Collaboration Announcement

On Thursday, the Iota Foundation, the mastermind behind the popular Internet-of-Things (IoT) transaction blockchain, made waves by announcing its selection as one of five key contractors by the European Commission. This incredible recognition paves the way for the foundation to play a significant role in developing blockchain and distributed ledger technology within Europe.

Phased Approach to Expansion

The project will be rolled out in phases, with the current focus on Phase 2A. This phase is primed to advance the European Blockchain Services Infrastructure (EBSI) across five critical areas:

1. Sharding Feasibility: The exploration of sharding holds the promise of exponentially scaling the Iota network.
2. Approval Weight Consensus: A flexible consensus mechanism will be developed, adaptable for a variety of use cases including both permissioned and permissionless applications.
3. Cross-Border Compliance: Solutions for cross-border transactions will strictly adhere to EBSI requirements and EU regulations.
4. GDPR-Compliant Identity Integration: Iota’s identity solutions will be seamlessly integrated with the EU’s digital identity frameworks on EBSI, ensuring compliance and security.
5. Bridging Protocols: Work will be done to prepare for on and off-chain bridges, including support for the Ethereum Virtual Machine (EVM), thereby enhancing interoperability.

Selection Criteria for Next Stages

As the development progresses over the next six months, the performance results will be scrutinized, with a minimum of three contractors moving forward to the next stage. Here, the European Commission will conduct rigorous field tests on the new infrastructure and applications developed during this phase.

Iota’s Previous Achievements

It’s worth noting that last September, Iota was recognized as one of seven innovative enterprises chosen to support the burgeoning European blockchain initiative. With its unique decentralized acrylic graphs, the Iota blockchain stands out for its low energy consumption and the absence of gas fees—features that make it especially attractive in the blockchain landscape.

The Future Looks Bright

Furthermore, Assembly, a decentralized layer one smart contract network emerging from the Iota ecosystem, recently made headlines with a significant $100 million capital raise from private investors. This development was celebrated by Iota Foundation co-founder and chairman, Dominik Schiener, exemplifying the robustness and potential of the Iota network in the ever-evolving technological terrain.