{"id":393749,"date":"2022-01-14T01:20:24","date_gmt":"2022-01-13T22:20:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/iota-selected-for-phase-2a-of-eu-blockchain-initiative\/"},"modified":"2022-01-14T01:20:24","modified_gmt":"2022-01-13T22:20:24","slug":"iota-selected-for-phase-2a-of-eu-blockchain-initiative","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/iota-selected-for-phase-2a-of-eu-blockchain-initiative\/","title":{"rendered":"# Iota selected for Phase 2A of EU blockchain initiative"},"content":{"rendered":"

“# Iota selected for Phase 2A of EU blockchain initiative <\/strong>”
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On Thursday, the Iota Foundation, which oversees developments in the namesake Internet-of-Things transactions blockchain (IOTA), announced<\/a> that it had been selected as one of five contractors by the European Commission to develop blockchain and distributed ledger technology<\/a> in the region. According to the announcement, phase 2A aims to advance European Blockchain Services Infrastructure, or EBSI, in five areas:<\/p>\n
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  1. It will investigate the feasibility of sharding as to exponentially scale the Iota network on EBSI.<\/li>\n
  2. Develop an app<\/a>roval weight consensus mechanism that will be highly flexible and allow both permissionless and permissioned use cases.<\/li>\n
  3. Ensure any Iota-based solution for cross-border transfers abides by EBSI governance structures and any regulatory requirements from EU member states.<\/li>\n
  4. Integrate its GDPR-compliant identity solution with the new framework for EU digital identity on EBSI.<\/li>\n
  5. Prepare on and off-chain bridges to other protocols in and outside EBSI, including support for Ethereum Virtual Machine.<\/li>\n<\/ol>\n

    Based on the results of the phase 2A development over the next six months, a minimum of three out of five contractors will be chosen to advance to the next stage, where the European Commission will field-test the capabilities of the newly developed infrastructure and applications. Last September, Iota was one of seven enterprises chosen to support the early-stage innovation of the said\u00a0European blockchain venture. With its signature decentralized acrylic graphs, the Iota blockchain is known for very little energy consumption and no gas fees.\u00a0Previously, Assembly, a decentralized layer one smart contract network built within the Iota ecosystem, announced a $100 million capital raise from private investors while receiving praise from Dominik Schiener, Iota Foundation’s co-founder and chairman.<\/p>\n