The European Commission has announced the altcoin partner it has selected for the next phase of the European Blockchain Pre-Commercial Procurement Project (PCP), with which it could potentially work together in the future. The announcement triggered a moderate uptrend amid the sideways market.
This altcoin rises with the news of the European Union
cryptocoin.com As we have reported, IOTA (MIOTA) has been part of the European Commission’s Blockchain work in various fields since 2020. In a recent development, the European Union Commission has again selected IOTA to participate in the next phase of development and testing of a solution to provide advanced pan-European Blockchain services based on a distributed ledger. The IOTA team shares the following details about the partnership in a blog post on its official website:
According to the European Commission’s assessment, the IOTA Foundation was successful in implementing EBSI’s Phase 2A “Prototype Development and Laboratory Testing” tasks. Over the past six months, the IOTA Foundation has piloted the first prototype versions of two use cases: Digital Product Passports for digital waste recycling and electric vehicle batteries; and cross-border management of Intellectual Property Rights for creative work. The assessment also reviewed IOTA’s throughput, scalability, sustainability, security, technical maturity, and commercial viability, and the Foundation will now progress to Phase 2D, “Final Solution Development and Field Testing.”
Dubbed the European Blockchain Pre-Commercial Procurement (PCP), the European Blockchain Pre-Commercial Procurement Project, the project aims to see if Blockchain technology can be developed across all organizations in the European Economic Area and used to improve the existing and create new use cases for the European Blockchain Services Infrastructure. aims.
IOTA price reacted positively to the news: What’s next?
In the first phase, IOTA successfully demonstrated the capabilities of the Tangle-based ledger system as a pilot for recycling and intellectual property projects. After the development of the day when he was selected for the next phase of PCP, his price increased by more than 8% at one point. MIOTA is currently trading at $0.2405. It climbed to $0.2487 on the day.
IOTA, in the first stage, proved that the Tangle-based ledger system is sufficient. Phase two will include testing IOTA Stardust, an upgrade that makes the base layer a multi-asset ledger and allows interaction with smart contracts of Layer 2 networks. What concerns the European Commission at this stage is the field test of IOTA’s ability to tokenize assets and work with smart contracts.
Dominik Schiener, co-founder and president of the IOTA Foundation, expresses his confidence in the project’s ability to bring technology to the European market and his desire for further progress.
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