IOTA Officially Launches Shimmer Network

The Internet of Things blockchain ecosystem IOTA is still evolving, with the most recent step being the creation of the Shimmer network.

According to the release, the Shimmer network formally started on September 28 after two months of battle testing. The network is an extension of IOTA’s DAG blockchain that serves as a staging network for the IOTA ecosystem. It will be used to test and certify product upgrades like IOTA 2.0.

Shimmer is essentially a modular tokenization platform that enables the tokenization of everything from stablecoins to NFTs to real-world assets natively on Layer 1 without costs. Shimmer’s smart contract execution layer now supports the Ethereum Virtual Machine (EVM). ShimmerEVM will be the network’s next chain to launch in a few weeks.

Shimmer is a layer-1 network that aims to develop a new dApp and smart contract ecosystem. It will function similarly to Polkadot’s Kusama canary network, which is used to test dApps and smart contracts before they are deployed on the mainnet.

The Shimmer UTXO-based ledger is very scalable and has a finality time of five seconds. Other network advantages include no-fee transactions and simultaneous layer-2 chain connection.

It also enables users to produce, mint, and manage assets directly on the layer-1 chain, with no fees and no reliance on third-party blockchains. There are also bridgeless native asset transfers accessible across the whole ecosystem.

Shimmer is powered by the SMR token, which was given to the community without the involvement of venture funding. There was a 1.8 billion SMR genesis supply, with 1.4 billion created by users staking IOTA coins over a three-month period. Stakeholders may now get their SMR tokens now that Shimmer has been released.

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