Cryptocurrency News

European Commission Selects IOTA Foundation To Participate In EU Blockchain Initiative

IOTA (a non-profit) Foundation is one of the projects selected by the EC (European Commission) to contribute to the initial design stage of the blockchain initiative of Europe.

IOTA’s Breakthrough

The announcement about the project was published through a blog post by IOTA on Tuesday. As per the blockchain project, an opportunity would be given to IOTA to participate in the earliest stage PCP (pre-commercial-procurement) process for EBSI (European-Blockchain-Services-Infrastructure). The EBSI operates as a system of nodes created for improving the cross-border services throughout Europe among the governments, citizens, and enterprises, utilizing blockchain technology. The target is to enhance efficiency and trust in its transactions along with minimizing the environmental effect on Europe as well as assist the projects and tech hubs expansion.

The announcement about the PCP tender was first made in 2020’s November. Following the filing of up to 30 applications under the EC, IOTA got the chance to be chosen among the seven. IOTA, as running a zero-charge program regarding transactions, can make the micropayments convenient along with a broader-scale adoption in comparison with the other projects of blockchains. Dominik Schiener (the CEO and co-founder of IOTA, while providing his opinion about this new development, stated that the group is much enthusiastic about availing the benefit of participating in the construction of Europe’s infrastructure related to the digital services.

He added that the company aims to elevate IOTA to be Europe as well as the entire world’s foundational technology. The economy of many countries around the world will get digitalized along with being connected via scalable, feeless, and green DLTs.

Blockchain Initiative of Europe

The first announcement of EBSI was made in 2008 following the EC and EU-member states collaborated for constructing an ECP (European-Blockchain-Partnership). The project was concentrated on building an infrastructure of blockchain that would be allocated for citizens, public administrations, and businesses. The collaboration resulted in the EBSI’s formation. Up till now, the investment of approximately $4.7M (€4M) has been made to the respective project during a recent couple of years. EBSI is known as a peer-to-peer (P2P) network of mutually connected nodes. The EC runs these nodes on a local level, whereas the ECP does the same on a country level.

The second level of the project will take six months to be accomplished, following which the EC will choose for the next and last phase.

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