IOTA Identity aims to create a system that organizes digital identities. The Links Foundation from Italy has now also joined the project. However, investors are still waiting for the IOTA EVM.
At IOTA, the crypto year 2024 should be dominated by the Ethereum Virtual Machine (EVM). However, IOTA is missing one target date after another for the integration of the EVM, a standard module in the crypto industry. The release of the IOTA EVM, which was originally planned for the first quarter, has still not been implemented and so the company is trying to demonstrate progress in other areas. The latest example: the IOTA Foundation announced in a blog post that it is continuing to develop its identity project with the help of the Links Foundation.
IOTA Identity is intended to address the topic of digital identities and already had a trial run at de Volksbank in the Netherlands in 2021. The Links Foundation will now help to add a so-called Zero Knowlegde component. According to the blog post, this means that IOTA Identity users will be able to decide in detail which information from their digital identity is transmitted to online services and recognized as verified there. As an example, IOTA mentions internet services that have an age restriction. Instead of also disclosing address, ID number or other information, logging in via IOTA Identity, which is limited to transmitting the age, should suffice. The Zero Knowledgde component of the Links Foundation could also be useful for digital communication with external networks.
Other partners such as walt.id and Tanglelabs are also involved in IOTA Identity. However, there is basically no talk of actual applications and IT giants such as Microsoft and Google have long had their own solutions for digital identities. Links Stifung and the IOTA Foundation maintain contacts with the EU, and there may be recognition there for Identity plus Zero Knowledge. However, in view of the other challenges that IOTA continues to face, such prospects are anything but certain.
Conclusion: IOTA tragedy continues
The Links Foundation itself did not make a separate announcement about the intensified cooperation with IOTA on its online presence. However, investors are already watching to see whether IOTA succeeds in realizing its potential monetary plan EVM. The ambition to make the transition to a decentralized network with IOTA 2.0 is also a priority for acceptance in the crypto industry. It is therefore hardly surprising that IOTA is trading just above a one-year low and that investors have long since learned to read success stories from the foundation with great skepticism.
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