IOTA is the top choice for the European Union blockchain project

  • The EU announced IOTA as one of seven cryptocurrencies chosen for the development of the European blockchain project.
  • IOTA recently launched its smart contract beta, offering zero fees and faster transaction processing to developers and users.
  • IOTA remains the top choice for multi-chain future and Web3 applications.

IOTA is one of seven blockchains chosen by the European Union (EU) for its blockchain project. The EU has tasked IOTA with delivering the European Blockchain Services Infrastructure’s (EBSI) blockchain project. 

EU chooses IOTA Foundation to work on EBSI’s blockchain project

The EBSI was founded in 2019 to develop a blockchain network to unlock the potential of distributed ledger technology for individuals, businesses and governments. The IOTA Foundation was chosen to power the trustless flow of reliable data. 

The blockchain project will power reliable data from throughout the European Union through digital management systems for educational qualifications, fraud-proof digital audit trails for notaries, and enhance data sharing amongst authorities. 

IOTA was the EU’s top choice due to its energy efficiency and feeless transactions. The foundation recently revealed this in a tweet:

IOTA launched the beta of its zero-fee smart contracts and entered the race of Web3 infrastructure and multi-chain. Dominik Schiener, CEO of the IOTA Foundation, commented on the smart contract launch. Schiener stated, 

Fees themselves, and especially their volatility, put a strain on business models and are the diametric opposite of an economic driver. The absence of fees is what makes IOTA so popular in the business world. It enables a multitude of business models that are not feasible on other blockchains.

@devchart, the co-founder of Chartalerts IQ, commented on the lack of development activity and updates in the IOTA network. Schiener responded with updates of IOTA’s developments. 

When Cardano launched smart contract capabilities, proponents criticized the blockchain network’s late arrival in the Web3 and DeFi race. IOTA was subjected to similar criticism; however, the CEO of the IOTA Foundation disagrees. 

Schiener says, 

IOTA is certainly not the first to offer smart contract capability. But we simply didn’t want to offer a solution with known drawbacks. Offering something better requires more work, which requires more time. By being a little later in the game, we were able to take the best concepts from the space and integrate them into a new, superior product.

Pseudonymous cryptocurrency analyst and investor @eliz883 has predicted that IOTA price will boom when it comes out of the ongoing accumulation.