The European Commission choose IOTA for developing the blockchain infrastructure in the EU region and to expand EU blockchain services so let’s read more in today’s latest Blockchain news.
The IOTA Foundation was selected as a contractor for Phase 2 of the European Commission pre-commercial procurement. They will develop the prototype improvements for the EU blockchain services infrastructure and the other future versions. The foundation announced the commission’s support in a blog post and they will be competing with four other selected contracts to research how the EBSI could be made more scalable, secure, and energy-efficient now as the European Commission choose IOTA.
The EBSI is a collection of nodes using blockchain technology to improve cross-border services across Europe and it was created in 2018 after the EU commission and the states formed the EU blockchain sponsorship. IOTA was selected in Phase 1 of the EU Blockchain initiative among the seven of 35 applicants. During Phase 2A, the foundation will work closely with Software AG on implementing the improvements. The commission will evaluate the results for six months from all participating projects and will select three for Phase 2B field testing.
IOTA named sharding as a major component of the scaling solution for EBSI. Sharding is a method where certain groups of nodes can validate the specific types of transactions and will increase the transaction volume. Vitalik Buterin even named this as a long-term solution for ETH but thinks it could take a long time to implement. IOTA explained:
“Our vision for sharding is to develop a Tangle Tree, where a “root” network connects to potentially a large number of “leaf” networks through a series of “branch” networks. “Different branches and their children can be divided up geographically, by use case or by agency.”
IOTA launched multiple major upgrades to the network last year including a staking test net and Assembly which is a multi-chain smart contract platform. The innovations are a part of a bigger comeback than the foundation is planning while ensuring that IOTA is used by billions of people as the human-machine payment network. IOTA’s price is $1.11 at the time of writing, and it is making a strong surge since it crashed in 2018.
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