IOTA shortlisted for Phase 2A of EU Blockchain Initiative –

As a popular open distributed ledger and value transfer protocol, IOTA is proud to Announce It has joined the European Commission’s blockchain and DLT initiative. Blockchain for Internet of Things Transactions (IOTA) has been selected as one of five contractors for Phase 2A, which will greatly aid the development plan of the European Blockchain Services Infrastructure or EBSI. These teams will work together to develop the potential of blockchain technology by supporting the expansion plans of EU initiatives in the cluster.

According to the report, in Phase 2A, EBSI expects to work on five core components, including:

• Research the feasibility of sharding to inject scalability into IOTA on EBSI.
• Create an approval-based consensus system with enhanced flexibility and ease of use for both permissionless and permissioned situations.
• Ensure that Iota-enabled cross-border transfers follow the EBSI regulatory setup and regulatory points of EU member states.
• Infuse the newly developed EU digital identity fabric for GDPR compliant identity projects at EBSI.
• Support for on-chain and off-chain connectivity across EBSI and other protocols and with Ethereum virtual machine.

Over the next six months, results from the Phase 2A module will help EC select at least three of the five contractors for the next phase. At the next level, the European Commission will field test the operational capabilities of the newly formed infrastructure and applications, which will drive its core plans. In September last year, IOTA Blockchain was selected as one of seven entities to support the European Blockchain Initiative’s innovation program.

With its unprecedented capabilities, the IOTA blockchain has managed to establish a strong position in the crypto industry. Using a decentralized acrylic map on the system helps the network to perform processes with low energy consumption and no gas fees. Assembly, a decentralized layer-1 smart contract channel built on IOTA, recently raised $100 million in funding from private investors and received praise from IOTA co-founder and chairman Dominik Schiener. The IOTA blockchain network is a well-known name in the space and continues to expand its cluster through strategic collaborations and partnerships with top names in the crypto space.