IOTA ranks #5 and pushes worldwide compliance adoption to conquer billion-$-markets

  • The IOTA remains a highly functional, growth-oriented, and DLT development platform for enterprise use.
  • The protocol has a deep root with INATBA which is working to bring about thoughtful social impact reforms as it concerns blockchain protocols.

The IOTA Foundation, the not-for-profit startup behind the development and maintenance of the IOTA Distributed Ledger Technology has been holding the forte in developing highly specialized use cases for blockchain over the past year. While the previous year was filled with a number of upheavals ranging from bankruptcies to regulatory strain, IOTA took the reins of affairs to focus more on initiatives that can help promote the general outlook of the new technology.

According to its GitHub activities, the IOTA protocol is ranked as the 5th largest protocol with respect to development activities. The DLT ranked only below Cardano (ADA), Polkadot (DOT) and Kusama (KSM), Status (SNT), and Ethereum (ETH) as the most prominent blockchain protocol.

While the IOTA protocol has made a name for itself with respect to its developmental efforts, it is also a prominent founding member and participant of the International Association for Trusted Blockchain Applications (INATBA). As INATBA focuses on bringing policymakers and regulators together with blockchain startups to create workable solutions to critical social challenges and as a result, fuel the growth and adoption of the emerging tech.

IOTA’sRole With INATBA

As a founding member of INATBA, IOTA played a vital role in some of the most important initiatives of the body in 2022. 

INATBA has a number of active working groups including the Social Impact & Sustainability Working Group (SISWG), the Privacy Working Group (PWG), and the Finance Working Group (FWG). These working groups are tasked with making research and discoveries to promote the core goals INATBA.

The IOTA foundation was a prominent contributor to the works of the SISWG last year. The Working Group, under the leadership of IOTA’s Senior Regulatory Affairs Expert Mariana de la Roche, dedicated its resources to discovering the challenges and opportunities facing blockchain protocols as it relates to social impact.

In its Blockchain for Social Impact Report published last year, the group gave a comprehensive definition of what Social Impact is. Here is the given definition of social impact;

“Any intentional or unintentional measurable outcome from actions implemented (or as a result of those actions) by individuals in the private or the public sector that affect the cultural and socio-economic environment of other individuals and communities in a positive way.”

The group also worked on creating measurements by which blockchain startups can measure their alignment to social impact. The working group as well as others have defined work that was done last year, and the summary of these can be accessed through this blog here.

IOTA and the MiCA Regulatory Embrace

The Tripartite body of the European Commission (EC), the European Parliament, and the European Union have agreed on the long-sought Markets in Crypto Asset (MiCA) regulation for the crypto ecosystem. 

Besides its unique growth initiatives, the IOTA Foundation has aligned with these regulatory calls and is doing all it can to educate every member of the crypto community. More details can be found by following the link in the tweet.

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