IOTA Completes EU Project EBSI – Now Looking for Commercial Practice

IOTA has attracted some attention in professional circles through its participation in the EU EBSI program since 2021. Now, at the end of EBSI, IOTA is taking stock and starting to recommend practical solutions.

IOTA Foundation boss Dominik Schiener has made it a habit to cite good contacts with the EU and governments as a plus point for the ecosystem. In fact, IOTA’s participation in EBSI (European Blockchain Services Infrastructure) has been an encouragement since 2021. In the program, the EU wanted to test blockchain solutions and IOTA managed to place itself among the three most promising options. There was no winner at the EBSI finals – but IOTA summarizes experiences and outlooks in a recent blog post :

– As part of EBSI, IOTA has developed and presented prototypes for digital product passports (DPD) . The EU wants to use such solutions to strengthen sustainability and the circular economy in the future. A cooperation with Eviden will focus on DPDs for car batteries. However, they would also like to place IOTA’s digital product passports in other industries and are now looking for partners.

– A second initiative at EBSI revolved around the organization of copyrights, for example for film music. A prototype for a corresponding platform was completed and a brochure published. IOTA is currently leaving open whether and how this project can be continued.

– From a technological perspective, it is patting itself on the back for successful tests at EBSI. It was demonstrated that IOTA solutions meet EU regulations for data security and privacy. Smart contracts were also introduced on a trial basis. In addition, it was possible to organize 90,000 transactions per second (TpS) by interconnecting several networks. In practice, however, these solutions have mostly not even made the leap to the official IOTA testnet Shimmer.

Conclusion: IOTA and the EU – a success story?

Investors are looking at the IOTA price curve – and there are still abysses opening up there. When the IOTA Foundation started its applications for EBSI in 2021, levels of over $1 were still the norm – IOTA is trading in a death zone below $0.20 and can no longer develop any dynamics.

One reason for this is that the crypto scene cannot see how DPDs and other regulated use cases with IOTA technology are supposed to develop monetary value for the coin itself. According to the EU Transparency Register, the Foundation has so far received 395,000 euros for participating in EBSI – a manageable sum.

In a maneuver that is worthy of criticism, the Foundation wants to pump around $25 million into the decentralized finance (DeFi) sector in order to provoke growth there. Seen in this light, EBSI was a respectable success for IOTA, where possible domino effects have yet to be proven.

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(Featured image by Shubham Dhage via Unsplash)

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