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The IOTA Foundation has finished the pre-commercial procurement for blockchain technology in Europe. They have created pre-commercial products for IP Rights Management and Digital Product Passports, which show that their solution can scale and be sustainable, just like their fellow finalists, Chromaway and Billon.
In order to continue supporting and driving this vital European effort in its new governance form as EUROPEUM-EDIC, the foundation is currently in discussions with commercial partners.
We're thrilled to share that the #IOTA Foundation successfully completed the final phase of the @EU_EBSI's Pre-Commercial Procurement. Read about the solution prototypes we built and find out what's next for us as #EBSI evolves into EUROPEUM-EDIC 👇https://t.co/TJVGC8jYy4
— IOTA (@iota) August 26, 2024
IOTA Foundation is a non-profit organization and creator of the Tangle, a permissionless, multi-dimensional distributed ledger designed as a foundation of a global protocol for all things connected. Led by a team of talented developers and passionate industry experts, IOTA developed an advanced ledger that moves beyond Blockchain to effectively address the challenges of scalability, energy resource requirements, data security, and transaction fees.
About the Pre-Commercial Procurement
From 30+ proposals, IOTA was one of seven projects chosen for the European Blockchain PCP financed by the European Commission in 2021. The PCP will design new DLT solutions for Europe, first to be integrated into the European Blockchain Services Infrastructure (EBSI), an open, permissioned network of blockchain nodes that supports cross-border credential attestations for individuals and organizations, and then as part of the next evolution of EBSI, the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC), which will provide next-generation infrastructure to support scalable, energy-efficient, and secure blockchain applications.
IOTA’s Innovations
IOTA effectively created and demonstrated its tech updates in several categories:
Scalability: IOTA demonstrated the capability of Tangle to perform at its largest and most diverse scale, even in terrible conditions. Using 30 complete entities (each representing an EU member state) and one Decentralized Coordinator (DeCoo) node, they developed a testing environment with 100 nodes across 12 regions and cloud providers. Hornet Node can handle 80K readings per second with small payloads.
They created the Tangle Tree sharding concept and showed its exponential scalability. Tangle branches are parent-child relationships. Testing it across 100 Tangles yielded 90K confirmed transactions per second, meeting the PCP’s transaction rate and scalability goals.
In the PCP’s last phase, tests showed Tangle Tree’s horizontal and vertical network scalability worked. A root Parent Tangle (Level 1) and numerous Child Tangles (Level 2) anchor to the Parent Tangle to commit frequently. Only the Parent Tangle’s throughput limits these Child Tangles’ horizontal scalability.
Sustainability: The foundation created a new way to measure the energy consumption of a complicated Stardust system. The first application showed that energy consumption scales logarithmically (slower than linearly) with transaction count.
According to Dominik Schiener, Chairman of the IOTA Foundation:
“EBSI is a crucial step towards a cohesive digital future for Europe, providing the necessary framework for innovation and collaboration across various sectors. This initiative aligns with our goals and strengthens Europe’s position in the global digital landscape”.