HomeNewsIOTA's Thriving Momentum: ShimmerEVM Testnet and Governance Milestones Pave the Way

IOTA’s Thriving Momentum: ShimmerEVM Testnet and Governance Milestones Pave the Way

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  • ShimmerEVM Testnet was successfully deployed, processing millions of transactions and blocks, establishing two governance committees, and fostering ecosystem growth through Shimmer Community Grant and Shimmer Growth Committees.
  • The IOTA Foundation’s Research and Engineering departments have seen great strides, with advancements in IOTA protocol, completion of reports on Zero Knowledge Proof integration, and the release of Firefly wallet security upgrade.

IOTA Foundation’s Quantum Leap in Q2 2023

Throughout the second quarter of 2023, the IOTA Foundation marked substantial progress across the IOTA ecosystem. This advancement, particularly significant in the Shimmer platform, the research sectors, and the engineering teams, demonstrates the robust potential of this distributed ledger technology.

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The Shimmer platform’s key evolution revolved around the successful deployment of the ShimmerEVM Testnet. As a testament to its robust capabilities, the testnet has processed millions of blocks and transactions, exhibiting an impressive level of processing power. Additionally, the “Treasures of Shimmer Testnet” campaign effectively drove substantial engagement, highlighting the network’s capabilities.

To augment the Shimmer ecosystem’s growth, critical governance proposals received substantial community backing, establishing two committees. The Shimmer Community Grant Committee allocated over $300,000 for ecosystem builders, while the Shimmer Growth Committee nurtured partnerships and supported crucial infrastructure projects. The plans to govern the ShimmerEVM, which leverages EVM Smart Contracts, are also progressing at a steady pace, facilitated by weekly community governance meetings.

The IOTA Foundation’s Research and Engineering departments have significantly contributed to the advancements of the IOTA protocol. The Core Node Research team has been concentrating on enabling staking and delegation of IOTA tokens to validators, implementing Mana calculations, and Mana decay for a complete dPoS system. Furthermore, the development of the IOTA Congestion Control Algorithm (ICCA) is expected to enhance protocol usability and accountability.

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Meanwhile, the Ledger Research team has been enhancing various components of the IOTA ledger, exploring the implications of deterministic program execution on UTXO-based blockchains. This team’s research on fairness in Directed Acyclic Graph (DAG)-based Distributed Ledger Technologies (DLTs) received positive reviews at the UZH Blockchain Lecture Note Series in April 2023.

The IOTA Smart Contract (ISC) Consensus Working Group successfully executed a public launch in the Shimmer EVM Testnet, while the Zero-Knowledge (ZK) Working Group completed a report on integrating Zero Knowledge Proof providers into the IOTA protocol. The Applied Cryptography Taskforce has fortified the security of the Firefly wallet, set to be included in the forthcoming release.

Community engagement and ecosystem growth continue to thrive, as underscored by the successful initiatives led by the Community and Ecosystem Team, particularly the Shimmer CommunityChampion initiative. The Touchpoint Team has facilitated crucial inter-project collaborations and alignment in preparation for the Shimmer testnet launch and mainnet rollout.

Overall, Q2 2023 has been a testament to the IOTA ecosystem’s commitment to nurturing innovation, enhancing community engagement, and contributing significantly to the growth of distributed ledger technology.

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Jane Smith
Jane Smith
As a Bitcoin Journalist, I am dedicated to reporting the latest developments in cryptocurrency, with a particular focus on Bitcoin. Through extensive research and interviews with industry experts, I provide accurate and up-to-date information on the ever-evolving world of cryptocurrencies. My goal is to help readers stay informed and make informed decisions regarding their investments in this rapidly changing field.
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