IOTA Makes Strides in Q2 2024: EVM Launch, Decentralization Efforts, and Business Adoption
The IOTA Foundation has released its Q2 2024 progress report, outlining significant advancements across core protocol development, smart contracts, developer experience, and business-to-business (B2B) adoption. Here’s a closer look at the key takeaways:
EVM Chain and IOTA 2.0 Testnet Take Center Stage
This quarter saw the highly anticipated launch of the IOTA EVM chain, finally enabling programmability on the IOTA network. This paves the way for the development of decentralized applications (dApps) and the creation of a vibrant DeFi ecosystem within IOTA.
In parallel, the IOTA Foundation released the IOTA 2.0 Testnet, marking a crucial step towards decentralization. This testnet replaces the Coordinator with a Proof-of-Stake (PoS) consensus mechanism, eliminating the need for a central authority. Additionally, the concept of Mana was introduced to reduce the network’s environmental impact by replacing Proof-of-Work (PoW).
Focus Shifts to Developer Support and L1 Smart Contracts
With the core infrastructure in place, the IOTA Foundation is now turning its attention to developer experience. The Developer Experience team has been working on improving documentation and tooling, particularly around the IOTA EVM launch. They are also shifting focus towards supporting the development of L1 (Layer 1) smart contracts on the IOTA network.
The Tooling team has also been busy, dedicating significant resources to the IOTA 2.0 public testnet release. This included launching official support for the testnet in the Explorer and unveiling Firefly Canary, a dedicated wallet for the testnet environment. Work on tooling for L1 smart contracts has also begun.
Identity Solutions Evolve with Privacy Features
The Identity team continues to refine IOTA’s digital identity solutions. This quarter saw the release of two versions of the Identity Framework. Version 1.2 further matured the existing solution, while version 1.3 introduced privacy-preserving features like selective disclosure credentials. Additionally, the team is investigating the compatibility of the identity solution with L1 smart contracts.
New Technology Adoption Department Drives Business Integration
The IOTA Foundation established a new Technology Adoption (TA) department to spearhead B2B adoption of IOTA technologies. This department focuses on project acquisition, partner management, and driving the adoption of IOTA products like digital product passports and tokenization solutions within businesses and potentially even governments. The TA department is currently expanding its team to combine IOTA expertise with business development skills, reflecting a shift towards a more professional approach to adoption.
European Projects and Ecosystem Growth
The European Blockchain Pre-Commercial Procurement (EBSI PCP) project officially concluded, with IOTA showcasing its solutions alongside other finalists. While no official winner was declared, the IOTA Foundation is working to publish its deliverables and capitalize on the project’s results in future collaborations with the European Commission.
The Trade and Logistics Information Pipeline (TLIP) project continues to make strides, focusing on enhancing EU-UK cross-border processes and trade facilitation initiatives in Kenya.
The Ecosystem team is actively fostering the growth of IOTA’s developer and user base. With the launch of the IOTA EVM, the team has successfully onboarded over 30 dApps and integrated key infrastructure providers like LayerZero and Stargate. This strong foundation positions IOTA for further expansion in the DeFi space.
Related: IOTA EVM: 1 Month Later – Is It Time To Invest In These DeFi Powerhouses?
Looking Forward: Building on Momentum
The IOTA Foundation has made significant progress in Q2 2024, laying the groundwork for a future-proof, decentralized, and developer-friendly IOTA ecosystem. With a focus on solidifying the technology and driving adoption, the coming quarters promise exciting developments for IOTA and its potential to revolutionize various industries.
