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- IOTA’s top executives are meeting UAE leaders in the hope of major partnerships ahead.
- Riding on IOTA’s technology as well as those of its accompanying innovation, impressive integration is in the works.
Dominik Schiener, the Co-founder and Chairman of IOTA Foundation announced a recent meeting between the foundation and representatives of the United Arab Emirates. According to Schiener, he met with the Under Secretary of the Foreign Trade and Industry at the UAE Ministry of Economy, H.E. Abdulla Al Saleh, and his team at their Dubai office.
“It was a pleasure to meet H.E. Abdulla Al Saleh and the team at the Ministry of Economy @Economyae in UAE today 🇦🇪 It’s impressive how they’re leading their digital transformation. We are looking forward to bring #IOTA here and create value for the region and the world,” his Twitter post reads.
It was a pleasure to meet H.E. Abdulla Al Saleh and the team at the Ministry of Economy @Economyae in UAE today 🇦🇪 It’s impressive how they’re leading their digital transformation.
We are looking forward to bring #IOTA here and create value for the region and the world. pic.twitter.com/OMvNeHtRKZ
— Dominik Schiener (@DomSchiener) May 15, 2023
According to Crypto News Flash, IOTA is an open-source distributed ledger technology (DLT) that utilizes a Directed Acyclic Graph (DAG) structure which is considered very efficient for storing transactions on its ledger.
The DAG promotes the scalability of iOTA over any other DLT. The iOTA network has found utilization in several use cases and across many industries including healthcare, automobile, and even smart cities infrastructure so far and this is attributed to the DAG structure.
Consequently, this has caused its popularity to rise amongst blockchain users. Several government agencies have even started utilizing revolutionary technology. After the European Parliament recently passed anti-money laundering (AML) and anti-terrorism legislation, IOTA Foundation submitted a proposal sharing its views and concerns regarding the European Parliament’s AMLR proposal.
In its observations, IOTA identified some inconsistencies between the terminologies used in the Transfer of Funds Regulation, the Markets in Crypto Assets (MiCA) Regulation, as well as the proposal for AML Regulation.
IOTA Tangle Technology to Bring About Billion-Dollar Deal
The introduction and advancement of the Tangle ecosystem and the launch of the Shimmer Network have propelled the IOTA network to greater heights. The IOTA Tangle network involves an interconnected web of blocks, unlike other networks where blocks are joined linearly.
The Tangle network is also unique in the sense that it does not require miners to add extra blocks to the blockchain network. Owing to the Tangle network, IOTA has more enhanced security facilitated by two rounds of verification. Scalability and cost-related issues are taken care of by the DAG-based unique architecture of Tangle. Ultimately, the DAG structure makes the IOTA Tangle network highly energy-efficient with less energy consumption.
Cornell University recently attested that the IOTA Tangle technology is ideal for handling several voting processes. The tertiary institution believes that the technology is robust enough to accommodate decentralization. Noteworthy, Cornell University came to this conclusion after carrying out a series of research on voting protocols that involves participants with different weights.
Putting it in perspective, a voting protocol is considered fair when a participant’s influence on the final outcome is proportional to its weight. Utilizing IOTA’s Tangle network aims to achieve a fair and transparent voting process.
With the technology it brandishes, IOTA is now well-positioned to chart multibillion-dollar deals with the government and outfits in the private sector.
