IOTA finally reaches the final phase of the European Blockchain Service Infrastructure’s all-year-round bidding process. The purpose of this initiative is to provide compliant cross-border blockchain solutions within Europe.
Dominik Schiener, the co-founder of the IOTA Foundation, responded to the news: “Yes, IOTA has been selected to participate in the EU Blockchain PCP to build new solutions for the European Blockchain Infrastructure.” He also stated that the project would continue to work hard to promote crypto adoption in the real world.
How did IOTA make it to the finals?
The event is part of the effort to create a European Blockchain Service Infrastructure capable of providing cross-border blockchain solutions.
The European Union’s all-year-round pre-commercial procurement exercise had only three contractors at its final phase, with IOTA leading. IOTA was joined by ChromaWay and Billion as other contractors selected for the project. IOTA became a preferred option because it’s been working with major companies worldwide to help them develop multiple use cases. Others include software giants IBM, Dell Technologies, and Jaguar Land Rover.
It is well known that IOTA is very good at developing scalability solutions and implementing sharding infrastructure. Because its consensus algorithm, Tangle, is designed specifically for transactions, it’s more scalable and cheaper. Through its smart contract platform, devices connected to the Internet can carry out seamless transactions. The IOTA platform is based on Distributed Ledger Technology (DLT).
The European Commission’s position going forward
According to the European Commission, its penultimate phase will last for a year; crypto enthusiasts will have to wait until the 4th quarter of 2023 to find out which project is scaled.