- The EU has announced IOTA as one of seven cryptocurrencies selected to develop the European blockchain project.
- IOTA recently launched its Smart Contract Beta which offers developers and users zero fees and faster transaction processing.
- IOTA remains the first choice for multi-chain future and Web3 applications.
IOTA is one of seven blockchains selected by the European Union (EU) for their blockchain project. The EU has commissioned IOTA with the provision of the blockchain project of the European Blockchain Services Infrastructure (EBSI).
EU chooses IOTA Foundation to work on EBSI’s blockchain project
EBSI was founded in 2019 to develop a blockchain network to unlock the potential of distributed ledger technology for individuals, businesses and governments. The IOTA Foundation was selected to promote the trustworthy flow of reliable data.
The blockchain project will provide reliable data from across the European Union through digital management systems for educational qualifications, fraudulent digital audit trails for notaries and improved data exchange between authorities.
IOTA was the EU’s first choice due to its energy efficiency and callous transactions. The foundation recently revealed in a tweet:
IOTA kicked off the beta of its fee-free smart contracts and entered the race of Web3 infrastructure and multi-chain. Dominik Schiener, CEO of the IOTA Foundation, commented on the introduction of smart contracts. Schiener explained,
The fees themselves and especially their volatility put a strain on business models and are the exact opposite of an economic driver. The lack of fees is what makes IOTA so popular in the business world. It enables a variety of business models that cannot be implemented on other blockchains.
@devchart, the co-founder of Chartalerts IQ, commented on the lack of development activity and updates on the IOTA network. Schiener responded with updates on IOTA developments.
Right
Even more than just EVM-compatible, #IOTA is developing into a programmable multi-asset ledger. Will be some very unique features for developers
Let me know if you have any questions about #IOTA or our roadmap that you’ll be happy to answer.
– Dominik Schiener (@DomSchiener) October 27, 2021
When Cardano introduced smart contract features, proponents criticized the late arrival of the blockchain network in the Web3 and DeFi races. IOTA has faced similar criticism; However, the CEO of the IOTA Foundation disagrees.
Schiener says
IOTA is certainly not the first provider of smart contracts. But we just didn’t want to offer a solution with known disadvantages. Offering something better takes more work that takes more time. Because we were in the game a little later, we were able to get the best concepts out of the room and integrate them into a new, superior product.
The pseudonymous cryptocurrency analyst and investor @ eliz883 has predicted that IOTA price will boom if it comes out of continued accumulation.
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