IOTA

Foundation

Source: Adobe/prima91 
Open-source blockchain platform IOTA has unveiled its Abu Dhabi Foundation as part of its strategy to kickstart its Middle East expansion plans.
IOTA is the first <a href="https://twitter.com/hashtag/DLT?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DLT</a> Foundation regulated with <a href="https://twitter.com/ADGlobalMarket?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@ADGlobalMarket</a> in <a href="https://twitter.com/hashtag/AbuDhabi?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AbuDhabi</a> ! The new <a href="https://twitter.com/hashtag/IOTA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#IOTA</a> Foundation will be seeded with over $100 million in <a href="https://twitter.com/search?q=%24IOTA&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$IOTA</a> tokens to support and accelerate the growth of the IOTA ecosystem.<a href="https://t.co/7NYe2L5RFs" rel="noopener noreferrer nofollow">https://t.co/7NYe2L5RFs</a> <a href="https://t.co/DZUHjcm2sV" rel="noopener noreferrer nofollow">pic.twitter.com/DZUHjcm2sV</a>
— IOTA (@iota) <a href="https://twitter.com/iota/status/1729836948422803896?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2023</a>
Taking to its X (formerly Twitter) official handle on November 29, the feeless, permissionless distributed ledger technology (DLT) protocol announced the launch of the IOTA Ecosystem DLT Foundation.
This foundation, headquartered in Abu Dhabi, United Arab Emirates (UAE), is duly registered with the Abu Dhabi Global Market (ADGM) financial authority.
To commence the foundation’s operations, IOTA disclosed that it would be seeded with $100 million in its native IOTA tokens over a four-year period and released in scheduled tranches.
The $100 million would be focused on facilitating the foundation’s activities and accelerating the growth of the DAG data structure protocol in the Middle East.
Highlighting its overarching goals in the Middle East and North Africa (MENA) region, IOTA stated that the foundation aims to cultivate valuable relationships and work towards the adoption of its protocol and its staging network, Shimmer, across various sectors in the selected territory.
In its <a href="https://blog.iota.org/iota-first-dlt-registered-adgm-in-uae/" rel="noopener noreferrer nofollow">blog post</a>, IOTA outlined its plans to forge partnerships with institutional investors, governments, and academic institutions to boost the tokenization of real-world assets (RWAs).
The objective is to onboard these RWAs onto the blockchain and drive much-needed capital into the UAE’s virtual assets landscape.
Speaking on the remarkable development, the CEO of the Registration Authority (RA) of the ADGM, Hamad Sayah Al Mazrouei, stated that the IOTA Ecosystem DLT Foundation is a testament to the region’s ambition to become a prime location for the blockchain ecosystem.
Mazrouei also noted that the ADGM is mapping out a future where it sets the right global benchmarks in the <a href="https://cryptonews.com/news/abu-dhabi-global-market-unveils-new-regulations-for-web3-firms.htm" rel="noopener noreferrer nofollow">Web3 landscape</a>.
IOTA’s DLT Ecosystem Foundation is the first-ever blockchain initiative getting the green light from the region’s international financial center (IFC).
Launched in 2015, the ADGM plays a crucial role in serving as a strategic hub for linking growing economies in the Middle East, South Asia, Africa, and the rest of the world.
<h2 id="iota-evolving-from-enterprise-to-competitive-layer-1-protocol">IOTA Evolving From Enterprise to Competitive Layer-1 Protocol</h2>
 IOTA describes itself as the next step in the evolution of <a href="https://cryptonews.com/news/how-blockchain-technology-empowers-law-enforcement-crypto-investigations.htm" rel="noopener noreferrer nofollow">blockchain technology</a>. Departing from the conventional reliance on blocks for data storage, it adopts an innovative Direct Acyclic Graph (DAG) structure that increases transaction output while minimizing potential costs.
IOTA’s focus has largely been enterprise-driven since its debut in 2015. However, a notable shift is underway with the introduction of its Abu Dhabi Foundation.
Corroborating a paradigm change in its operational framework, the IOTA team disclosed that the DLT Foundation would automatically transition it into a competitive layer-1 blockchain protocol within the Web3 and <a href="https://cryptonews.com/news/new-cryptocurrency.htm" rel="noopener noreferrer nofollow">cryptocurrency</a> space.
With new headquarters in the UAE, <a href="https://twitter.com/hashtag/IOTA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#IOTA</a> will evolve from being an enterprise DLT network, to becoming a competitive L1 Blockchain in <a href="https://twitter.com/hashtag/Web3?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Web3</a> and <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a>. In Q1, IOTA will become fully EVM-compatible, opening the gates to a thriving <a href="https://twitter.com/hashtag/DeFi?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#DeFi</a>, Gaming and dApp ecosystem. <a href="https://t.co/MOFd57QXBi" rel="noopener noreferrer nofollow">pic.twitter.com/MOFd57QXBi</a>
— IOTA (@iota) <a href="https://twitter.com/iota/status/1729836956236861899?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2023</a>
To achieve this, the first quarter (Q1) of 2024 will see the protocol become Ethereum Virtual Machine (EVM) compatible. This compatibility will facilitate the smooth operation of <a href="https://cryptonews.com/news/new-ethereum-l2-protocol-blast-faces-scrutiny-as-paradigm-raises-concerns-heres-what-you-need-to-know.htm" rel="noopener noreferrer nofollow">Ethereum</a> developers and <a href="https://cryptonews.com/videos/unpacking-the-applications-of-decentralized-social-networks-w-will-papper-and-ian-lee-of-syndicate.htm" rel="noopener noreferrer nofollow">decentralized applications</a> (dApps) on the IOTA platform.
Through <a href="https://twitter.com/hashtag/IOTA?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#IOTA</a>'s work with <a href="https://twitter.com/hashtag/ADGM?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#ADGM</a> &amp; other regulators in the Middle East, IOTA will shape the future of <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> &amp; create the infrastructure to onboard institutional investors &amp; billions of assets to be tokenized &amp; traded on IOTA. The first RWA assets are expected to launch in Q1. <a href="https://t.co/zIJXMliJKx" rel="noopener noreferrer nofollow">pic.twitter.com/zIJXMliJKx</a>
— IOTA (@iota) <a href="https://twitter.com/iota/status/1729836965644685353?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 29, 2023</a>
Additionally, the IOTA protocol would launch its first RWAs within that same timeframe as it seeks to onboard institutional investors.

IOTA Rolls Out $100M Abu Dhabi Foundation, Targets Middle East

목차

Cryptonews.com

2023년 11월 29일에 게재된 다른 기사

CZ resigns as Binance.US chairman

FARTCOIN TELEGRAM CHALLENGE: A GOLDEN OPPORTUNITY FOR CRYPTO ENTHUSIASTS!

SEI On The Verge Of Parabolic Surge To This Level, Draws Parallel to Solana (SOL)

VC Firm Electric Capital Warns Crypto Community About New Disguised Crypto Scam

US Economy Beats Growth Estimates to the Upside

FutureBit Unveils Apollo II: A Revolutionary Step in Personal Bitcoin Mining

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!