Upstream IOTA grows 15% as the Iota Foundation introduces staking and staging network shimmer

The Iota Foundation has announced the upcoming launch of the Staging * Shimmer Network and its native token, SMR, to advance the Iota roadmap toward fully functional decentralization.

The Layer 1 network will serve as an innovation test environment for developers and community builders who want to evaluate DeFi and NFT applications. This sandbox model enables applications to establish efficiency and compatibility before they are launched on the Iota mainnet to ensure a smooth deployment.

The first major network upgrades hosted on the Shimmer network are programmable multi-asset ledgers, smart contracts, fully decentralized, and sharding.

The Iota Foundation is an open source, non-profit organization – known in Germany as a legal entity (foundation) – that was founded in 2018 to support various initiatives within the Iota ecosystem, such as research, development and education in the distributed ledger technology space.

In addition to development, IOTA also offers introduce staking out rewards in his network, becomes part of the IOTA community as it enables IOTA builders and users to participate in the fair token launch of the Shimmer network without having to worry about bids at auctions or the selection process.

Hodler IOTA will be able to earn staking rewards in SMR through the platform’s Firefly wallet. After the token distribution in the coming months, the Shimmer network is expected to start in early 2022.

At the time of writing, IOTA is bucking the market-wide downtrend led by Bitcoin as it fell below the key $ 60,000 mark. With a gain of almost 15% in 24 hours, the token is trading at $ 1.44 with a trading volume of $ 374 million, up 469%.

Source: TradingView

Dominik Schiener, co-founder and president of the Iota Foundation, cited the recent success of Polkadot’s canary network Kusama to ensure the market uptake for the announcement.

“As we saw in the success of Kusama and Polkadot, the Shimmer Network is becoming an incentive staging network that provides critical testing and public validation for our ambitious development roadmap.”

In mid-October, the Iota Foundation released its Smart Contract Beta platform with the aim of accelerating the development of DeFi and NFT applications.

* The staging environment is an approximate copy of the production environment for testing and testing software. It was created to test quality assurance code, builds, and updates in a production-like environment before the application is deployed.

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According to Cointelegraph

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