Iota selected for Phase 2A of EU blockchain initiative
Cointelegraph
Published Jan 13, 2022 05:20PM ET
Updated Jan 13, 2022 07:20PM ET
On Thursday, the Iota Foundation, which oversees developments in the namesake Internet-of-Things transactions blockchain (IOTA), announced that it had been selected as one of five contractors by the European Commission to develop blockchain and distributed ledger technology in the region. According to the announcement, phase 2A aims to advance European Blockchain Services Infrastructure, or EBSI, in five areas:
- It will investigate the feasibility of sharding as to exponentially scale the Iota network on EBSI.
- Develop an approval weight consensus mechanism that will be highly flexible and allow both permissionless and permissioned use cases.
- Ensure any Iota-based solution for cross-border transfers abides by EBSI governance structures and any regulatory requirements from EU member states.
- Integrate its GDPR-compliant identity solution with the new framework for EU digital identity on EBSI.
- Prepare on and off-chain bridges to other protocols in and outside EBSI, including support for Ethereum Virtual Machine.
Based on the results of the phase 2A development over the next six months, a minimum of three out of five contractors will be chosen to advance to the next stage, where the European Commission will field-test the capabilities of the newly developed infrastructure and applications. Last September, Iota was one of seven enterprises chosen to support the early-stage innovation of the said European blockchain venture. With its signature decentralized acrylic graphs, the Iota blockchain is known for very little energy consumption and no gas fees. Previously, Assembly, a decentralized layer one smart contract network built within the Iota ecosystem, announced a $100 million capital raise from private investors while receiving praise from Dominik Schiener, Iota Foundation's co-founder and chairman.
Continue Reading on Coin Telegraph
Get The News You Want
Written By: Cointelegraph
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.