On Thursday, the Iota Foundation, which oversees developments of the namesake Internet of Things (IOTA) transaction blockchain, announced that it had been selected as one of five contractors by the European Commission to develop the blockchain and distributed ledger technology in the region. According to the announcement, Phase 2A aims to advance the European Blockchain Services Infrastructure, or EBSI, in five areas:
- He will study the feasibility of sharding to exponentially scale the Iota network on EBSI.
- Develop an approval weight consensus mechanism that will be very flexible and allow for both permissionless and permissioned use cases.
- Ensure that any Iota-based solution for cross-border transfers complies with EBSI governance structures and all regulatory requirements of EU member states.
- Integrate its GDPR-compliant identity solution with the new EU Digital Identity Framework on EBSI.
- Prepare on- and off-chain bridges to other protocols inside and outside EBSI, including Ethereum virtual machine support.
Based on the results of the development of phase 2A over the next six months, at least three out of five contractors will be chosen to proceed to the next stage, during which the European Commission will field test the capabilities of the newly developed infrastructure and applications. . Last September, Iota was one of seven companies chosen to support the early-stage innovation of said European blockchain company. With its iconic decentralized acrylic graphics, the Iota blockchain is known for its very low power consumption and no gas fees. Previously, Assembly, a decentralized layer-1 smart contract network built within the Iota ecosystem, announced a $100 million capital raise from private investors while receiving praise from co-founder Dominik Schiener. and President of the Iota Foundation.