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Today, in a blog post, IOTA Foundation announced the launch of Shimmer Network after two months of beta testing. Running on the network at total capacity, it will open up many opportunities to tokenize anything from real-world assets to fan tokens natively on the Layer 1 blockchain without fees.
IOTA's Shimmer Network
Introduced in 2021, the Shimmer Network is a staging network of the IOTA blockchain. It is a Layer-1 innovation network that will eventually increase incompatible virtual assets. Like IOTA, Shimmer is also a DAG-grounded correlated settlement layer with higher L2 anchoring capacity. It will serve as a free base layer and bridge for innovators to produce new, cutting-edge inventions. The Stardust module is the project's focal point. It enables the development of smart contracts and the opportunity to execute NFTs and other forms of tokenization. The Shimmer Network may, in the future, choose to anchor DeFi apps. The SMR coin will offer monetary benefits for using the Shimmer Network upon its introduction. It is still uncertain whether SMR will be quickly accessible for trade in other markets.
IOTA: An Alternative To Blockchain
IOTA is an internet of things ledger built on the Directed Acyclic Graph Tangle technology (DAG). It symbolizes a network where all transactions can occur concurrently, and each new transaction verifies the two preceding ones. IOTA addresses the issue of user and validator segregation that currently exists in the blockchain.