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On Thursday, the Iota Foundation, which oversees the development of the eponymous IoT transaction blockchain (Internet of Things), Announce It has been selected by the European Commission as one of five contractors to develop blockchain and distributed ledger technology in the region. According to the announcement, Phase 2A aims to advance the European Blockchain Services Infrastructure (EBSI) in five areas:
- It will investigate the feasibility of sharding on EBSI to exponentially scale the Iota network.
- Develop a highly flexible approval-weighted consensus mechanism and allow permissionless and permissioned use cases.
- Ensure that any Iota-based cross-border transfer solution complies with the EBSI governance structure and any regulatory requirements of EU member states.
- Integrate its GDPR compliant identity solution with the new EU digital identity framework on EBSI.
- Ready to bridge on-chain and off-chain with other protocols inside and outside of EBSI, including support for the Ethereum Virtual Machine.
Based on the results of the Phase 2A development over the next six months, at least three-fifths of the contractors will be selected for the next phase, where the European Commission will field test the capabilities of the newly developed infrastructure and applications. In September last year, Iota was selected as the One of the seven companies supporting the above-mentioned early stage innovations European blockchain companies. with its signature Scattered acrylic illustration, the Iota blockchain is known for its minimal energy consumption and no gas fees.Previously, Assembly, a decentralized first-layer smart contract network built in the Iota ecosystem, announced a $100 million in financing from private investors It was also praised by Dominik Schiener, co-founder and chairman of the Iota Foundation.
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