IOTA Foundation Unveils Q2 2024 Progress Report Highlighting Key Developments

The
IOTA
Foundation
has
released
its
Q2
2024
Progress
Report,
detailing
significant
advancements
across
various
initiatives,
including
the
IOTA
EVM
chain
and
the
IOTA
2.0





Testnet.
These
developments
highlight
the
foundation’s
ongoing
commitment
to
enhancing
decentralization,
digital
identity
solutions,
and
business-to-business
integration.

EVM
Chain,
Testnet,
and
Strategic
Initiatives

This
quarter,
the
IOTA
Foundation
made
notable
progress
with
the
launch
of
the
IOTA
EVM
chain,
aimed
at
enabling
programmability
on
the
IOTA
network.
The
IOTA
2.0
Testnet
also
went
live,
replacing
the
Coordinator
with
a
Proof-of-Stake
(PoS)
consensus
mechanism
and
introducing
the
concept
of
Mana
to
reduce
environmental
impact.

Research
&
Development

The
IOTA
Core
team
focused
on
improvements
to
the
core
protocol,
leading
to
the
release
of
the
IOTA
2.0
Testnet.
Alongside
this,
the
L2
Smart
Contracts
team
launched
the
IOTA
EVM
chain,
making
programmability
possible
on
the
network.
The
Developer
Experience
team
updated
EVM
documentation,
while
the
Tooling
team
worked
on
infrastructure
applications
like
the
explorer
and
wallet
software
for
the
IOTA
2.0
Testnet.

Technology
Adoption

The
newly-formed
Technology
Adoption
(TA)
Department
aims
to
ensure
that
IOTA
technologies
are
adopted
within
business
and
governmental
environments.
The
department
is
currently
expanding,
combining
technology
expertise
with
business
development
skills
to
drive
adoption.

Significant
projects
under
this
department
include
the
European
Blockchain
Pre-Commercial
Procurement
(EBSI
PCP)
project
and
the
SUSEE
project,
which
focuses
on
scalable
solutions
for
secure
data
transmission
in
sensor
networks.

Trade
and
Logistics
Information
Pipeline
(TLIP)

TLIP,
a
digital
infrastructure
for
data
sharing
in
global
trade
based
on
IOTA’s
DLT,
has
focused
on
enhancing
EU-UK
cross-border
processes
and
engaging
with
the
Kenya
Revenue
Authority
to
improve
data
flow
for
export
trade
certificates.

Ecosystem

The
Ecosystem
team
has
been
pivotal
in
fostering
the
growth
of
IOTA’s
builders
and
community
ecosystem.
Following
the
launch
of
the
IOTA
EVM
in
June
2024,
over
30
dApps
have
been
deployed.
The
team
has
also
integrated
renowned
infrastructure
providers
and
top-tier
oracle
providers
to
bolster
the
IOTA
EVM’s
capabilities.

Additionally,
the
IOTA
Grants
initiative
has
received
over
102
applications,
with
$2.74
million
committed
in
funding.
The
Ecosystem
department
also
executed
eight
episodes
of
BuildSphere
on
X-Spaces,
interviewing
various
ecosystem
projects.

Legal
&
Regulatory
Affairs

The
Legal
and
Regulatory
Affairs
team
has
been
active
in
promoting
IOTA’s
Web3
Identification
solution,
selected
for
the
European
Blockchain
Sandbox
by
the
European
Commission.
The
team
also
participated
in
a
workshop
on
Asset
Tokenisation
in
Finance,
contributing
to
discussions
on
standardization
and
interoperability.

Outlook

With
the
release
of
the
IOTA
2.0
Testnet
and
the
IOTA
EVM,
the
foundation
is
shifting
its
focus
from
foundational
research
and
development
to
solidifying
technology
and
increasing
application.
The
restructuring
includes
enlarging
the
Ecosystem
and
Technology
Adoption
Departments
to
better
meet
market
demands.

For
more
detailed
information,
the
full
report
can
be
accessed
on
the

IOTA
Foundation
Blog.

Image
source:
Shutterstock