An often underestimated area of activity of the IOTA Foundation is the active participation in the Object Management Group (OMG), which defines internationally valid standards. From there, IOTA now reports progress for IOTA 2.0 and related projects.
Standards make everyday life easier, from standardized power sockets to product descriptions. In IT, the Object Management Group (OMG) is a widely recognized consortium that reviews and codifies standards. The IOTA Foundation is involved there and reported in detail in November 2020 what plans it has within the OMG. Now the IOTA Foundation announces interim results via blog post, based on the last meetings of permanent working groups at the OMG. The most important: IOTA is on schedule to have IOTA 2.0 aka Coordicide recognized as an OMG standard in 2021.
Accordingly, the protocol for IOTA 2.0 has already been presented in outline at the OMG Blockchains Working Group and is expected to formally change to the status in which other OMG members comment on the protocol in the spring. If a public review of it is also positive, IOTA 2.0 could be certified as a standard by the OMG at the end of 2021. Of course, this also means that IOTA 2.0 would have to be launched on the mainnet by then. A prerequisite for this is the completion of IOTA 1.5 (Chrysalis), where schedules have already had to be postponed several times, most recently in December 2020.
IOTA standards at the Object Management Group
Further on, the OMG is already at work on the project to standardize encrypted channels for the transmission of transactions. This is where the IOTA Foundation would like to contribute its IOTA Streams solution. This is being done together with SKALKY from Holland and their approach called Freighter. According to the IOTA Foundation, these proposals will be discussed in the spring.
The OMG, on the other hand, is still in the very early stages of its plan to incorporate the topic of digital identity into standards. Here, the IOTA Foundation wants to present its own experiences and approaches for the time being, which have so far been bundled under the name Unified Identity Protocol.
Finally, Mike Bennett, IOTA’s liaison to the OMG, described another topic that had newly emerged from the Finance working group. There, he said, consideration is being given to how the already existing Financial Instrument Global Identifier (FIGI) standard can be expanded to include cryptocurrencies. FIGI is used to clearly name and identify financial instruments. Here, the OMG apparently sees the need to include cryptocurrencies and financial instruments based on them in the future. IOTA intends to at least monitor this.
Conclusion: Not “sexy”, but important: standards for IOTA.
For investors, the developments at the OMG for IOTA may not sound particularly exciting or interesting – but in practice, the recognition of IOTA 2.0 by the OMG in particular would be a weighty step towards actually being more than just one solution among many in the Internet of Things (IoT). So IOTA will have to be measured here by whether the confident-sounding interim reports later also find confirmation from the OMG.
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