IOTA reports progress towards IoT standard

IOTA reports progress towards IoT standard

The IOTA Foundation wants to come up with two global standards for the Internet of Things by the middle of the year.

IOTA is pursuing nothing less than becoming the future industry standard for the age of the Internet of Things (IoT). In order to lend teeth to this claim, the Foundation has therefore been a member of the Object Standardisation Group (OMG), a consortium that deals with the development of IT standards, for some time.

The OMG members meet quarterly to discuss IT standardisation issues for a week, submit proposals and issue requests for proposals (RFPs) for concrete programming issues. IOTA is part of the Blockchain Platform Special Interest Group (Blockchain PSIG), an interest Fiancial Peak group dedicated to standardisation issues in the field of distributed ledger technologies. With Mike Bennet, IOTA provides the chairman of the Blockchain PSIG.

On the IOTA blog, Bennet has now given an update on IOTA’s standardisation efforts. Specifically, it is about the last meeting of the OMG, which took place in December. Bennet focuses on four topics.

IOTA wants to deliver Coordicide specifications

First, there is news on IOTA 2.0 (aka Coordicide). The Foundation has developed several formal specifications to make the IOTA protocol stable enough to move into the post-coordicide era. A corresponding Request for Comment (RFC) is to be submitted in the middle of the year. The RFC procedure, which dates back to the times of the Internet’s predecessor Arpanet, is used, among other things, to define new Internet standards. Examples of RFCs are the Internet protocols IPv6, HTTP or TCP. It will be interesting to see whether IOTA will succeed in entering this league with its specifications.

Encrypted transaction flows

In addition to the announced RFC, IOTA also has a proposal up its sleeve for an RFP advertised in the OMG. The RFP is about a standard for Linked Encrypted Transaction Streams (LETS). IOTA plans to submit its IOTA Streams solution, a framework for sending and receiving messages and data streams.

One-way digital identity

Digital identity is another hobbyhorse of IOTA. Specifically, it is about Self-Sovereign Identities, (SSI). These are (digital) identities that can be created, controlled and managed without an intermediary.

Within the OMG, a solution is currently being considered for the creation of single-use identities – SSIs that, as Bennet explains, „are created for specific contexts and then disposed of.“ The OMG is collecting ideas and information on the topic from its members through an RFI (Request for Information) until 31 March. The IOTA Foundation plans to contribute its expertise to the consultation.

Identifiers for crypto assets

Finally, a last IOTA-relevant topic was brought forward by the OMG’s internal Finance Domain Task Force (FDTF). This concerns the extension of a standard used to identify financial instruments: FIGI (Financial Instrument Global Identifier). The FIGI standard is used by numerous stock exchanges, including the New York Stock Exchange NYSE. It provides financial instruments such as shares, derivatives or government bonds with a unique 12-digit identification number. The French company Kaiko, a provider of crypto financial market data, has been commissioned to extend the FIDI standard to the crypto sector in the future.