- IOTA is one of six protocols selected for phase 2 of the development, which will focus on “research, prototyping and laboratory testing” for the EBSI network.
- The IOTA Foundation will work to address key challenges such as scalability, consensus, governance, identity and interoperability.
The IOTA Foundation is becoming the platform of choice for building the European Blockchain Services Infrastructure (EBSI). On Thursday, 13 January, IOTA announced its selection for Phase 2 of the EU blockchain pre-commercial procurement process.
IOTA is one of six applicants selected for the Phase 2 development, out of 35 Phase 1 participants. The official announcement reads as follows:
The IOTA Foundation has been selected as one of five contractors for the second phase 2A of pre-commercial procurement that will develop prototypes and test which could bring the most promising improvements to future versions of the European Infrastructure Blockchain Services (EBSI). .
IOTA said the development and testing of phase 2A will take a total of six months. Here, the IOTA Foundation will focus in particular on «funded research, prototype development and laboratory testing».
The IOTA team will work behind the deployment of IOTA technology in key areas such as scalability, interoperability, security, energy efficiency, identity, consensus and governance. IOTA, together with other participants, will work to enable future evolutions of EBSI to evolve towards a more energy – efficient, secure, scalable and interoperable architecture. One of IOTA’s key partners in this implementation will be Software AG.
Key areas on which IOTA will work for EBSI Phase 2
One of the key areas of focus of the IOTA Foundation during Phase 2A testing will be the integration of IOTA protocols with the EBSI test infrastructure. It will also work to improve the protocol for various EBSI use cases, such as IoT, tokenization, and governance. The five main areas that IOTA will focus on are:
- Scalability: This is one of the key areas that EBSI emphasizes in its approach to serving a growing long – term audience. The IOTA Foundation will work on how to implement trimming in the EBSI blockchain to complement the latter’s DAG – based structure and committee – based smart contract protocol. This can lead to exponential scalability and, therefore, high volume usage, as EBSI envisages.
- Consent: Implement a strong consensus mechanism for decentralized authentication and validation of transactions. To do this, IOTA has built a motto-based approval weighting mechanism that offers high flexibility for both – unauthorized use cases and approved use cases. This consensus mechanism will be dynamic and configurable.
- governance: The IOTA solution needs to be adapted to the governance structures of the EBSI and to «other requirements of the European Union, the member countries of the PPE and the various European institutions and regulators».
- Identity: IOTA will work to implement a GDPR – compliant identity solution with a new framework for EU digital identity proposed by the European Commission. This will enable companies and citizens to have better control over their data.
- Interoperability: Along with scalability and decentralization, interoperability will be one of the key areas of focus for EBSI. IOTA will help provide on – chain and off – chain bridges with other protocols outside of EBSI. It will also provide support for Ethereum Virtual Machine (EVM) and other enterprise systems. IOTA said its solution will provide support for industry standard hardware boards and SDKs.