HomeNewsIOTA and Shimmer: Revolutionizing IoT in Billion-Dollar Market with Superior Tech

IOTA and Shimmer: Revolutionizing IoT in Billion-Dollar Market with Superior Tech

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  • Shimmer serves as a staging network to test IOTA 2.0’s new features and security.
  • IOTA 2.0’s Minimum Viable Product (MVP) to be released in a few weeks.

IOTA, launched almost seven years ago, aimed to enable microtransactions quickly, securely, and for free, supporting Industry 4.0, digital identities, and the Internet of Things without mining and fees. It introduced the Coordinator, a computer responsible for network security until the network itself becomes resilient enough.

IOTA planned to remove the Coordinator and replace it with a decentralized decision-making system. Fast forward to April 2023, the Coordinator is still in operation, but IOTA 2.0 is just around the corner.

Introducing Shimmer: The Staging Network for IOTA 2.0

The IOTA Foundation plans to release IOTA 2.0‘s Minimum Viable Product (MVP) soon, allowing everyone to experience the Coordinator-free network. To avoid potential disastrous consequences of updating the IOTA network to IOTA 2.0 without thorough testing, Shimmer was introduced. Shimmer, a staging network with valuable tokens, allows hackers to exploit possible security vulnerabilities and test the new features of IOTA 2.0.

Shimmer’s Exciting Features

Shimmer has introduced several new features, including instant transactions without fees, Shimmer EVM-chain compatibility with thousands of Ethereum apps, NFTs on L1, native L1 token minting, voting functionality, and IOTA login. In addition, IOTA token staking to receive Assembly tokens is available.

What’s Next for IOTA and Shimmer?

In 2023, IOTA and Shimmer plan to add IOTA Smart Contracts, IOTA 2.0/Coordicide, and Mana. While both IOTA and Shimmer have promising features, it’s essential to note that investing in either should be based on individual assessment and not as financial advice.

The Future of Shimmer and IOTA

IOTA CEO Dominik Schiener hints at unique upcoming features for Shimmer and IOTA, including no transaction fees, easy creation of L1 tokens and NFTs, horizontal scalability of smart contracts, interoperability between blockchains, and access to large funding pools. The IOTA network has evolved significantly, and with the upcoming release of IOTA 2.0, the potential for further growth is immense.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628