IOTA Foundation has survived a selection round in the EU project EBSI and is now one of the 5 contractors to develop and test the prototope for EU blockchains.
Christmas spirit at the IOTA Foundation: the pre-staking for Shimmer (SMR) and Assemby (ASMB) was launched this week and now there is also good news from the EU. Because there, the IOTA Foundation had high hopes for the EBSI (European Blockchain Services Infrastructure ) project and has now been selected as one of 5 contractors for Phase 2A. IOTA made this known via Twitter. In the fall, the IOTA Foundation was already involved in Phase 1 of EBSI and qualified for the now beginning work on the prototype of an EU blockchain, as can be seen from the announcement of EBSI.
Behind EBSI is the EU’s mandate to develop blockchain solutions that can then be used by member countries precisely for cross-border tasks. Typical examples of such use cases include tamper-proof documentation of educational and professional qualifications. The EU Commission has initially reserved a good 6 million euros for EBSI. The share of this that the IOTA Foundation can plan for has not yet been made public. Phase 2A at EBSI is expected to run until mid-2022, after which Phase 2B will produce a deployable blockchain product by summer 2023.
Looking at EBSI, the IOTA Foundation had already emphasized in September that Tanglenet is well suited for use cases. In this context, IOTA scores with freedom from fees even for actions such as confirmation of a digital document and experience on how digital management can be implemented while taking EU data protection into account. Another argument in favor of IOTA at EBSI is energy efficiency.
Conclusion: IOTA approaches the EU practice test through EBSI
The financial project funds for EBSI are unlikely to be the main motivation for the IOTA Foundation to push ahead with the engagement. After all, with the IOTA Foundation spending about $1.3 million per month, the budget for EBSI is a smaller size in comparison. More important seems the chance to establish IOTA in institutional use technologically. The hiccup over EU vaccination certificates in the Covid pandemic has revealed that the Alliance is keen to maintain a flexible blockchain solution in the future. Thus, Phase 2A now becomes the last hurdle for IOTA for the time being to join EBSI afterwards until project completion. Meanwhile, IOTA’s share price continues to benefit from the upcoming staking for Assembly and Shimmer, posting a weekly gain of almost 10 percent in a choppy overall market.
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