EU Blockchain and IOTA Foundation
The Iota Foundation has publicized the launch of a beta smart contract to solve market challenges of high transaction fees and scalability limitations. The service will promote standardization and interoperability via EVM, Rust, and Ethereum solidity incorporation. This will enable creators to set individual parameters for execution fees.
Iota is an open-source distributed ledger developed to record and execute transactions between machines and devices in the internet of things (IoT). The crypto leveraged by the ledger is MIOTA to account for transactions in the platform. The Iota Foundation, the nonprofit organization behind Iota, Iota Tangle, and Miota, The Iota foundation was one of 30 blockchain/DLT focused projects to submit an official application during the tendering process for the pre-commercial procurement in November 2020.
EU Blockchain Initiatives
For the development of EU-wide Iota, the European Commission has selected the Iota Foundation as one of seven projects to support its blockchain initiatives. The objectives are to increase accountability and efficiency of the European Blockchain Services Infrastructure (EBSI). EBSI is a nodal network that facilitates the EU-focused transaction efficiency and expands the region's supply chain by minimizing the carbon footprint.
The nodes will be managed by the 27-member EU jurisdiction and by individual members of the European Blockchain alliance within independent regions. Following EBSI approval, the project will take off on a 2-year preliminary scheme and be granted Euro 6.2Mn to the 7 applications via a series of elimination phases. Once the stages are completed within the 2-year will be given a service fee of 1.6Mn and be chosen as an independent project to offer the EU's DLF infrastructure.
Beta Smart Contracts
Iota released its alpha version of smart contract protocol in March, fostering creators to develop smart contracts in addition to Defi and NFTs. The co-founder and chairman of the foundation, Dominik Schiener, said that smart contracts are unique and offer permissionless deployment without auctions or setup fees. In addition, the chain owners can set contract execution fees that are non-volatile and predictable.