Iota is selected for phase 2A, an EU blockchain initiative

Iota is selected for phase 2A, an EU blockchain initiative

On Thursday, the Iota Foundation, the entity responsible for the development of the Internet of Things (IOTA) transaction block chain of the same name, announced that it had been selected as one of the five contractors by the European Commission to develop Blockchain and ledger technology. largest distributed in the region. According to the announcement, phase 2A aims to advance the European Blockchain Services Infrastructure, or EBSI, in five areas:

  1. The feasibility of sharding to exponentially scale the Iota network at EBSI will be investigated.
  2. Develop an approval weight consensus mechanism that is highly flexible and allows for both permissionless and permissioned use cases.
  3. Ensuring that any Iota-based solution for cross-border transfers adheres to the EBSI governance structures and any regulatory requirements of EU Member States.
  4. Integrate your GDPR-compliant identity solution with the new EU digital identity framework in EBSI.
  5. Prepare on-chain and off-chain bridges for other protocols in and out of EBSI, including support for Ethereum Virtual Machine.

Based on the results of phase 2A development over the next six months, a minimum of three of the five contractors will be chosen to proceed to the next phase, in which the European Commission will field test the capabilities of the infrastructure and newly developed applications. Last September, Iota was one of the seven companies chosen to support the initial phase of innovation of the aforementioned European blockchain company. With its characteristic decentralized acrylic graphs, the Iota blockchain is known for its low power consumption and no gas fees. Earlier, Assembly, a decentralized layer-one smart contract network built within the Iota ecosystem, announced a $100 million capital raise from private investors, while drawing praise from Dominik Schiener, co-founder and chairman of the Iota Foundation. .

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