IOTA got selected to participate in Europe’s blockchain infrastructure by the European Commission and its blockchain initaitive, among seven other projects chosen so let’s read more in our latest IOTA news today.
The non-profit IOTA Foundation is among the seven projects by the European Commission that will participate in the first design phase of the European Blockchain initiative and it made the announcement in a blog post published two days ago. According to teh blockchain project, IOTA will be involved in the initial stage of the pre-commercial procurement process for the European blockchain services Infrastructure. The EBSI is a node network designed to improve cross-border services across Europe between governments, citizens, and enterprises using blockchain technology. The goal is to boost trust and efficiency in the EU transactions while reducing Europe’s environmental impact and supporting the tech companies and projects.
The call for tender for the PCP was announced in November 2020 and after the submission of 30 applications to the EU commission, IOTA was among the seven selected. IOTA operates at a zero-cost policy for transactions and makes micropayments easier that will see broader adoption compared to other blockchain projects. The founder and CEO Dominik Schiener also said:
“We are very excited and honored to be a part of building Europe’s digital services infrastructure. Our goal is to establish IOTA as the foundational technology for Europe and the world. Our economies will be digitized and connected through green, feeless, and scalable DLTs.”
EBSI was first announced in 2008 when the EU member states and the European Commission came together to form the EU blockchain partnership. The ECP was focused on developing a new blockchain infrastructure that will benefit businesses, citizens, and public administrations that led to the creation of the EBSI. So far, more than $4 million have been invested in the project between 2019 and 2020 while EBSI remains a peer-to-peer network of interconnected nodes. The nodes are run by the European Commission on a regional level and by the ECP on a national level.
— IOTA (@iota) September 7, 2021
IOTA got selected to take part in the new initiative and it seems more than ready to take on the task by saying:
“The challenge of delivering a DLT infrastructure for the European single market is one that the IOTA Foundation is ready to take on. The potential to extend the infrastructure to states outside the 27 member states is also an exciting motivation for the Foundation.”
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