The Iota Foundation has announced the upcoming launch of its launch network, Shimmer, in an effort to move the Iota roadmap toward full functional decentralization.
The Tier 1 network will serve as an innovation test for developers and developers in the community seeking to evaluate applications with Decentralized Funding (DeFi) and Non-Perishable Token (NFT). This sandbox model allows applications to demonstrate qualifications and compatibility prior to launch on the Iota network, ensuring even distribution.
The first major network updates hosted by Shimmer Network are a programmable ledger for multiple assets, smart contracts and completely decentralized and segmented.
Iota Foundation is an open source non-profit organization known in Germany as the founding tongue that was formed in 2018 to support multifaceted initiatives in the Iota ecosystem, such as research, development and education in distributed ledger technology.
IOTA token holders will be able to earn SMR effort rewards through the platform’s Firefly wallet. Following the deployment of the token over the coming months, Shimmer Network is scheduled to launch in early 2022.
Dominic Scheiner, co-founder and chairman of the Iota Foundation, cited the recent success of the Polkadot canary chain Kusama to explain the company’s assurance of market reception for the announcement.
“As we have seen the success of Kusama and Polkadot, the Shimmer Network will be a catalytic launch network that will be an important test and public support for our ambitious roadmap.”
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In mid-October, the Iota Foundation launched its beta-smart contract platform with the goal of driving the growth of Defi and NFT apps as a result of the proposed incentives for lower fees and greater scalability.
Shiner also described potential network risks and how the team worked to reduce the likelihood of an occurrence.
“The introduction of tokens, complex withdrawal types, smart contracts and new consensus opens up exciting new opportunities. However, these features come with significant risk, and Shimmer will ensure that every update is secure. With Shimmer, we provide energy to the innovation platform around IOTA.”