Iota selected for Phase 2A of EU blockchain initiative

The Iota Foundation oversees the development of the Internet-of-Things transaction blockchain (IOTA) and announced Thursday that it was one of five contractors selected by the European Commission for blockchain and distributed ledger technology development in the region. The announcement stated that phase 2A will help to develop the European Blockchain Services Infrastructure (or EBSI) in five areas.

It will examine the feasibility of sharding to exponentially scale EBSI’s Iota network.

Based on phase 2A’s results over the next six month, at least three of five contractors will be selected to move to the next stage. This is where the European Commission will field test the capabilities of the new infrastructure and applications. Iota was among seven companies that were selected to support the European blockchain venture’s early-stage innovation in September 2017. The Iota Blockchain is well-known for its decentralized acrylic graphs and low energy consumption. There are no gas fees. Assembly, a layer one decentralized smart contract network, was previously announced a $100 million capital raising from private investors. Dominik Schiener (co-founder and chairman of the Iota Foundation) also praised Assembly.

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