• IOTA Announces the Shimmer Staging Network and Staking Rewards

  • The Shimmer Staging Network and its native token, $SMR, are about to be introduced by the IOTA Foundation. Shimmer implementation will allow for significant network upgrades that will be publicly validated and tested.

    Aside from the development, IOTA is also introducing staking rewards on its network. Staking rewards will become a part of the IOTA community because they will allow IOTA developers and users to participate in the Shimmer network’s fair token launch without having to worry about auction bids or selection processes.

    The new developments by IOTA are two significant steps toward further decentralization and a programmable multi-asset ledger. The first Shimmer network-based upgrades are expected to be released soon. The first two solutions will be feeless tokenization and agnostic multi-chain smart contracts. More updates will be made available in the future.

    While new solutions are being developed in the background, Shimmer will be used as a testbed for a developer community that is already capable of building various IOTA network use cases.

    Developers will concentrate on solutions from the official IOTA development roadmap, which includes critical network updates that will ensure the network’s and decentralized applications’ long-term viability.

    Shimmer is intended to open up new possibilities for builders and developers by allowing them to push the boundaries of dApps, DeFi, and NFTs through the use of a free and scalable base layer. The network will be run entirely by the community and will go live in early 2022.

    Concerning IOTA

    IOTA is a distributed ledger designed for executing and storing transactions between Internet of Things devices. MIOTA, the network’s native token, is used for accounting transactions. IOTA’s Tangle node system is used to confirm network transactions.

    Tangle, according to IOTA developers, is one of the fastest and most efficient systems for processing network transactions when compared to traditional blockchains used by other cryptocurrencies.

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