- ShimmerEVM introduces a host of new features within the IOTA ecosystem, with compatibility for Ethereum apps and a powerful Proof of Authority consensus mechanism.
- It’s a precursor to the IOTA Smart Contract Protocol (ISCP), promising enhanced scalability and diversified smart contract development opportunities.
The dawn of September 29th ushered in a new era for the IOTA community with the launch of ShimmerEVM, a crucial step towards the comprehensive IOTA Smart Contract Protocol (ISCP) and IOTA Chains. As the IOTA narrative unfolds, the inception of ShimmerEVM lays a solid foundation, making the IOTA ecosystem more robust and future-ready.
IOTA's ShimmerEVM introduces numerous impressive features and optimizations, yet it maintains a familiar chain structure. Let's delve into the highlights:
📍 Most notably, ShimmerEVM is EVM compatible, offering seamless support for Ethereum apps, easily transitioning to Layer 2.… pic.twitter.com/NjBKpp6IBw
— Collin Brown (@CollinBrownXRP) September 29, 2023
Unveiling ShimmerEVM: A Realm of Possibilities
One of the cardinal features of ShimmerEVM is its compatibility with the Ethereum Virtual Machine (EVM). This compatibility allows for seamless porting of Ethereum applications to the Layer 2, further expanding the functional horizon of IOTA.
Notably, the Proof of Authority (PoA) consensus mechanism embedded within ShimmerEVM serves as its backbone, meticulously selecting the subsequent block to be added to the chain. This strategy effectively nullifies the chances of Maximum Extractable Value (MEV), providing a leg up over other EVM-compatible blockchains like Avalanche C-Chain, Binance Smart Chain, and Ethereum.
Furthermore, the built-in random number generator in ShimmerEVM enables fair distributions and gaming applications, paving the way for a plethora of real-world use cases.
The promising results from network stress tests conducted by Nakama Labs highlighted the capability of ShimmerEVM to handle up to 700 transactions per second. However, the scope of ISCP foretells a realm where such numbers are just the tip of the iceberg. The Layer 2 chains within ISCP come with VM-abstraction, allowing for the parallel execution of WASM (Web-Assembly) and EVM-Smart Contracts. This feature liberates developers from the shackles of Solidity, enabling them to utilize Rust, Typescript, Go, or even C++ for smart contract development.
Beyond ShimmerEVM: The Road to ISCP and IOTA Chains
The forward march doesn’t stop at ShimmerEVM. The underpinnings of ISCP promise a scalable infrastructure where additional Layer 2 chains can be effortlessly spun up to meet increasing throughput demands. The assets including tokens, NFTs, etc., can be securely and trustlessly bridged from one Layer 2 to another, courtesy of the Layer 1 Tangle.
Moreover, the glimpse into the Stardust Upgrade on IOTA elucidates a canvas of real-world applications being built on Layer 2 networks anchored in the tangle. The prototypes showcased underline the expansive potential that lies ahead, be it digital identities, paperless trade infrastructures, or decentralized oracle networks for trustless and secure data exchanges.
The excitement around ShimmerEVM is palpable, and rightfully so. It is the harbinger of a diverse range of decentralized applications, from lending protocols and decentralized exchanges to NFT marketplaces and gaming arenas. Yet, it’s merely a precursor to a world anchored in the Tangle, where every application finds its base layer. Today, the IOTA community celebrates the ShimmerEVM; tomorrow, it strides towards a myriad of possibilities with ISCP and IOTA Chains.