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 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 for an OMG RFP up its sleeve. 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 tasked with extending the FIDI standard to the crypto sector in the future.
IOTA: „On a good path“
Mike Bennet is confident that important milestones in IoT standardisation can be reached this year:
IOTA is on a good path towards standardisation. In addition to our standard for Coordicide, we will also submit IOTA Streams as the basis for a standard this year. Our involvement in the Object Management Group continues to pay dividends.
Bennet concludes. If IOTA does indeed manage to submit the Coordicide RFC on time, it could be a hot summer for the IoT project.