According to a press release, the proposed KYC is meant to prevent money laundering and terrorism financing in the crypto market.

Read Also: IOTA Becomes the First Fully Regulated Crypto Foundation in the United Arab Emirates (UAE)

It also stated in the release that the upcoming EU and global crypto regulations will require obligated entities to implement strict anti-money laundering (AML) and Know Your Customer (KYC) measures.

However, available tools for authenticating users in Web3 applications lack the strong guarantees needed to truly identify the person behind an address on the blockchain.

This is expected to make the demand for simple ID tools for Web3 apps to increase as Crypto Asset Service Providers must demonstrate compliance with the GDPR and align with the new regulations by knowing who they’re doing business with and continuously ratifying this information.

IOTA is Strict With Regulatory Compliance

To provide a solution that meets strict authentication requirements while also respecting user privacy and minimizing the burden on decentralized applications (dApps), the IOTA Foundation is collaborating with a walt.id, IDnow, Bloom Wallet, and SPYCE.5 to develop an innovative KYC solution that incorporates tokenization for efficient and secure user authentication in Web3 applications, both on- and off-chain.

IOTA and its consortium are proposing to the EU a system that enables users to verify their identity in Web3 apps without having their personal data recorded on-chain. This KYC solution is capable of meeting strong authentication requirements without sacrificing user privacy and minimizing the burden on dApps.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: IOTA to Reward ShimmerEVM Testers with 1.3 Million Token Airdrop: Details

According to the IOTA Foundation, the new KYC system will seamlessly and efficiently onboard users to any dApp or app with compliant and regulatory standards. To enable privacy-preserving authentication, each step of the process has been designed to make the user experience as easy as possible.

The new development is seen as the pathway to the needed regulatory clarity for the crypto ecosystem across the world. This is a period of incubation for the crypto industry and its new asset class. So, to make global adoption happen, issues with compliance need to be resolved.

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The entity will be funded with $100 million in IOTA token treasury, to be released over four years. This treasury will equip the entity with the necessary budget to fuel the growth of IOTA across the MENA region, Africa, and Asia. Coming to the UAE, IOTA has a strong focus on positioning itself towards trade and logistics, trade finance, and institutional investors.

Read Also: IOTA to Reward ShimmerEVM Testers with 1.3 Million Token Airdrop: Details

With its community-driven ethos, the IOTA Foundation will foster key partnerships in the region for the adoption of the crypto project and Shimmer, its staging network, across various sectors.

One of those things planned by the foundation includes the collaboration with institutional investors, governments, and academic institutions for the tokenization of real-world assets and bringing them on-chain, which would bring billions of dollars into the crypto industry in the UAE.

IOTA’s UAE entry is meant to build a strong crypto community within ADGM’s ecosystem. According to the report, going forward, the foundation will be holding events regularly. These events are targeted at fostering a shared vision for a decentralized future and driving Abu Dhabi’s crypto hub forward through its legal framework.

Reacting to the new development, the CEO of the Registration Authority (RA) of ADGM, Hamad Sayah Al Mazrouei, said:

“Welcoming IOTA, one of the most established and well-respected blockchain protocols into ADGM’s DLT regime exemplifies our ambition to position Abu Dhabi’s stature as a prime location and ADGM as the leading jurisdiction for the blockchain industry.

“It is a strong validation of ADGM’s progress with its new and revolutionary DLT Foundations Framework. Working with companies like IOTA, ADGM aims to move towards a future characterized by setting global benchmarks in the ever-evolving blockchain and Web3 landscape”.

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— TimesTabloid (@TimesTabloid1) July 15, 2023

Read Also: IOTA Announces Shimmer’s Partnership with Multichain to Boost Cross-chain Interoperability

Co-founder and Chairman of the IOTA Foundation, Dominik Schiener, also commented on the new development:

“The IOTA Foundation’s support from ADGM and our partnership with UAE authorities is about more than global expansion. It’s about ushering in a new era of regulatory synergy in the crypto markets,

“We want to ensure that we take the right steps toward digital autonomy for everyone, and that means making sure a diversity of communities take an active role in shaping the Foundation’s technology and governance.”

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IOTA is calling on developers to battle-test the chain and deploy as many smart contracts as possible. According to a press release with Times Tabloid today, In return, IOTA will offer 1.3M $SMR tokens to reward participating decentralized applications (dApps) and their users.

Read Also: IOTA Announces Shimmer’s Partnership with Multichain to Boost Cross-chain Interoperability

With the official launch of ShimmerEVM just around the corner, the IOTA team is looking to ensure it meets the highest standards of performance, reliability, and safety. This campaign will run for two weeks starting Wednesday, May 3rd at 3:00 PM CEST.

During this two-week-long campaign, the public will have an unprecedented opportunity to trial the deployed dApps for $SMR token rewards by creating as much smart contract activity as possible. The more activity created using dApps, the larger the $SMR token reward for the project and its users will be.

Read Also: IOTA Partners with Crypto Finance Group to Support Shimmer Network Token (SMR)

Reacting to the new development, Dominik Schiener, Co-Founder and Chairman of the IOTA Foundation said:

“ShimmerEVM is an important step forward in becoming a novel and lively DeFi ecosystem, but to build it as strong as possible, we need to first open it up to public testing. We are so excited to launch Treasures of Shimmer to see what the community has been cooking up.

“It not only is the first opportunity for us to see how external projects will run on the EVM chain ahead of the full launch, but it also allows us to give back to our community through reward incentives.”

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This partnership, according to a latest press release, will have a profound impact on the IOTA ecosystem and community, enabling seamless interoperability between the IOTA and Shimmer networks. This will allow users to transfer Shimmer and IOTA tokens between the two networks after the upcoming launch of ShimmerEVM. This integration is crucial to bridging Shimmer and IOTA together to maximize mutual growth and success.

Read Also: IOTA Partners with Crypto Finance Group to Support Shimmer Network Token (SMR)

Following the launch of the ShimmerEVM testnet, users will now have a glimpse of the potential utility of Multichain. The test bridge facilitates smooth transfers between the ShimmerEVM testnets, ShimmerEVM, Ethereum, Fantom, and BSC testnets.

Furthermore, it’s announced that Multichain will support Shimmer with a cross-chain interoperability solution between the upcoming ShimmerEVM chain and supported blockchains in the Multichain ecosystem, enabling asset transfer and smart contract execution between multiple chains.

This integration is a major milestone and will contribute vastly to the growth of the Shimmer and IOTA ecosystem by providing a vivid cross-chain infrastructure that will open up access to decentralized finance on all major blockchain protocols supported by the Multichain router.

Read Also: Here’s How IOTA Is Building to Achieve a True Circular Economy: A DPP Underway

About Multichain

Launched in July 2020 as Anyswap, Multichain aims to cater to the needs of different and diverse blockchains by providing seamless interoperability solutions through their cross-chain bridge and router. In addition, Multichain’s smart contract function anyCall (a cross-chain messaging router protocol) enables cross-chain messaging and contract calling.

Multichain supports all ECDSA and EdDSA encrypted chains and is almost universally applicable as an interoperability layer.

With 56 supported EVM and non-EVM chains, and more than 2460 integrated projects, Multichain has established itself as an industry-leading cross-chain router protocol with a continuously expanding ecosystem.

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According to the press release recently shared with Times Tabloid, this marks an important step forward for the company in developing a full decentralized finance (DeFi) ecosystem.

Following the launch of Shimmer last September, IOTA’s incentivized staging network is now in its testing period to improve its resilience, performance, and security ahead of the full ShimmerEVM smart contract launch.

The launch of this new test chain will expand the reach of the Shimmer protocol to a wider community of blockchain developers who build EVM-compatible smart contracts, and build the foundation for the bridgeless and seamless interoperability nature of ShimmerEVM.

Multiple validators and dozens of decentralized applications (dApps) will contribute to this testing phase, providing IOTA with ongoing feedback to improve the network.

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IOTA Partners With Crypto Finance Group

Following the successful launch of its incentivized staging network – the Shimmer Network – the IOTA Foundation is announcing that Crypto Finance Group will be the first to offer both trading and safekeeping for the $SMR token. It will be the first prudentially regulated custody and brokerage provider supporting the native token of the Shimmer network.

Read Also: IOTA Launches Smart Contract Network Shimmer and Its Native Token SMR on the Mainnet

Crypto Finance Group, the Swiss-based storage provider, is a long-standing partner of the IOTA Foundation as they were the first worldwide storage provider for the original IOTA token.

This partnership will enable investors from private and institutional sectors to trade and store $SMR tokens in a regulatory-compliant manner, as Crypto Finance Group is a FINMA-regulated service provider and part of Deutsche Börse Group. The partnership will play a huge role in driving innovation and adoption of the Shimmer network.

Read Also: Here’s How IOTA Is Building to Achieve a True Circular Economy: A DPP Underway

Reacting to the new development, Dominik Schiener, Co-Founder of the IOTA Foundation, said:

“Our relationship with Crypto Finance Group continues to drive innovation and adoption. We welcome their decision to trade and store SMR – the tremendous expansion of projects and token holders since Shimmer’s launch in October shows the market’s confidence in the token and the network’s possibilities. We believe that this integration will enable seamless, regulatory-compliant, and safe access for institutional and private investors alike.”

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According to the development shared by the IOTA Foundation in a series of tweets a couple of hours ago, the new tool will enhance the sustainability of products, make supply chains more transparent, and improve the rate at which consumers get needed information.

Read Also: IOTA Partners With Dell To Develop Data-Driven Solution for Real-Time Tracking of Carbon Footprints

Transitioning into a Circular Economy is the Key

According to IOTA Foundation, the key to attaining its climate objectives is to transition into a circular economy, which is why DPP is coming to play.

The tweets read in part:

“Transitioning into a #circular economy is key to reaching our climate objectives. But making it mainstream within traditional businesses is currently missing two key aspects for success.

“This is where a DPP based on IOTA‘s DLT comes in. Because Distributed Ledger Technology is transparent by nature, it verifies that the information presented in a DPP is true and trustworthy.”

Read Also: Grayscale Investments Confirms Consideration of New Products in VeChain, IOTA, EOS

The foundation said to make this happen, products have to be kept in circulation for as long as possible in order to reduce the use of new resources, recycle & reuse, and improve existing materials.

Functions of IOTA’s Digital Product Passport (DPP)

Digital Product Passport (DPP) that IOTA Foundation is working out will serve as a data collector. In the tweet, DPP is regarded as a “storyteller”.

The DPP in the works will store “Information about the origin, production, use, end, and recycling of a product.” This implies that consumers can verify the origin and green credentials of a product. It will also enhance manufacturers to build the next generation of greener, more sustainable, and more efficient products.

Read Also: IOTA: Status Update about the Progress in Goshimmer by Hans Moog

The foundation emphasized in the thread of tweets that this will greatly benefit IOTA and the environment in the long run.

IOTA Foundation also stressed the importance of taking a tokenization or NFT approach in its works towards the digital economy:

“As a #digitaltwin of a real asset, a DPP could reward you for recycling a product by issuing a token or by making its story digitally available as an NFT.”

The foundation concluded by stating that “IOTA will release the next generation Stardust Tokenization Framework protocol that will support these actions in a feeless + scalable manner w/o creating an additional carbon footprint.”

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This DAO is intended specifically to fund projects that benefit the ecosystem and that are created and selected by IOTA community members themselves. While the official voting period will not close until Monday, enough votes have already been cast in favor of creating the DAO to say definitively that the measure will pass.

Read Also: IOTA Partners With Dell To Develop Data-Driven Solution for Real-Time Tracking of Carbon Footprints

This is the first community-owned treasury in IOTA’s history and marks a major step forward in terms of community governance, a longtime priority for the IOTA Foundation.

Comprising this treasury are the unclaimed tokens from IOTA’s initial crowdsale in December 2015. In the interest of fairness, the IOTA Foundation kept the claim period for over five years, closing it in June 2021.

Read Also: New Info on DLT Energy Consumption Highlighted in IOTA Report

Rather than make a top-down decision regarding the unclaimed tokens, the IOTA Foundation deferred to its community members, allowing them to choose to “build or burn.” Unsurprisingly, IOTA’s community members chose to use these tokens to build, thus putting the tokens to good use within the ecosystem rather than destroying them wholesale.

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The development was announced a couple of hours ago via the official Twitter handle of Dell’s edge solutions team. According to the report, climate change-focused technology companies ClimateCHECK, and BioE are also included in the partnership to develop a solution on top of Dell’s in-house Data Confidence Fabric (DCF) and Project Alvarium initiatives.

Read Also: New Info on DLT Energy Consumption Highlighted in IOTA Report

Della Edge and Telcom tweeted, “We’ve partnered w/ @Iota, BioE, & @ClimateCHECK to develop real-time carbon footprint tracking through a data confidence fabric!”

We've partnered w/ @Iota, BioE, & @ClimateCHECK to develop real-time carbon footprint tracking through a #data confidence fabric!

Hear how #ProjectAlvarium accurately tracks carbon footprints w/ #DellTech Edge solutions.

https://t.co/u5CxmbMBAL@Intel #IOTA #Sustainability pic.twitter.com/52RENnEW3X

— Dell Edge & Telecom (@Dell_Edge) June 6, 2022

Sharing details regarding the new development, Mathew Yarger, head of sustainability at the IOTA Foundation, stated that the four companies designed integrated digital measurement, reporting, and verification (MRV) tool.

In collaboration with Project Alvarium, the digital MRV can collect data from sensors and manually input and process it via Dell PowerEdge servers to send near-real-time insights into the carbon footprints of BioE’s sustainable energy and composting facility.

Read Also: Grayscale Investments Confirms Consideration of New Products in VeChain, IOTA, EOS

Matthew Yarger noted, “We’re now able to track and verify data around climate change and how we’re actively trying to address it at a level that’s never been achieved before.”

It should be noted that IOTA Foundation has been an active participant in Project Alvarium, which was first abstracted by Dell in 2019 to leverage reviewed data from the DCF across heterogeneous systems.

“Transparency and trust in data is paramount for addressing the global issues of climate change and transitioning to climate action,” Matthew Yarger added.

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So … after a few days of catching up with work, today I will finally have some time for Twitter

I wanted to use the chance to give everybody a little status update about the progress in goshimmer and what we have been working on in the last 2-3 months.

A Thread …

— Hans Moog (@hus_qy) March 10, 2022

According to Moog, after debugging the first version of multiverse consensus late last year, the team began to implement one of the last missing pieces of coordicide, which he described as the “merge to master functionality that takes care of cleaning up decided branches to keep the algorithms fast and performant.”

Read Also: Grayscale Investments Confirms Consideration of New Products in VeChain, IOTA, EOS

Hans Moog noted:

“What we estimated to take around 3-4 weeks turned out to be much more complex and kept us busy for nearly 3 months. What had happened? Early on, it looked like the problem was much less complex than we assumed and implementing the planned changes was progressing very fast.”

Moog continued by saying that after it was done, the team tested the changes. The result turned out to be flawed with errors. He said, “Nothing worked and the nodes had instant consensus errors.”

He continued by saying that “First we thought that there was a bug in our latest changes but after nearly 2 weeks of debugging and building tools to better “inspect” our data structures, we realized that it was not our code that was wrong but that the issue was a consequence of a very fundamental problem in our concepts, that only manifested itself in combination with this last missing building block of removing information from the database.”

Moog said after about two weeks of daily discussions, the team was able to get around the problem with a solution that is capable of massively boosting the performance of their nodes and simplifying their code.

Read Also: IOTA Launches Assembly with Sharded, Feeless Smart Contracts, Taking Web3 and Metaverse Mainstream

According to the developer, these changes were so fundamental to the point of making them touch relatively all parts of the code, giving them a massive amount of unexpected work:

“2-3 weeks ago and around 50000 changed lines of code later, we were finally able to ship the first prototype supporting this very crucial feature.

“With this last building block in place, I consider the algorithms and data structures around our “vanilla OTV voting mechanism” to finally be conceptually done and we will start writing the first TIPs and specifications in the coming weeks.”

In conclusion, Hans Moog wrote, “For the first time since I joined IOTA, we have a very concrete picture of how to code all of this and it is going to be extremely simple and beautiful. I have never been as excited about our tech as in the last 2-3 weeks after “seeing” the final solution for the first time.”

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