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.