Creating opportunities for interoperability between distributed networks has always been a key goal for the IOTA Foundation. Up until now, we have focused much of our attention on building the protocol and defining the specifications for Chrysalis and Coordicide (IOTA 2.0). Due to our new architecture, we can now focus some energy on building cross chain bridges between complimentary distributed ledgers with unique value propositions and valuable use cases. So it is with this in mind that we are happy to announce our new partnership with Horizen.
The purpose of this partnership is to leverage the expertise of one another to expand into areas that are mutually beneficial to both ecosystems. Our first goal is to make the IOTA Oracles functionality available to applications on Horizen sidechains. This will happen in two phases, the first of which will incorporate the IOTA Oracles feed into a sidechain POC, and the second phase will be to integrate it directly into the Horizen sidechains SDK. This will make IOTA Oracles available as an option for anyone launching a Horizen sidechain.
For those of you who missed our announcement earlier this month, IOTA Oracles bring off-chain data to decentralized applications and smart contracts on the IOTA network, and are designed to securely bridge between the digital and the physical world in a decentralized, permissionless way. With today’s announcement, we are sharing the first example of other distributed ledgers leveraging IOTA Oracles for the purposes of real world, industrial use cases.
By forging this partnership, we believe that it will strengthen our research and extend the functionality of IOTA Oracles while providing value to both the IOTA Tangle and Horizen Zendoo Sidechains. As we continue to make our protocol production ready, performant and UX friendly, we anticipate that more blockchains will find value in incorporating IOTA Oracles in the coming weeks and months. We look forward to sharing progress in the coming months, and we encourage The IOTA and Horizen communities to interact and build on the work developed by our teams.
Launched in 2017, Horizen is the most secure blockchain ecosystem supported by the largest and most decentralized node infrastructure in the industry. With its unique sidechain technology Zendoo, Horizen provides all necessary components for an easy and speedy deployment of fully customizable blockchains focused on scalable data privacy. For more information, visit https://horizen.io.
About the IOTA Foundation
The IOTA Foundation is a global not-for-profit foundation incorporated and headquartered in Germany. The IOTA Foundation’s mission is to support the research and development of new distributed ledger technologies (DLT), including the IOTA Tangle. The Foundation encourages the education and adoption of distributed ledger technologies through the creation of ecosystems and the standardization of these new protocols.
The IOTA Tangle moves beyond blockchain by providing the world’s first scalable, feeless and fully-decentralized distributed ledger technology. The Tangle uses its own unique technology to solve three fundamental problems with blockchain technology: high fees, scaling and centralization. It is an open-source protocol connecting the human economy with the machine economy by facilitating novel Machine-to-Machine (M2M) interactions, including secure data transfer, feeless micropayments, and secure access control for devices.