IOTA is emerging as a trusted blockchain platform in real-life use cases, mostly for sectors of the supply chain and the Internet of Things. Although Bitcoin takes the biggest share in the crypto space, it has mostly come into a massive crossfire from policymakers. This week the European Union said that it is planning to unleash a new draft that will grade cryptos according to their energy efficiency.
This scheme will nudge crypto firms to avoid and offload all Crypto assets whose energy consumption is equivalent to several nations. Bitcoin has been the center of attention over its Proof-of-Work (PoW) consensus model and policymakers are mainly not happy about its energy usage.
Europe is now emerging as the first major bloc to regulate digital assets. In addition, it aims to establish international crypto standards and wants other nations to follow its lead. The draft as accessed by POLITICO notes:
“The Commission will cooperate internationally with, and build on the technical expertise of, standardization bodies to develop by 2025 an energy-efficiency label for blockchains, as well as minimum energy efficiency requirements.”
As the European Union works on which major blockchains are great for an environment-friendly future, IOTA fits the bill. IOTA is emerging as a trusted blockchain platform in real-life use cases, mostly for sectors of the supply chain and the Internet of Things (IoT).
The IOTA network does not charge any fees. It is fast, and scalable, and it comes with unlimited use cases. Notably, IOTA is 600 million times more energy efficient than Bitcoin and it emits 1 billion times less CO2. Therefore, it overcomes all the shortcomings of the Bitcoin blockchain.
The IOTA Tangle Technology Comes In Handy
The core to the success of the IOTA network is the Tangle technology of the IOTA platform. It is a kind of distributed ledger technology (DLT) mainly designed for the internet of things (IoT) environment. The purpose of developing IOTA Tangle was to support micro-transactions without fees. Moreover, it also comes with promises of high scalability, no fees, and instantaneous transfers.
The Tangle technology leveraged by IOTA makes it majorly energy-efficient and therefore is emerging as the top option of European legislators.
Because of this, IOTA is making quick inroads in the European markets. In September, IOTA’s Swiss entity- Tangle Ecosystem Association, was officially registered in Zug, Switzerland. The IOTA Tangle Network will work as an independent and non-profit organization to promote blockchain use in the European region.
Buy Bitcoin NowFurthermore, IOTA unleashed its incentivized Layer-1 innovation network known as the Shimmer Network. Shimmer is a staging network for the IOTA blockchain and it launches along with its native SMR tokens. The native tokens have been well-designed to incentivize and underpin the participation of users on the Shimmer network.
In its next leg of development, IOTA will primarily focus on the launch of its Assembly Multi-chain smart contracts network. The IOTA Assembly network will push the network towards decentralization supporting the creation of fully decentralized smart contracts.
In that context, the Assembly Network will introduce wholly decentralized and scalable smart contract capabilities to the IOTA network. The Assembly Network is set to solve major challenges of centralization that affect the IOTA network.
