By Shelly Melancon (Switzerland)
The European Union has picked IOTA to better European Blockchain Services Infrastructure and make it more accessible to companies and Europeans. IOTA’s DLT comprises nodes interconnected to facilitate blockchain services across a country or continent. With the IOTA foundation chosen for the task, EBSI will function better to make business transactions smoother, encourage the expansion of tech companies, and help various government institutions secure data.
The European Union believes that IOTA’s DLT would help minimize the number of natural resources used. According to the press release by the European Union, the large network of nodes will be run by the commission and member states of the EU-27 for the time being. The aim of this is to get the nodes not to just run within the EU, but outside the territory.
IOTA’s DLT Is a Better Alternative to Other Blockchains
One of the main benefits of using IOTA is its no transaction fees. Unlike other blockchains like Ethereum and Solana that charge a small fee, IOTA doesn’t impose any transaction fee. Because of this, it can entice a wider audience to use the network instead of others.
IOTA has become one of the most popular blockchain networks in 2021 due to its high-security level, stability, and performance. In April, the blockchain network upgraded its nodes to Chrysalis. This was a major upgrade because it made the blockchain more solid, in terms of performance and security. In addition, the upgrade made it easier for traders and companies to utilize the toolsets.
According to the team, the Chrysalis upgrade would make using IOTA more straightforward, facilitate the transfer of assets from one wallet to the other, enhance the protocol, secure wallets, and facilitate smart contracts and tokenization implementation. With NFTs becoming increasingly more popular than ever, the updated protocol will give developers and users the chance to craft something unique. Exchanges could also benefit from the upgrade to improve user experience and lower their transaction fees.
Last week, Coinbase made a move to lower high prices and improve user experience by seeking help from Polygon Network. The decision would integrate Polygon’s solutions to the platform to address the challenges the company is facing. Thus, customers would be able to initiate transactions faster and affordably.
This is what IOTA Solutions will bring to the EBS. It will improve EBS and ensure that the European Union reaches its goals with a low fee infrastructure. IOTA Network is more economical than Blockchain and Ethereum and will save a significant amount of transaction fees for customers.
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