IOTA Foundation Partners with European Union for Major Blockchain Testing
IOTA has been selected to participate in the next phase of development and testing of a solution that will provide improved pan-European blockchain services based on distributed ledgers, reports the cryptocurrency startup’s official blog. .
The project, called European Blockchain Pre-Commercial Procurement (PCP), will develop and use blockchain technology to improve existing and new uses of the European blockchain services infrastructure to enable the exchange of verified information. The purpose is to check if a case can be created. Between all entities in the European Economic Area.
IOTA is said to have demonstrated the capabilities of its Tangle-based distributed ledger system in its first phase, piloting recycling and intellectual property projects. On a positive note, his MIOTA, the native IOTA token, has shown a gain of over 8% at one point. MIOTA is currently trading at $0.243.
The next stage of IOTA
However, the second stage will be the testing of IOTA Stardust. This is an upgrade that turns the base layer into a multi-asset ledger, allowing interaction with smart contracts in layer 2 networks. The interest of the European Commission at this stage is to field-test his IOTA’s ability to tokenize assets and operate smart contracts.
Dominik Schiener, co-founder and chairman of the IOTA Foundation, is confident in the project’s ability to bring technology to the European market and expressed a willingness to go further.