The IOTA Foundation has released its progress report for the third quarter of 2024, highlighting notable achievements across various sectors including Technology Adoption, Ecosystem Development, and Legal & Regulatory Affairs. Despite not providing updates on research and development due to ongoing internal projects, the report underscores IOTA’s commitment to advancing its decentralized ledger technology (DLT) and fostering its ecosystem.
Technology Adoption: Strategic Partnerships and Innovative Solutions
One of the primary focuses of the IOTA Foundation is to drive the widespread adoption of its DLT infrastructure. This quarter saw significant strides made through strategic partnerships and technological integrations.
Partnership with Eviden
A key highlight of the quarter was the partnership with Eviden, a leading global IT solutions provider and part of the Atos Group. In July, the Eviden Digital Passport Solution (EDPS), powered by IOTA technology, was introduced. This innovative solution has already been integrated into various sectors, including manufacturing, automotive, fashion, and food industries. As regulations around digital product passports become more stringent, particularly with the upcoming European Sustainability Reporting Standards, the demand for solutions like EDPS is expected to soar. The completion of technical specifications for EDPS this quarter positions it well for broader adoption in the near future.
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New Projects: Orobo and AuvoDigital
Additionally, IOTA’s Technology Adoption Department has onboarded two promising projects, Orobo and AuvoDigital, into the IOTA Tenity Real-World Asset (RWA) Accelerator Program. Orobo focuses on revolutionizing the circular economy through digital solutions that enhance asset verification. AuvoDigital specializes in organizational identity management using IOTA Identity, simplifying compliance and verification processes.
Completion of EBSI PCP
The IOTA Foundation also successfully completed the final phase of the European Blockchain Pre-Commercial Procurement (EBSI PCP). Throughout this multi-year initiative, IOTA showcased its core technology and proposed solutions for managing intellectual property rights and digital product passports, setting the stage for future collaborations with the European Digital Infrastructure Consortium (EDIC).
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TLIP: Advancing Trade and Logistics
The Trade and Logistics Information Pipeline (TLIP) made significant progress in integrating with Kenyan government agencies, allowing local traders to access and share vital trade documents seamlessly. This advancement, coupled with the UK team’s demonstration of TLIP’s capabilities in tracking EU-UK poultry shipments, underscores IOTA’s growing influence in the trade and logistics sector.
Ecosystem Development: Growth and Innovation
The Ecosystem Team is vital in fostering growth and innovation within the IOTA community. In a recent vote, the community approved a proposal to unlock 170 million unclaimed IOTA tokens to enhance liquidity within the IOTA EVM ecosystem. The subsequent deployment of funds has already resulted in increased Total Value Locked (TVL) within the ecosystem.
Grant Applications and Community Engagement
During Q3, 40 new grant applications were submitted, leading to the approval of five projects with a total funding commitment of $3.7 million. The IOTA Foundation also launched iotalabs.io, a dedicated initiative to bolster ecosystem growth through community building, developer support, and cross-sector collaboration.
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The BuildSphere series hosted a successful lineup of guests from the IOTA ecosystem, attracting over 14,000 listeners, indicating a vibrant community eager to engage and innovate.
Legal & Regulatory Affairs: Strengthening Compliance
The Legal and Regulatory Affairs department made strides in ensuring IOTA’s compliance with evolving regulations. The addition of Giannis Rousopoulos as a Senior Regulatory Affairs Expert enhances the team’s capability to navigate the regulatory landscape. The department also contributed to stablecoin regulation discussions in the Abu Dhabi Global Market (ADGM) and joined various patent pools to safeguard its innovations.
Looking Ahead: A Bright Future for IOTA
As the year draws to a close, the IOTA Foundation remains dedicated to advancing its mission of delivering cutting-edge DLT solutions. With plans to unveil more details about ongoing internal projects and continued expansion of strategic partnerships, IOTA is poised for significant growth as it approaches 2025.
The Q3 2024 progress report highlights the IOTA Foundation’s resilience and commitment to innovation, reinforcing its position in the rapidly evolving blockchain ecosystem. As IOTA continues to build on its technological advancements and foster community engagement, the future looks promising for both the foundation and its community of users and investors.