IOTA makes it to the final round of the EU blockchain competition
- IOTA is the only public blockchain network selected by the European Commission for the EU’s Blockchain Pre-commercial Procurement (PCP).
- The final phase of the PCP is currently underway and will last for one year, after which the European Commission will decide who will be elected.
On Monday, November 21, blockchain platform IOTA announced that it has made it through to the final stage of the EU’s Blockchain Pre-commercial Procurement (PCP).
PCP is the EU’s cross-border service blockchain initiative that tests and develops various innovative solutions for the European Blockchain Services Infrastructure (EBSI). IOTA is only one of the three entrepreneurs who have made it this far in the EU’s programme.
This is a great opportunity to legitimize Crypto, and help rebuild the trust and confidence that the scammers and grifters have destroyed. 🤝 https://t.co/PPNYvZ50SC
— Dominik Schiener ✨ (@DomSchiener) 21 November 2022
As a result, IOTA will share and offer compatible cross-border blockchain solutions with the block. Other contractors chosen alongside IOTA include Billion and ChromaWay. In addition, IOTA Foundation co-founder Dominik Schiener has also confirmed the development. He said:
Yes it is true. IOTA has been selected as one of 3 finalists for the EU Blockchain PCP to build new solutions for the European Blockchain Services Infrastructure.
IOTA is the only public permissionless network that was chosen by @EU_Commission as a finalist for @EU_EBSI PCP. This is a great opportunity to legitimize Crypto, and help rebuild the trust and confidence that the scammers and grifters have destroyed.
Schiener also claimed that they are on their way to driving crypto adoption in the real world. The community also praised the efforts of the IOTA Foundation and the team working on the program.
European Blockchain Pre-Commercial Procurement
The report from the European Commission said that the final phase of the PCP is underway. Currently, it is planned to run for one year. To find out who the European Commission chooses, enthusiasts will have to wait until Q4 2023.
The final development and field testing will take place in this final phase or phase 2B. The official announcement reads:
In order to deploy cross-border blockchain services across Europe as soon as possible, ongoing EBSI work carried out by EBP currently focuses mainly on developing use cases that can be implemented relatively easily using existing blockchain technology.
It is clear that there are gaps in existing blockchain solutions to enable the delivery of more demanding cross-border blockchain services (e.g. in terms of full compliance with the EU legal framework, security, interoperability, robustness, sustainability). The future development of EBSI therefore requires new, improved blockchain solutions.
The Blockchain PCP will focus on the development and testing of a new distributed ledger that builds on the EU’s legal framework. In addition, it must also comply with the GDPR Regulation, the eIDAS Regulation and the NIS Directive.
Related: ‘IOTA 2.0 is a living beast’ – Major updates for consensus, tokenomics and congestion control
The European Commission was looking for a blockchain platform that meets the core requirements “throughput, interoperability with other systems, security, robustness, high sustainability / reduced environmental footprint, energy efficiency and continuity of service”. The IOTA network fulfills all these requirements perfectly.