IOTA is one of only three firms to make it to the final phase of the EU’s cross-border service blockchain initiative.
IOTA has made it to the final phase of the European Union Blockchain Pre-commercial Procurement (PCP), per a tweet from IOTA minutes ago.
It is one of only three contractors to make it this far in the program that aims to improve the European Blockchain Service Infrastructure, which will provide compliant cross-border blockchain solutions within the bloc.
Other contractors selected include ChromaWay and Billon. Notably, the program has been running for over a year, starting with seven contractors.
IOTA Foundation co-founder Dominik Schiener also confirmed the development.
“Yes, it is true,” Schiener tweeted. “IOTA has been selected as one of 3 finalists for the EU Blockchain PCP to build new solutions for the European Blockchain Services Infrastructure.”
Schiener firmly asserted that they are on the path to driving real-world crypto adoption.
Unsurprisingly, the community lauded the efforts of the co-founder and the team working on the program. Many asserted that it is a huge milestone for the network.
Per the report from the European Commission, the final phase is already underway. Notably, it is scheduled to run for a year. Consequently, enthusiasts will have to wait till Q4 2023 to find out who the European Commission picks.
The final phase, or phase 2B, will see the final development and field testing.
IOTA was one of the seven contractors to get into the program from over 30 applicants, as reported by The Crypto Basic in September 2021.
It bears mentioning that IOTA is a smart contract platform that enables transactions between devices connected to the internet. IOTA employs distributed ledger technology as opposed to the blockchain. Its consensus algorithm, called Tangle, allows it to be more scalable and cheap than blockchain.
The EU Blockchain in October named IOTA as one of Germany’s ten notable blockchain companies.
In response to the news, the price of IOTA has surged 3.69% in the last hour, trading at the $0.22 price point.