The IOTA Foundation has successfully completed the pre-commercial procurement process for blockchain technology in Europe, showcasing its capabilities in developing scalable and sustainable solutions. The foundation’s efforts focused on creating pre-commercial products for Intellectual Property (IP) Rights Management and Digital Product Passports. These innovations demonstrated that IOTA’s technology, like that of its fellow finalists Chromaway and Billon, can meet the rigorous demands of scalability and sustainability necessary for large-scale European applications.

In an effort to further support this crucial European initiative, now transitioning into its new governance form as EUROPEUM-EDIC, the IOTA Foundation is actively engaging in discussions with potential commercial partners. These collaborations are intended to drive the ongoing development and implementation of the foundation’s blockchain solutions across Europe. The IOTA Foundation, a non-profit organization known for creating the Tangle, has been at the forefront of developing a permissionless, multi-dimensional distributed ledger. This ledger is designed to serve as the foundation of a global protocol for connected devices, addressing key challenges such as scalability, energy efficiency, data security, and transaction fees.

The journey of IOTA within the European Blockchain PCP (Pre-Commercial Procurement) began in 2021 when it was selected as one of seven projects from over 30 proposals. This selection was part of an initiative financed by the European Commission, aimed at designing new Distributed Ledger Technology (DLT) solutions for Europe. Initially, these solutions are intended to be integrated into the European Blockchain Services Infrastructure (EBSI), a network that supports cross-border credential attestations for individuals and organizations. EBSI represents the first step toward the broader application of blockchain technology within Europe, facilitating secure and efficient digital services.

As the initiative progresses, the next phase involves the European Digital Infrastructure Consortium for Blockchain (EUROPEUM-EDIC), which will oversee the development of next-generation infrastructure. This infrastructure is expected to support scalable, energy-efficient, and secure blockchain applications across various sectors in Europe, further enhancing the region’s digital capabilities.

IOTA’s Technological Innovations

IOTA has demonstrated significant advancements in several key areas of blockchain technology, particularly in scalability and sustainability. The foundation’s Tangle technology was put to the test in a highly demanding environment to showcase its ability to perform at a large scale under challenging conditions. Using a setup that included 30 complete entities, each representing a European Union (EU) member state, along with a Decentralized Coordinator (DeCoo) node, IOTA created a testing environment comprising 100 nodes across 12 regions and cloud providers. The results were impressive, with the Hornet Node capable of handling 80,000 readings per second, even with small payloads.

A significant innovation from IOTA during this process was the development of the Tangle Tree sharding concept. This concept demonstrated exponential scalability by establishing parent-child relationships between Tangle branches. When tested across 100 Tangles, the system achieved 90,000 confirmed transactions per second, thereby meeting the PCP’s ambitious transaction rate and scalability targets.

In the final phase of the PCP, IOTA conducted tests that further confirmed the horizontal and vertical scalability of the Tangle Tree network. The structure of the network involves a root Parent Tangle (Level 1) that anchors numerous Child Tangles (Level 2). These Child Tangles commit their transactions frequently to the Parent Tangle, and the only limitation to their horizontal scalability is the throughput capacity of the Parent Tangle itself. This innovative approach allows for significant scalability, making the technology suitable for large-scale applications across Europe.

On the sustainability front, IOTA introduced a novel method for measuring the energy consumption of complex systems, such as the Stardust system. The foundation’s initial application of this method revealed that energy consumption scales logarithmically, which is slower than a linear increase with the number of transactions. This finding is crucial for ensuring that blockchain technology can be both scalable and environmentally sustainable.

Driving Europe’s Digital Transformation

IOTA Foundation’s Chairman, Dominik Schiener, emphasized that the European Blockchain Services Infrastructure (EBSI) represents a critical step toward a cohesive digital future for Europe. He pointed out that EBSI provides a necessary framework for innovation and collaboration across various sectors, aligning closely with the goals of the IOTA Foundation. By contributing to this initiative, IOTA is helping to strengthen Europe’s position in the global digital landscape, ensuring that the region remains competitive and innovative in the rapidly evolving world of digital technology.

As the IOTA Foundation continues its work within the European blockchain initiative, the focus remains on creating solutions that are not only scalable and secure but also sustainable and energy-efficient. These efforts are expected to play a key role in the future development of blockchain technology in Europe, supporting a wide range of applications and services that will benefit from the enhanced capabilities of the Tangle and related innovations. Through its ongoing partnerships and technological advancements, the IOTA Foundation is positioned to be a leading force in Europe’s digital transformation, driving the adoption of blockchain technology across the continent.

Source : CoinTrust - Aug 27, 2024