IOTA FOUNDATION (IF) successfully deployed Chrysalis Phase 1 (IOTA 1.5) on the mainnet on 19 August 2020. With this upgrade, IOTA Network is now among the fastest DLT, capable of handling above 1,000 transactions per second (TPS) with an average confirmation time of about 10 seconds per transaction.
Next will be Chrysalis Phase 2 (IOTA 1.5) scheduled to be implemented sometime End Oct. 2020 which will add more features & capabilities to the IOTA mainnet which will then make IOTA commercially ready for production.
Targeted at the earliest by end of Q1 2021, IOTA Coordicide (IOTA 2.0) be implemented, and by the then, IOTA mainnet will be fully decentralized.
Once IOTA achieves full decentralization, IOTA may be the first DLT project to solve the Blockchain Trilemma (Scalability, Security, and Decentralization).