IOTA (MIOTA) Gets Role in European Union Blockchain Initiative

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According to the official blog of the cryptocurrency start-up, IOTA has been chosen to take part in the next stage of development and testing of a solution to deliver enhanced pan-European blockchain services based on a distributed ledger.

The European Blockchain Pre-Commercial Procurement (PCP) project seeks to determine whether blockchain technology can be improved and applied to new and existing use cases for the European Blockchain Services Infrastructure, which will in turn enable the exchange of verified information between all entities of the European Economic Area.

The second phase of IOTA involves testing IOTA Stardust, an upgrade that converts the base layer into a multi-asset ledger and enables communication with Layer 2 networks’ smart contracts.

The European Commission is currently interested in the field testing of IOTA’s ability to tokenize assets and interact with smart contracts. IOTA Foundation co-founder and chairman Dominik Schiener, for his part, expressed confidence in the project’s ability to bring the technology to the European market and willingness to move forward.

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