IOTA is forging stronger connections with Trademark Africa to establish reliable digital infrastructure for global trade.
Meanwhile, progress on the imminent release of IOTA 2.0 indicates significant strides in enhancing the network’s capabilities for real-world tokenized assets.
In the latest development, IOTa has deepened ties with Trademark Africa in order to build trusted digital infrastructure for trade across East Africa. Several stakeholders met in Geneva last week to discuss further steps in advancing the digital infrastructure for global trade.
The IOTA Foundation has partnered with key collaborators to revolutionize global trade using IOTA’s TLIP technology, aiming for secure and transparent data exchange.
Global trade has long suffered from inefficiencies, bureaucratic obstacles, and a lack of transparency. The complex process of cross-border goods exchange, involving numerous documents, stakeholders, and regulations, often leads to delays, errors, and fraudulent activities. Recognizing the urgent need for a reliable and transparent digital trade infrastructure, IOTA is also working to establish an impartial governance framework for TLIP.
TLIP also aims to simplify information exchange and promote collaboration across borders. Utilizing IOTA’s distributed ledger technology (DLT), it ensures data security and immutability. Functioning like a governmental seal on a trade certificate, TLIP digitally authenticates documents, eliminating the need for physical stamps, as reported by Crypto News Flash.
Progress Towards IOTA 2.0 Launch
The imminent release of IOTA 2.0 positions the IOTA network as the prime choice for real-world tokenized assets. This upgraded iteration promises to boost the network’s performance, efficiency, and scalability, solidifying the IOTA blockchain as the top pick for tokenized assets, as reported by Crypto News Flash.
As per the development on Github, The v1.0.0-beta for IOTA 2.0 has also reached 97% completion. By the end of the year, the developers are further working on the complete implementation of IOTA 2.0.
Earlier this year, IOTA released update version 1.0.0-alpha.7, bringing significant changes to enhance platform functionality and performance, as per the Crypto News Flash report. Key updates include:
Update to Congestion Client Library in Docker Test Environment: The docker test environment received an update incorporating changes to the ‘Congestion client library’, crucial for efficient network congestion management. User @jkrvivian contributed to these updates, discussed in issue or pull request #743.
Resolution of Mempool Reset Logic Issue: IOTA addressed an issue with the reset logic of the ‘mempool’, a critical blockchain component. User @jonastheis implemented the fix, resolving the issue outlined in pull request or issue #746.
Integration of Pruned Event in Storage Component: The update added a ‘Pruned event’ to the Storage component, streamlining the pruning process for improved storage efficiency. Additionally, this event was integrated with the SyncManager, responsible for data synchronization tasks. User @jonastheis completed this integration as part of pull request #762.
