Introduction
IOTA, a blockchain platform specializing in the Internet of Things (IoT) ecosystem, has been chosen to participate in the development and provision of European blockchain services. The announcement was made directly by IOTA in an official blog post.
IOTA’s Unique Technology
Unlike traditional blockchain systems, IOTA utilizes Tangle, a Directed Acyclic Graph (DAG) technology. Key advantages include:
- Fast & Fee-Free Transactions: Eliminates miner fees, enabling seamless microtransactions.
- Scalability: Suitable for IoT applications requiring high throughput.
Role in European Blockchain PCP Project
IOTA will contribute to the Pre-Commercial Procurement (PCP) Blockchain Project, which focuses on:
- Enhancing the European Blockchain Service Infrastructure (EBSI).
- Facilitating verifiable information exchange among entities in the European Economic Area (EEA).
Phase 1 Achievements
- Demonstrated Tangle's capabilities in pilot projects for recycling and intellectual property.
- Received approval for Phase 2 upgrades.
Phase 2 Developments
Stardust Upgrade: Transforms IOTA’s base layer into a multi-asset ledger, enabling:
- Asset tokenization.
- Smart contract interoperability with Layer 2 networks.
- Real-world testing under EU Commission supervision.
Leadership Perspective
Dominik Schiener, Founder of IOTA and Chairman of the IOTA Foundation, expressed optimism:
"This initiative introduces cutting-edge distributed ledger technology to Europe, signaling readiness for advanced digital transformation."
FAQs
1. What makes IOTA different from traditional blockchains?
IOTA uses Tangle (DAG), enabling faster, feeless transactions ideal for IoT ecosystems.
2. How will IOTA benefit the EBSI?
By improving data integrity and enabling cross-border verifiable credential exchanges.
3. What is the Stardust upgrade?
A major update allowing multi-asset support and smart contract functionality.
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Conclusion
IOTA’s selection underscores its potential to reshape Europe’s blockchain infrastructure, combining scalability, cost efficiency, and regulatory compliance. Stay tuned for updates as Phase 2 unfolds!
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