advanced users can also use the framework to create their own solutions and make company-specific settings: how long transactions are kept, what storage solution is used and what type of data is stored. A future version of IOTA Chronicle will also introduce a web dashboard to make it even easier to use.

What makes Chronicle unique is the ability for community members and even businesses to offer the Tangle data as a “query as a service”. As the IOTA Foundation stated in September, with some minor additional developments, node owners can be enabled to make money by requiring IOTA tokens to access historical Tangle data.

Last updated on July 11, 2020

The IOTA Foundation expects more industrial use cases to be built on the Tangle […]

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