IOTA, a Berlin-based cryptocurrency startup, has just made an announcement about becoming the founding member of the International Association of Trusted Blockchain Applications (INATBA). The EU-based association already has more than 100 founding members, such as IBM, SWIFT and Accenture.
Cooperating with regulators
As VentureBeat reports, the main purpose of INATBA is to provide an opportunity for Blockchain-based startups and big-name corporations to discuss the regulatory initiatives that will be necessary for the development of the fledgling DLT industry in the EU. Interoperability, transparency, and inclusiveness are singled out as the main priorities of the new cooperation.
By introducing pan-European Blockchain standards, Europe wants to compete with North America and Asia in the emerging technologies race. On Apr. 10, 2018, 22 European countries signed and created the European Blockchain Partnership (EBP).
IOTA’s Julie Maupin, who now joins the INATBA board of directors, emphasizes the importance of a regulatory framework for propelling the adoption of distributed ledger and Blockchain technologies, further adding that they have ‘limitless potential’. Notably, IOTA is the only major crypto project that joined the association.
A DAG, not a Blockchain
U.Today reminds its readers that IOTA, which enjoys a first-mover advantage in the internet-of-things (IoT) niche, is based on DAG technology called ‘tangle’. IOTA’s Tangle is considered to be more efficient than traditional Blockchains.