The IOTA team announced via a blog post on Friday that the European Commission has selected IOTA Foundation for the next phase of the European Blockchain Pre-Commercial Procurement (PCP).
IOTA explained that the aim of the PCP is to test if novel blockchain technologies can be developed and tested that could potentially be used in the future to improve the network capacities and use cases of the European Blockchain Services Infrastructure (EBSI). EBSI will enable verified information to flow between institutions, enterprises, and individuals throughout the European Economic Area.
In the second phase, IOTA said it intends to complete field testing of the IOTA Stardust solution, including smart contracts and tokenization; extend and field test the use cases started in Phase 2A, and test interoperability with EBSI 1.0.
IOTA is a permissionless distributed ledger "for a new economy." IOTA aims at supporting the growth of a machine economy by enabling "fee-less machine-to-machine payments," offering greater scalability than blockchain networks. IOTA is trading at $0.2389, up by more than 1% in the last 24 hours.