The creators of IOTA (MIOTA) have announced their involvement in the development and testing of a new solution providing improved blockchain services based on distributed ledger technology (DLT) in the European Union.
The blog post said that they would participate in the European Blockchain Pre-Commercial Procurement (PCP) project, exploring how blockchain technology can be developed and used to improve existing and create new services for EU infrastructure. The aim of the project is to exchange validated data between all components of the European Economic Area.
It is reported that IOTA has demonstrated what their special Tangle-based distributed registry ecosystem is capable of, including projects involving data and intellectual property. The next stage will involve testing IOTA Stardust, which converts the base level network into a multi-asset registry that allows interaction with the smart contracts of the second level networks.
Members of the European Blockchain Association were enthusiastic about IOTA's ability to tokenize assets as well as work with smart contracts, something the European Commission is currently interested in. Dominic Shiner, co-founder and chairman of the IOTA fund, expressed faith in their project's ability to bring DLT to the European market.
Cryptocurrency MIOTA reacted quickly to the news - its exchange rate was up 6.23% in 24 hours amid low volatility around it, trading at $0.242 on a capitalisation of $672.65m; up 41.69% for the month as a whole.