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IOTA: Standardization of the protocol in sight? Announcement this week

  • New details about the IOTA Foundation’s efforts to standardize the protocol could become public this week.
  • Mike Bennett, who also works for the EDM Council, will publish a blog post.

As is well known, protocol standardization is one of the major challenges for the IOTA Foundation to become the future machine-to-machine (M2M) standard protocol for the industry. To achieve this goal, the IOTA Foundation has already made several efforts in the past. For example, together with the Eclipse Foundation, the IF has founded the Tangle EE Working Group, joined the Digital Twin Consortium founded by the Object Management Group (OMG) and participates in the Mega Catalyst project of the TM Forum.

As IOTA co-founder David Sønstebø explained in May, 80% of the standardization efforts are still done “behind the scenes”. However, as Mike Bennett recently revealed, more light could soon come into the darkness. According to Bennett, who is the IF Coordinator for Standardization and Director of Hypercube Limited, progress in standardization could be made public as early as this week. As Bennett wrote, a blog post will be published this week:

The standards blog post got held back again for a while, then I had some OMG deadlines (this week). I am updating the draft blog post this week and hopefully it will get published soon. Thanks for being patient.

Well I have finally finished re-drafting the IOTA Standards blog post, hopefully it will go out soon. […] believe it’s scheduled to come out early next week (there’s a lot already planned to come out this week).

It is noteworthy that Bennett is also the founder of the Financial Industry Business Ontology (FIBO) of the EDM Council, a standards-based repository for financial industry concepts and definitions, and also works with the EDM Council as Director of Semantics and Standards. EDM is thus another large consortium that works closely with OMG and is also very interested in standardizing IOTA.

The EDM Council has more than 200 member companies worldwide, as well as more than 10,000 participants and covers all industries such as Finance, services, automotive, manufacturing, real estate, data providers, technology, academia, government and regulators. With this in mind, the IOTA community can probably look forward to bullish headlines from the protocol standardization this week.

About Author

Jake Simmons

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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